Need to save for a deposit on a house?  It may seem like an insurmountable task.  Almost impossible.  Well, it’s not.  Challenging yes, but impossible? NO.  And you don’t need a six-figure income to do it.

I’m about to start building my first house.  I did it and do so can you! Here are my handy hints…

Start Saving

From an early age, my parents taught me healthy saving habits which I have been able to use as an adult. There really is no time like the present. While you might not be ready to purchase a house, saving for one is a lengthy process – it may take years. Once you get the ball rolling, it will start to become a normal habit that you will not think twice about. One easy strategy I used is to save every coin and $5 bill. Doesn’t sound like much , but they added up super-fast!

Take advantage of Savings Tools

There are many free online tools to help people save – apps that help you keep track of your spending, automatically put money aside into savings accounts, and some that round transactions to the nearest dollar, putting those cents into saving accounts. If you are wary about using external apps, do some research on what your bank offers in the way of savings tools. Many banks offer a savings calculator that helps you keep on track.  Also make sure that your savings account is the best kind.

Finder: Compares savings accounts

CBA Savings Calculator

NAB Budget Planner Calculator

There are many tools available online – find the best fit for you.

Seek Professional Advice

If you are absolutely serious about buying a home, it would be wise to seek professional advice from a home loan specialist or financial advisor. They can assist in determining your borrowing capacity, helping you set realistic budgeting goals. Doing this early on will ensure you are on track from the get-go. We know a guy or two!  Give us a shout and we’ll put you in touch.

Assess Loan Options

There are ways to go about purchasing a home without having the required deposit. Shop around and do some research.  There are always options available to you. These links may help:

Choosing a home loan                                         Mortgage Calculator

Consider Government grants for first home buyers.

Enjoy life!

Make sure you do not base your whole life on saving, you still need to enjoy things as they come. Go out for dinner with your friends, buy that cute top. If you do not allow yourself to splurge every once in a while, you may begin to lose focus on the bigger picture.

 

Written by Megan Keem