How long have you been a tenant in your current address? Have you had any issues with the land lord? If you have been there a while and have had no issues with the land lord you might be able to approach him/her and see if they will do an equity lease with you for say 5 years. You pay a higher weekly rent but in return negotiate a quarter share of the equity growth in the property from the date you organise the deal. For example, todays property valuation is $300,000. It goes up 8% for the next 5 years ($440,800). You pay the higher rent (whatever you both agree on) without missing a beat and return (after 5 yeas the land lord pays you $35,200 which is 25% of $440,800 – $300,000). Presto, a deposit for your first investment property without mucking around with budgets that only demoralise you anyway.

Either way get some advice before you do this as you will need a solid contract and be aware that you will no longer be protected by the tenancy act. If your contract is good though and you pay on time you will have nothing to worry about.