Beat first homebuyer fatigue

March 04, 2016
Ali Batten

Seems like you have been saving forever?

Buying a home of your own is a smart move. But there’s no doubt, saving for your first home can seem to take forever. A recent Bankwest study found it can take a couple around four years to save the standard $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 an outline showing you exactly 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.

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 points 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 cheering you from the sidelines. When it comes to saving for your first home we 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.

Contact either Owun, Suzanne or Costa on 02 9517 1818 or to discuss your options. Or, if you feel like dropping in at our office, we are located at Suite 106, Flourmill Studios, 3 Gladstone Street, Newtown 2042. Be sure to share our blog on Facebook and Twitter and let others join the conversation!

Posted in: First home buyers

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