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      How to save for your first home deposit

      FINANCE
      20-Dec-2019

      Owning your own home is a dream that many Australian’s hold, however with housing price growth and the increased cost of living it may seem an unobtainable goal for many. Here are our top tips to help you turn that dream into a reality.

      Analyse your current expenses

      Look at all your expenses and current financial situation. Do you have any debts? What are your monthly bills? How much do you spend on eating out? Do you buy a daily takeaway coffee? Try and get as much information as you can so you can get a broad picture of your situation.

      Set a budget

      Write down your essential non-negotiable costs, such as rent, bills and food, then subtract this amount from your income. What is left over is how much you could potentially save for your deposit. You could allocate a small amount for socialising, incidentals and emergencies then save the rest.

      Eliminate your debts

      Try to pay off any debts you already have or consolidate them into one which has the lowest interest rate to ensure you’re not paying more than you should.

      Start saving and limit your spending

      Work out how much you can afford to borrow with this mortgage calculator to get a realistic guide of how much you need to save.

      Then use a savings calculator to help you work out how much you need to put away each month.

      Open a high interest savings account and make contributions regularly. Look for potential ways to save such as catching public transport, move back home where you don’t have to pay rent, pick up a side job, limit your spending when socialising, don’t buy new things, forego large overseas holidays and have a staycation at home instead, take a packed lunch from home and give up your daily takeaway coffee. You’ll surprise yourself with just how many ways you can save.

      Look out for government schemes

      The Australian Government currently offer the First Home Owner Grant and first home buyers stamp duty concession. Find out if you’re eligible and apply for the grants.

      There is also a new first home buyer deposit scheme which is set to come into effect in January 2020 and will benefit up to 10,000 Australians each year.

      Finally, consider whether your parents or other family members may be willing and able to help you out with a one-off financial gift or interest-free loan.

      Christina Zhu from Melcorp Finance can assist you in realising your home owner goals. If you are ready to purchase your dream home call 8616 8388 for more information.

       

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