Well, I’ll start by saying what I would NOT do. I would NOT start looking for an investment property yet. $20,000 deposit will buy you a rental property
up to the value of about $66,000 if it is an existing property (30% deposit requirement), and $100,000 if it is a new build (20% deposit required).
Let’s face it, your choices will be extremely limited in those price points. A quick search today on Trademe showed absolutely nothing in either price
point (apart from one leasehold property – umm… NO, and one apartment that needed remedial work done – again, NO, not appropriate for this starting
financial position). 

What I WOULD do, is to start doing some research.

  1. Learn as much as you can about money management. Yes, I know it might be boring, but it is vital to your success. Create a budget that will work for
    you.
  2. Think about whether it is possible to tighten your belt to increase your savings faster. This might involve making some short term sacrifices to help
    you to increase your available deposit in the shortest time frame possible – for example:
    1. working out at home instead of paying for an expensive gym membership
    2. quitting smoking (that will save you a fortune, and will also be better for your health!)
    3. drink less alcohol (again, saving you money and also no doubt better for your health)
    4. Plan your grocery shop carefully so you only buy what you will actually eat – you’ll be amazed how much money you might be literally throwing
      out as food waste
    5. Eat out less frequently, make your own lunch instead of buying it, etc.
  3. Pay off any credit card debt or Hire Purchases as quickly...