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Whilst this option may not be appealing to all potential first home buyers (or even possible for some) if you can live at your family home for longer, you can achieve huge savings by not having to pay rent. Even consider negotiating lower board with your parents if they can see that you are passionately saving money for a property in the future. Rent is likely to be your biggest expense if you move out. If this can be avoided, then you can increase your savings quite quickly.
If you want to move back in with your parents you could still pay some sort of rent or take part in household expenses to ensure you can save on renting costs which can sometimes rise substantially in a hot rental market.
If you were paying $400 a week in rent elsewhere, you could potentially save over $20,000 a year in rental and associated costs if you lived in your family home instead (assuming your parents don’t charge you board).
If you were able to negotiate a board payment of $100 or $200 a week this would still allow you save at least $10,000 a year if you were renting a house for $400 a week elsewhere.
Find out how much you can save below:
Simply enter how much you think you can save in the ‘Regular Deposit’ field by staying at home vs renting and see how much you can save overtime if that money was sitting in your bank account