Most lenders require you to have:

• A deposit worth at least five per cent of the property's cost.

• A six-month savings track record.

• Sufficient funds from other sources to cover extra costs such as stamp duty and legal costs. These extra funds could come from the First Home Buyers Grant, a gift from your family, the sale of other assets, or somewhere else.

How can you ensure you reach your savings goal?

• Set realistic goals

• Review last months actual spending to identify potential discretionary savings opportunities eg: one less takeaway meal each week or cut back on a few un-necessary "treats".

• Set a monthly budgeting plan using our monthly budget planner above.

• Place your plan in a prominent place to keep you focused on your savings target.

• Set up a separate account to build your savings.

• Consider arranging for your employer to deposit your planned savings directly into this account.

• Recognise and celebrate milestones reached towards achieving your objective.