My name is Connie Hou and I am a Finance Consultant with The Loan Arranger. We are located at Level 1/185 Wakefield Street, Adelaide SA 5000. In this blog you will find out on how you can save towards your home deposit.
It is important that if you are buying your first home, that you can demonstrate to the bank your ability to save your deposit. This will make the bank feel more comfortable knowing that you can afford your everyday living expenses as well as being able to repay your monthly mortgage repayments.
Tips On Saving For A Deposit :
We all know that saving for a deposit to buy your first home can be quite daunting and difficult to do, especially when you have existing rent to pay, kids school fees, unforeseen incidents, and just everyday living expenses. So below are a few tips on what you can do to build up your savings faster and purchase the dream home that you have been looking for:
• Save 10% of each pay check
Have your Payroll transfer these funds into a bank account that you cannot access easily.
• Pay off as many debts as you can (eg; credit cards, car loans)
For every debt that you have, the bank must take this into account as a liability, meaning they must allow for the monthly repayments on these debts which would effect the amount you can borrow for your home loan.
• Eliminate the unnecessary luxuries
Bring your own coffee from home into work each morning, pack your own lunches the night before, this alone could save the average person approx. $20 per day. Entertain more at home with friends and family as oppose to going out.
• Rent out a room
Have you got a spare room in your house? Perhaps a student/friend/work colleague is looking for somewhere cheap to rent. This could be a great idea as the person has cheaper rent to pay, and the rent that they pay goes directly into your savings account.
• Sell stuff on eBay or Gumtree
Selling on eBay and Gumtree has become very popular and the selling fees are very low , sometimes free.
• Create a 2nd Income source
Looking for something to do over the weekend, or to fill in a few hours in the evening? How about a casual job? Not only do you get to meet some new people, but any extra income will also help towards building your home deposit faster.
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