How I Bought My First Home From Zero Money

My story.

My partner and I recently bought our first home, and I want to share how I managed to save a $200,000 deposit from scratch.

I moved to Australia 12 years ago with just enough capital to cover my college expenses. I was a part-time student and worked part-time at a restaurant.

Initially, my savings goal was $200, but over time, I increased it to $700 and kept increasing my savings goal up to $200,000 over 12 years.

The key to achieving this was minimizing my expenses by cutting out entertainment and dining, and always looking for bargains when grocery or clothes shopping. For example, I bought items on sale in bulk, which also saved me time.

I set a milestone for myself: “Save $7,000, and then celebrate this accomplishment with a lunch special at a Korean restaurant.”

During this period, I lived in a three-bedroom apartment with twelve people, sharing each room with four others and using double bunk beds. This arrangement significantly reduced my living expenses, allowing me to save more effectively. Although it was challenging to live with three other women in one room, I eventually found an opportunity to live with an elderly person, providing care in exchange for free accommodation. I discovered this opportunity through Gumtree, and it was instrumental in helping me save and send money to my parents as well. Additionally, having free meals at work and stocking up on leftover food from the restaurant contributed to my savings.

Simply put, I saved the deposit for our first home by reducing all kinds of expenses, particularly accommodation. Now, I make some money by selling stock that I bought from my partner’s friend’s company, and I earn some capital as a self-employee. I prefer traditional saving methods. Though it takes time, it is less stressful than other investment options. My personality is suited to working hard with less pressure or stress. Hard work, diligence, and discipline have made me who I am today.

After 12 years, we managed to purchase our first home, and I have also been able to support my parents financially. I am proud of myself, as I now enjoy life with less work, swimming in heated water in the mornings, and having the freedom to read and study whenever I want. Every morning and every day, I remind myself, “My life is awesome, I am so happy, and I love my life.”