3 Add any windfalls
Add any unexpected windfalls such as your tax refund, work-related bonuses or any cash gifts to your savings pool. Treat these like forced savings, and put them in your pot immediately. They can really add up in the long run!
4 Now put your money to work
Don't just save money, make it work for you. Shop around for a savings account or, maybe lock part of your funds away in a term deposit - it can mean earning a higher rate and it helps you resist the temptation to dip into your savings.
5 Put your savings on autopilot
Setting up an automatic payment to your chosen savings account will ensure your money is saved before you’re tempted to spend it. Keeping your spare cash ‘out of sight, out of mind’ makes it easier to save.
6 Reduce debts
Lenders will want to know about any other debts you have such as a car loan, as well as or credit card limits, not just the outstanding balance. If you’re looking for advice around how to pay off debt faster or to consolidate your debts, or if you just need advice on how to reach your saving goals sooner, our financial advisers can provide the support you’re looking for.
Expert advice could be the key to getting you started as a homeowner sooner
The first step towards owning your own home is exciting and maybe a little overwhelming. It's natural you'll have plenty of questions - that's where we can help!
Your local Mortgage Choice broker can look at your circumstances and your goals and help you either apply for a home loan with the savings you have, or our FinChoice advisers can help you set out a savings plan that will get you on the right track and into the property market sooner.