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How to Save for your Home Loan Deposit Sooner

saving for home loan

Buying your first home is one of the biggest investments you will make, and  we know it can be a hard task to save for a deposit. So we asked our experts, Local Lending Specialists, Erin and Christine to provide their tips on how to save for a home loan deposit sooner. 

Erin's Tips

When it comes to saving, every little bit helps! Decide the amount you can realistically set aside each pay - and DO NOT TOUCH IT!   The earlier you establish this behaviour, the easier it will feel once you’re into your first home. Otherwise, the ongoing commitment may come as a rude shock.

I often create budgets to help BDCU’s members save the deposit for their first home sooner.  I also help my clients understand all the different costs associated with buying and owning a home – like council rates, home insurance, electricity and water etc.  Adulting can be expensive and only you know if you are prepared to make the necessary sacrifices. Have a good think about what’s important to you. If saving for a home is your absolute priority you can definitely do it. It’s actually easier than you think. So, the sooner you create a disciplined savings routine, the better!   

Congratulations!  You saved your deposit. Now what? 

Once you’re ready to purchase, speak to your lender.  They’ll recommend suitable options and check you’re really ready to buy.  The first thing you need to do is lodge an application for indicative approval. Indicative approvals are current for three months – as long as your circumstances do not change – which allows plenty of time to search for homes in your price range.

I recommend always sorting your finances first, as there’s nothing more stressful than having your offer on a home accepted and not having your finance ready to go.

Finally – as tempting as it is – don’t get carried away and make an offer on the first property you find within your range.  Take the time to explore everything available. Cast a wider net. And have a good hard think about what you need, as opposed to what you want. For example, I need fences to keep my dogs safe, but I want marble’s luxury feels throughout! 

Christine's Tips

Having worked in the industry for a l-o-n-g time, I am constantly surprised by the number of people who don’t know how to manage their money. But in fairness, who’s been taught?  We try to arm our children with life skills but often forget to teach them how to manage money – and when you think about it, it’s a really important skill. I wonder if many people don’t teach their children because they haven’t actually mastered it themselves…  Here’s the thing, it’s not really about how much you earn, but how much you save.

I spend a lot of my time teaching BDCU’s members how to budget and save. 

Here’s my hot tips for budgeting.  Compare your current income and your current spending. Identify those areas where you can reduce spending and try to save the difference.

When it comes to saving, choose an account that provides limited access to your money.  For example, if you have to go into a branch during banking hours it will be harder to access your funds so you’ll generally withdraw far less frequently.

There’s nothing I love more than knowing I’ve shared important lessons that can be life changing.  All it takes is discipline and a realistic goal. You’d be surprised just how quickly you can bring your dreams to life.

If you are thinking about buying your first home, or need some tips on how to manage your money. Please give Christine or Erin a call (02) 4860 4000 if you want to save money faster, learn budgeting tips, and take control of your finances.     

Want to know more about our home loans? Check out our range of home loans here.

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