Inverell Builders - Commercial, Industrial, New Homes, Renovation. Steel Framed.

Saving for a home deposit

27th Jun 2019

Here are 6 steps to save that deposit and get you into your home sooner.

  1. Where are you financially? - It is important to know where you are currently to make plans for getting to your deposit. Get details on what money is coming in each month and what you are spending money on.
  2. Budget – it is a dreaded word and something you may think just accountant types do, but it is your hard-earned money, keep track of where it goes. Once you have set out your spending you can find ways to cut back and channel that money into your savings. You’ll want to save as much as possible, but make sure your budget is achievable, ongoing moderate savings are more achievable. But to get your house you need to make sacrifices.
  3. Reduce debts – full credit cards might be hampering your savings as interest rates eat into your efforts. Consolidating your debts might be a good first step. Get your car loan and personal loans in order.
  4. Be realistic – now you have a handle on financial situation it is time to assess what you can afford. You might have to save for too long for that dream home deposit. Maybe you can consider a more modest property, keeping the square metres down. We can discuss innovative designs with you.
  5. Serious Saving – once you get some money together put it in a high interest account or term deposit. This helps you separate this deposit from your other money. Any extra cash you get can be transferred to this account and you can watch it grow.
  6. Help – The governments First Home Owner Grant has assisted many http://www.firsthome.gov.au/. You might be able to approach the bank of mum and dad for some help too.

Find some more helpful tips on the Governments Money Smart website - https://www.moneysmart.gov.au/managing-your-money/saving/saving-for-a-home

We are also here to help, we look after our clients from start to finish. Talk to us today about your objectives and we can talk through options for you.

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