Buying a home is a big deal whether it is your first home or not, and today’s tough market doesn’t make it any easier.
Saving a deposit is the first, and most important step for you if you are a first home buyer, but it is often hard to know how to get started, and how to stick to your savings plans.
How much deposit do you need?
As a minimum, you will need to aim to save for at least 5% of the purchase price of the property you want to buy. This amount is ‘your contribution’ towards the purchase of your home. Remember though, that the greater your deposit, the more you will save when you actually buy your home.
How do you save?
Whether you have put money aside for a deposit each pay day, received a gift from a generous relative, have been saving for years, or have no savings at all, your home loan expert Daniel Meade from Mortgage Choice in North Brisbane can help you evaluate your options, and guide you on your savings journey towards being a home owner.
Tools to help you save:
- Mortgage Choice has some handy Calculators that you can use along with the budget planner and the video ideas, to help you get on track and make that no more renting dream a reality:
-1: The 'save more money' Calculator
- 2: Achieve your 'savings target' Calculator
- Our Moneychat video : 'How can you save for a home loan deposit' below outlines some simple ways to help you get onto the property ladder sooner, plus what to budget for in terms of the extra costs involved with buying a home such as stamp duty and pest inspections.
There are lots of little ways that you could save, and even if you need a little reminder of your goal every now and again while you are saving, we can help you with that too.
For tailored advice on how you can grow a deposit for your first home, contact me on the number below to arrange a chat, or a meeting, at no cost to you.
Phone 07 3833 9666,
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Daniel is looking forward to helping you with your home loan options today. Thanks for reading our blog.
This article is for general information purposes only and does not constitute specialist advice. It should not be relied upon for the purposes of entering into any legal or financial commitments. It has been prepared without considering your objectives, financial situation or needs. You should, before acting on the advice, consider its appropriateness to your circumstances, and specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.