Struggling to save for a deposit? We’ve got a few tips and tricks that can help you get into your home sooner.
Saving for your first home can seem like an impossible task. That’s why we’ve created a list that looks at some clever ways for you to save quicker.
- Choose a budget and stick to it. Sounds simple enough, but we all get caught up in impulse purchases which chew into our savings.
- Set up an automatic transfer into a separate bank account. If you can get into the habit of setting aside a certain amount of money each week, you will let the money accumulate without it being in your usual account in which you could easily spend on other, non-essential items.
- Reduce your debt. Pay off your credit cards and any personal loans or hire purchase agreements. Reducing or eliminating these debts will help you increase the amount of money you can borrow later on.
- Record everything that you purchase throughout the week. You’ll be surprised by how much you’re spending on insignificant items. That $5 daily coffee might not seem much but over a year that can add up to $1,200.
- Always continue to look for the best sales and specials when shopping for essentials. That one item that costs you $40 every week could potentially be $20 somewhere else
- Depending on your circumstances, help may also be available for you to reach your deposit saving goal sooner. The First Home Owner Grant is a state government scheme in which eligible home buyers receive a one-off grant.
Purchasing a home can be confusing process, especially if you’ve never done it before. If you have any questions about how much deposit you need, get in touch with the Peregrine team and we will be happy to chat.
Damyn: 0424 900 144