For many Millennials, getting onto the property market can feel far out of sight. With rising living costs, lifestyle pressures, and a seemingly unreachable deposit, it’s no wonder so many feel stuck.
At OpenCorp, we’ve worked with countless young Australians who once thought owning property was out of reach, until they took some key financial steps to shift their trajectory.
If you’re thinking about buying your first property, the below video is a must watch to understanding your first steps and positioning yourself to get in.
Step One: Know Your Numbers
It might sound basic, but the first step is simply knowing where your money goes. Shockingly, 10% of Australians don’t know their income and 60% can’t list their debts. Before you can save, you need clarity.
Start by reviewing your last three months of bank statements. Calculate your average monthly spending and categorise it: essentials (rent, food, transport), financial obligations (HECS, credit cards, Afterpay), and lifestyle extras (subscriptions, online shopping). Awareness of these areas, solidifies your starting point.
Step Two: Tidy Up Debt
Not all debt is created equal. Understanding what you owe and how much interest you’re paying is crucial. Minimum repayments might keep the lights on, but they won’t get you ahead. A simple strategy: direct an extra $50–100 to high-interest debts to reduce them faster.
Also, be aware of hidden impacts, like how credit card limits (even unused ones) can slash your borrowing power by tens of thousands. Reducing or closing unnecessary credit can significantly boost your borrowing capacity.
Step Three: Automate Your Savings
Once you’ve cleaned up your cash flow, it’s time to build your deposit. Open a separate high-interest savings account and automate transfers on payday. This “pay yourself first” method ensures you consistently build your deposit without relying on leftover cash.
And remember: saving doesn’t mean giving up everything. But it might mean pausing some wants, just for now. One young saver challenged herself to stop online shopping for three months, and her savings skyrocketed.
Step Four: Shift Your Mindset
Building wealth through property is about long-term vision, not instant gratification. The social pressure to spend is immense, but sacrifice today can mean financial freedom tomorrow.
Rentvesting is a perfect example. Many of our Millennial clients rent where they love for lifestyle, but buy where they can afford to invest and grow wealth. It’s about being smart, not stuck. Read more about one of our rentvesting clients, Khaysan.
Getting into property isn’t about earning six figures or giving up smashed avo forever. It’s about knowing your numbers, reducing your debt, setting up systems, and adopting a wealth-building mindset. These small shifts can lead to big results.
Ready to take the first step? Book a free strategy session with OpenCorp and start building your financial future today.
