When it comes to how to save for a house deposit, the good news is that you can have your smashed avo and eat it too – so where do you start?
It’s no secret that it’s getting harder and harder to get into your first home. The domino effects of Covid-19 have well and truly shaken up the Australian economy, but the good news is that the Morrison government wants more Aussies to actively participate in the nation’s property market, and particularly younger Australians. While the grants, interest rate cuts and monetary incentives are great, the primary issue remains the same – how do you save all that money for a house deposit?
Five Tips On How To Save For A House Deposit
The reality is that in order to save meticulously for a home deposit, not everybody is in the position to move back in with their parents. Thankfully, there are plenty of other methods available when it comes to tweaking your lifestyle to achieve your financial goals.
Reign In Your Spending – Saving for a house deposit doesn’t mean giving up your entire life. Instead, try making some changes like swapping a boozy night out with friends for a dinner party at home, or cancelling your gym membership in favour of going for hikes and walks in the great outdoors.
Get On Top Of Debts – Consolidating your debts is one of the most straightforward ways to get on top of existing loans or debts, and ultimately lowering your interest rates. One credit card stashed for emergencies isn’t going to make or break your chances of a loan approval, but a large car loan or multiple miscellaneous debts might.
Start Saving And Set A Timeline – Be realistic with your saving goals, and start small if you have to – even $50 a week is better than nothing. Open an account that you can’t touch or transfer funds out of easily such as a term deposit, and watch your nest egg grow. Set goals with how much you want to save by, so that you’re accountable for the results.
Increase Your Income – While cutting down on your living expenses sometimes doesn’t leave much wriggle room for potential savings, increasing your income is an alternative that doesn’t necessarily suck all the fun out of your lifestyle. If you have a creative pursuit that can be turned into a side hustle – go for it. Even a few shifts a week as an Uber driver can help!
Look For Bonuses – The federal and state governments of Australia want you to buy a house, as you’ll directly impact the economy in a positive fashion. Consider monetary benefits available such as the First Home Owners Grant, HomeBuilder Grant or even the First Home Owners Deposit Scheme – they are in place to help you, and it all adds up.
Need Further Help On How To Save For A House Deposit?
Buying your very first home – and obtaining the finance to do so – can be a time consuming and stressful exercise. The good news is that it doesn’t have to be.
When it comes to navigating the property world, knowledge is power – so why not book yourself into one of Madd Loans’ free First Homebuyer Workshops? Conducted completely online in a webinar format, George and the team at Madd Loans run participants through the world of finance when it comes to your first home loan. This digital model provides flexibility if you’re trying to work around your employment, and is also conducted in a #CovidFriendly manner.
Since their inception in 2012, Madd Loans have worked tirelessly in providing over 1700 Queenslanders with finance options to help turn their dreams into reality. With the entire brand being built on referrals, George takes great pride in making the mortgage process both fun and educational – and he has a swag of awards to prove it.
During the free online workshops, George shares his tips, tricks and even his own mistakes along the way to ensure that you get pre-approved the first time, and gives participants the tools to fast track them into their dream home. It’s worth noting that attendees are under no pressure to follow the process with the team at Madd – the concept is simply to pass on the Madd financial knowledge to buyers so that they feel empowered throughout their journey into their first home.
If you would like to learn more about learning how to save for a house deposit and the other things involved with buying your first property, please contact the team at Madd Loans today to book in your place at the next free First HomeBuyer Workshop.