Saving for a deposit
Didn’t receive $88,450 from your parents as a deposit? Don’t worry, we’ve got some tips for you.
Research has shown that 55 per cent of first home buyers in Australia received financial support from their parents when buying a home. Even more astonishing is that two thirds of those first homer buyers received an average of $88,450 from their parents.
That’s not a typo. The average deposit is $88,450.
So how can you save money for a deposit? We’ve previously looked at 6 tips and here’s 4 more.
Sell what you don’t need- The Marie Kondo craze has become a worldwide phenomenon and there’s a good reason. How many excess items do you have that you don’t use or need? There are many pop-up stalls and swap-meets around Perth where you can sell your second-hand treasures and pocket some cash in the meantime.
Assess your rental situation- If you are renting, there may be cheaper alternatives available. The best way to save is to move back home with parents, but that’s not always a viable option. Moving into a cheaper rental may not tick all your boxes, but as a short term solution it can help you save money.
Stay local- Australians love to travel, and many first home buyers aren’t wanting to sacrifice their holidays in favour of buying. Instead of going overseas, stay local within WA. We’ve got stunning coastlines, breathtaking forests and rocky gorges that make the rest of the world envious. Plus you don’t need to pay for airline tickets.
Look for low deposit options- Some building companies such as Move Homes offer packages that require a small deposit. They look at your individual circumstances and provide you with a plan of action.
Looking for more information? Get in touch with us to speak to a finance consultant and they can go through your unique circumstance.