How To Save More Money For Your First Home  

Thinking about getting into the housing market and owning a brand new home of your own?  Saving for a house deposit can take some time, however, there are ways to save for home deposit and get into a brand new home of your own sooner. 

If you have only just started saving or you think it’s the right time to start saving, here are some tips to help you save for a deposit.

STICK TO A BUDGET

It’s one thing to create a budget and something else entirely to stick to it. If you want to build a home, you need to stick to the budget you created.

This means choosing to cook meals at home rather than ordering take out. You should also consider keeping expensive holidays to a minimum and also consider cutting back on expensive items such as clothes.

You shouldn’t entirely miss out on enjoying life while your trying to put together a budget to save for a home loan, you should still factor in social events and personal items, but make sure you stick to a budget.

There are plenty of tools online to assist you with setting  budget to save for a home loan.

PUT YOUR SAVINGS TO WORK

Your savings sitting in a standard savings account wont increase your savings for a home loan, and wont get you into a brand new home sooner. You are best to shop around or speak with a Finance Broker who can find you the best savings account with the best interest rates to earn you more interest while you save or your home deposit.

Save every week, and you’ll put more away in the long run and get there sooner.

AVOID DEBT

While saving for a deposit it’s imperative to avoid debt and you should urgently look for ways to cut your existing debts. Avoid taking on new debt wherever possible and consider putting the money that you’d otherwise save for a deposit into any personal loan and credit card debts first. This way you can eliminate the ongoing interest and put more into the deposit in the long-term.

KNOW WHAT YOU’RE ELIGIBLE FOR

Depending on your situation, there’s a range of Government Grants available to you to make buying your first home more achievable. Discover what Government Grants you could qualify for.  Click here

Contact us on 8100 0999 or click here to find out how to get into your brand new home!