Still renting? Want to buy your first home? Saving for a house deposit can seem like a challenging process. There are the ever-present bills and other financial responsibilities that make the dream of home ownership appear unattainable. Luckily, the dream doesn’t have to be so far away! You just need to get a little creative when trying to save for a house deposit sooner.
Here are a few tips to help:
- Seek out banks with aggressive savings accounts that can help grow your existing funds.
- Setting up auto-payments into your savings can also help you stick to your savings plan.
- Consider withdrawing funds from established investments and or sell large items you don’t really need. For example, a second car or expensive furniture.
- Are there any family members that would consider offering to guarantee your loan? This can help avoid having to purchase Mortgage Insurance.
- Consider moving into a cheaper home while you save.
- Get a roommate to help share living expenses such as rent and utilities.
There is always the benefit of making a budget and sticking to it and pulling back a little on your lifestyle in order to save money.
Mortgage Masters are expert mortgage brokers in Newcastle, Maitland and Hunter Valley. Get the best mortgage advice, give us a call today!