We know that buying you first home is a big deal and one of the biggest decisions you will make. Getting your finances in order is the first step to realising your goal. We’ve put together our top tips for getting your deposit together and getting into your own home.
1 – Budget, budget, budget
Yep – its worth us saying it three times!
Budgeting is the key to saving. Work out where your hard earned money is going before you use this information to prioritise what you are spending and saving.
We love the apps Pocketbook and Good Budget to help you along the way.
2 – Shop around
Make sure your bank is rewarding you for saving! If they’re not – find one that will. Try and secure an account with minimal fees and then set up automatic, regular payments into it.
3 – Earn & save more money
This may seem too obvious – but have you ever really looked at all the opportunities to raise cash? Do you have a special skill you could utilise as a side gig? Have you checked out Airtasker? What about taking a weekend job?
There are a lot of options to explore. It wont appeal to everyone – but an easy solution could be to get a flat mate, or to move back into your parents place.
4 – Check your eligibility
All levels of government want you to buy a house. There are a variety of schemes on offer, and its definitely worth checking if you are eligible for them.