Is inheritance your only hope of buying a home in Australia?

Have you ever thought that waiting for an inheritance is your only way into the housing market? I’m Tammy Barton, founder and director of MyBudget, and I want to share how creating your own financial independence through budgeting is achievable, and is the most powerful step you can take toward securing your financial future.

Why we’re even having this conversation

At MyBudget, we’re hearing from families who are worried their kids might never be able to buy a home. And I get it, the numbers are confronting. According to PropTrack, national home values hit a record median of $923,000 in June 2025, and they’ve been rising steadily for years. This means buying your first home now requires far larger deposits than what the average young Australian can save alone or even as a couple. Add in stagnant wages and the rising cost of living, and it’s no wonder so many Australians are looking up the family tree and thinking… Maybe one day?

While it might seem like a financial fallback plan, I want to share why I believe building your own financial independence is not only more reliable, it’s empowering.

The inheritance illusion: why waiting isn’t a plan

We’re in the midst of what’s being called the “great wealth transfer,” a massive handover of wealth from Australia’s ageing Baby Boomer population to younger generations. According to the Grattan Institute, nearly 30% of Australians aged 25–40 are counting on an inheritance to help them buy a home.

While it’s true that trillions are expected to pass down over the next two decades, relying on a future windfall comes with fine print. Inheritances often arrive late in life, vary greatly in size, and can be tangled in legal complexities. As Brendan Coates from the Grattan Institute puts it, “Inheritances aren’t solving the housing affordability crisis – they’re actually fuelling inequality.” It’s a tempting thought, but it’s an illusion if you’re banking on it as your main strategy.

How budgeting changed my life (and set me up for the future)

Budgeting has been absolutely critical in my journey to building wealth. From the moment I got my first job, I wrote out a budget every single week. This became even more important when I started having to pay bills at 16 – things like car registration, insurance, petrol, and even buying my own food.

Budgeting taught me the fundamental principle of living within my means and how to save up for what I wanted.

Although, I did take out a car loan at 18 as my $700 Mitsubishi Galant was unreliable (to say the least!). I budgeted to pay my new car, a Ford Laser, back twice as quickly as required. That discipline stuck with me.

Inheritance vs creating your own financial independence

My strong view is to always create your own financial independence. Over the years, I’ve seen many clients receive inheritances only to lose or spend them quickly. It’s often “easy come, easy go.” You simply cannot rely on anyone else’s money because it might not be there, or it might not be the amount you anticipate. Building your own wealth instills discipline, knowledge, and a sense of accomplishment that inheritance rarely provides.

Talking about money with your children: start the conversations early

Here’s a big one: intergenerational wealth isn’t just about inheritances. It’s about conversations. I definitely talk to my kids about money, but we don’t focus on inheritance. Our conversations revolve around how they can achieve financial independence by buying their own homes, saving, and investing. From a young age, I’ve garnished their Christmas and birthday money and saved it in the bank for them (before they could spend it!). This allowed them to buy their first cars!

My kids are aware that what I have will ultimately go to them one day. However, they also hear me tell my own parents, “I don’t want any money from you; I want you to spend every last penny before you go and enjoy your life!” So, the philosophy is to save while you’re young and spend before you go!

I believe many parents feel a strong sense of responsibility to provide for their children, and leaving money behind when they pass is often seen as the right and noble thing to do. However, I also think there’s a responsibility to ensure that wealth creates meaningful opportunities, like a home deposit, education, or support for future generations.

A legacy isn’t just money, it’s the values you pass on

I love the idea of leaving a legacy, but for me, it’s never been just about money. A true legacy is the values, lessons, and positive impact you leave behind. It’s the imprint you make through your actions, character, and the principles you live by.

For me, that means raising independent, responsible, and compassionate individuals who know how to manage money, but also how to make a difference. Wealth matters, but it’s what you do with it, and how you prepare the next generation, that counts most.

If you receive an inheritance, why budgeting matters

Inheritances don’t come with instructions, but with a solid budget can make sure your inheritance windfall doesn’t vanish overnight. Whether you’ve received a deposit boost, a lump sum, or help paying down debt, having a plan is what turns one-time money into long-term financial freedom. MyBudget can help you protect what you’ve inherited and turn it into real, lasting progress toward your goals.

So should you just wait for an inheritance to buy a home?

Simply put: no. An inheritance could be helpful someday, but as a housing strategy, it’s unreliable. Waiting may push your property dreams even farther away. Instead, shape your own future with the tools you’ve got, whether that’s having a solid budget plan, leveraging investment strategies like shared equity, or setting up a plan to start saving with purpose.

My final tips to build financial independence?

Save as much as you can. Budget carefully. Invest wisely. And don’t buy stuff you don’t need. That’s the kind of mindset that builds wealth, whether an inheritance comes your way or not.

Ready to take the first step toward building financial independence?

At MyBudget, we’re here to help you build the savings, structure, and strategy to own a home and save for life’s goals on your terms. No inheritance needed.

Enquire online or call MyBudget on 1300 300 922 and let’s start your journey to building your wealth today.

More blogs on saving:

Why am I always broke? How to break the cycle and save money.

How to buy a home in 2025: debunking myths and tips for success.