Follow our strategies to stay on track to buy your first home.
Buying a home of your own is a smart move. But there's no doubt, saving for your first home can seem like a slog.
A recent Bankwest study found it can take a couple around four years to save the $100,000 needed for a 20 per cent deposit on a median-priced home. That's not including the time it can take to find the place that's right for you.
It can all sound like hard work. But with some sensible strategies it's a lot easier to stay motivated and on track to achieve your goal of home ownership.
1.) Chart a clear course
It's a lot easier to save for a first home if you have a blueprint showing how much you need to tuck away each week, fortnight or month to reach your target. Drafting a savings roadmap also lets you see at a glance the progress you've made – and how close you are to your target deposit. This can be especially inspiring as you head towards the finish line.
To see how regular savings will take you one step closer to your ideal deposit, check out our Savings Target calculator. And remember, your Mortgage Choice home loan expert can answer any questions you may have about your savings progress.
2.) Reward yourself
All work and no play is boring. Make growing your deposit fun by rewarding yourself when you hit key milestones. Keep the rewards simple and budget-friendly to stay on track with your ultimate goal.
3.) Don't all the heavy lifting yourself
Don't just save hard. Save smart.
Actively look for savings accounts offering the top rates. Sure, it can mean switching your money between accounts from time to time, but for the sake of filling out a 100 point identification form you could supersize the rate your money earns. It means the banks are doing their fair share of heavy lifting to grow your deposit.
4.) Take a midway breather
There will come a point when you've built up a reasonable kitty of funds. At this stage it can be tempting to dip into the cash for other purposes.
Re-energise your motivation by spending a day or two checking out Open Home inspections. Would you be happy making your first home an apartment or a property in a more affordable suburb? Or are you content to stick with your original game plan? Sometimes you need to physically see what your money will buy to stay on track with the goal that's right for you.
5.) Get some coaching
It's always reassuring to know someone is barracking for you from the sidelines. When it comes to saving for your first home your local Mortgage Choice home loan expert can provide plenty of support long before you have a purchase deposit.
We can get you up to speed with how home loans work, and walk you through all the information you'll need to successfully apply for your first home loan. It's a surefire way to keep your motivation pumping in preparation for the day you're ready to buy your first home.
Beat first home buyer burn out by booking your appointment with your local Mortgage Choice broker or call us on 13 77 62.