If you’re keen to get into property sooner, start with a cheaper one that requires a smaller deposit. This doesn’t have to be the home you live in. You can flip it and use the profits as a deposit on a better home. Flipping property is when you buy a property in poor condition, renovate it, and resell it at a profit. Flipping properties isn’t for everyone, though. It requires a good eye for spotting properties with potential and fixing up properties can be hard work.
When you’ve saved enough money for a deposit, you can apply for a home loan with more confidence. While there are other factors that are considered in home loan applications, you stand a better chance of approval with a 20% deposit than 5%.