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Six top tips on how to get saving for a house deposit
It doesn’t matter where you are in life, whether you are entering the property market for the first time, looking to buy your forever family home or looking to invest, you can get started on saving for a house deposit. Home ownership is possible, and a dream you can make come true.
By making a few financial changes and some savvy decisions, you could be on the road to owning your own family home or investment property sooner than you’d imagined.
1. Do your research and think outside the box
With all the property market data available online, it’s easier than ever to do your research on house and apartment prices so you can put a budget and savings plan in place. It also helps to establish how much you can borrow as this will influence where, and what, you buy. If you can’t afford your favourite neighbourhood, consider options such as rent-vesting as a way of getting your foot in the property market door.
2. Understand the costs involved in buying a home
Get advice you can trust from one of iSelect’s qualified mortgage brokers – like Sam – so you’re clear on the various costs involved in a property purchase. As well as a solid deposit, stamp duty charges vary from state to state, and there’s also the cost of conveyancing to consider. If your deposit is less than 20% of the price of the property, you may need to fund lenders’ mortgage insurance as well. Our handy calculators can help you figure it all out before you start house-hunting.
3. Check what you spend
Get cracking on a budget and savings plan by reviewing your weekly and monthly expenses. Take a good look at where you can realistically save money, but make sure you leave yourself with a little wiggle room for holidays, emergencies and catching up with friends.
4. Renegotiate and budget
When you’ve worked out what you spend on living and other expenses, it’s time to renegotiate. You’re more than likely to save money by renegotiating mobile, internet, and even energy contracts. Credit cards are also worth revisiting.
5. Set up a saving system
With your new, lean budget in place, it’s time to divert newfound savings towards your home ownership efforts. Open a savings account that is just for your home deposit and set up a direct deposit from your pay straight into that account on pay day. You won’t even miss the funds going out.
6. Talk to the right people
There is a lot of misinformation around about getting into the housing market. The smart money is on talking to the experts first time around, as it’s the best way to understand your options and get helpful advice. Meet Sam, one of iSelect’s qualified mortgage brokers, for straightforward help getting into the housing market.
iSelect does not compare all products in the market. Any advice provided in this content is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice we give you, having regard to your personal situation, before acting on our advice or purchasing any product.