Congratulations! You’ve taken the first steps towards owning your first home. You have decided you want to work towards saving for a house deposit, but you might not know where exactly to start. The good news is, with the right approach, saving for a deposit might not take as long as you think. We have put together our top five tips that could help you save for a deposit.
1. RESEARCH AND DISCOVER
A great way to set a goal for a house deposit is to research house prices in the suburbs you’d like to live in. This will give you a range of how much you will likely need to pay for a new house; which will then determine how much money you need to save. Location is a big factor you need to consider when buying a new home, this includes local amenities, schools, shops and commute times.
2. TRACK YOUR SPENDING AND INCOME
Looking at where your money is coming from and where it is going day-to-day is a great way to take control. You may be surprised that spending $5 on a coffee each day adds up to over $1,800 in a year! While you should still enjoy things every now and then, you need to be smart about your money spending and that may mean making some sacrifices.
Try this great FREE income and expenditure budget planner at moneysmart.gov.au
3. SET A REALISTIC GOAL
Now that you know how much you need to save and where your money is going, you now have a great start on how to set a budget that should help you reach your goal.
Your budget needs to work with your lifestyle, so it needs to be realistic and achievable. If you can, save a similar amount to what you expect your home loan repayments will be – that can help you budget over the longer term.
4. BE SMART ABOUT HOW YOU SPEND MONEY
Some changes to your usual spending habits may make a bigger difference than you think.
Give yourself a 30-day challenge!
Some items you can look into to see if you can save money include:
• Phone plans
• Car insurance
• Health insurance
• Pet insurance
5. CHECK FOR ASSISTANCE
Here are some Queensland Government websites to start your search:
• Queensland First Home Owners’ Grant
• Transfer duty concessions and exemptions
• Queensland housing finance loan
