Buying your first home is a great milestone in your life - but saving for it can bare quite the burden.
Bankwest revealed in a recent study that it can take approximately four years for a couple to save a $100,000 for the 20% deposit on a median-priced property. And that doesn't even include the time it may take to find your dream home.
For many, this may sound rather alarming and discouraging. However with the following tips, you'll be able to stay motivated and on track to achieving your goal of buying your first home.
1. Plan a clear path to success
With a savings roadmap to your dream home, saving is sure to be a lot easier. Having a plan in place that shows you how much you need to put away each week, fortnight or month will make reaching your target a lot more clear and attainable. Your savings plan will also allow you to see the progress you're making along the way - and how close you are to your savings target.
If you have any questions about your savings progress, or are looking for help on how to plan for your savings target - give our team a call at Mortgage Choice Joondalup & Butler on (08) 9485 0090.
2. Reward yourself
To stay motivated, it's important to continue to reward yourself throughout your savings progress. Mark out key milestones in your savings plan - and reward yourself when you hit these points. However, remember to keep the rewards budget-friendly and simple so you can stay on track with your goal.
3. Avoid doing all the heavy lifting on your own
It's all well and good to save, save, save - but the best thing you can do is to save smart. Continue to look for savings accounts that are offering the top rates. We know that this may mean switching your money around different accounts occassionally, but it's such an easy way to make your money work hard for you and maximise your rates. Let the banks do their fair share of the heavy lifting to grow your deposit!
4. Take a break at the half-way mark
Once you reach mid-way through your savings goal - it can be tempting to dip into these funds for other expenses or needs. But don't give in.
You can give your motivation a re-boost by spending a weekend looking at some Home Opens. You might find your ideas have changed from your original plan - or you might be happy sticking with your initial goal. Sometimes it's important to physically see what your current savings deposit could buy to be able to stay motivated to achieve the goal that is right for you.
5. Put some support behind you
Having someone cheering you on from the sidelines can make all the difference when it comes to sticking to a savings plan. As your local Joondalup & Butler home loan experts, we are happy to support you throughout your first home savings journey.
Before you buy your first home, we'll guide you through the entire home loan process, including letting you know all the information you will need for your first home loan application. Having everything organised and understanding the home loan process will definitely help you stay motivated and clear on what you're getting in to.
Let our team help you beat first home buyer burn-out - give us a call today at Mortgage Choice Joondalup & Butler on (08) 9485 0090.
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