Saving for a house deposit can be hard work, especially if you are on one income and live in Australia. If you are trying to get on the housing ladder but don’t know how to save for a house deposit, you have come to the right place. Since Australian house prices are relatively higher than other countries relative to income, Australian Home loan interest rates are at record low rates. Aussie mums and dads are taking advantage by refinancing their mortgage to save money. you can also find several reliable website to compare home loan rates, which is very helpful.Â
In this article, we will provide you with tips and tricks that you can follow easily to save for a house deposit
- Start by making a budget plan: Whether you are saving for a house deposit each month or planning to get somewhere else, always start by creating a budget plan and then sticking to it. Although it may feel restrictive for the time being, trust me when I tell you this, planning what you want to do with your finances each month is the only way of saving money. All you need to do is to set out a rough figure for necessities and free-spending so that you may know how much you can save at the end of each month.
- Consider moving into a cheaper property: If you cannot save money for a house deposit each month due to your current mortgage, consider finding and moving to a more affordable rental property. Aussie mums and dads can have more disposable income for school fees and kids’ expenses by saving their home loans. It will be convenient for you in the long run.
- Bulk buy and utilize discounts: One of the essential tips to save for a house deposit is to visit discount stores more often. If you are a mum who lives in Australia, this tip is for you since discount stores can drastically change your monthly spend on your kid’s hygiene products and groceries. Always buy in bulk because it reduces per product cost and helps you to save better.
- Consider a low entry point: If you are a first-time buyer, it is natural of you to dream of a three-to-four-bedroom family home with a landscaped garden and off-street parking. But it isn’t realistic after all. You need to scale down your expectations, and who knows, you might even find a diamond in the rough by only opting for a low entry point into the market.
- Declutter and sell: When you live with kids, you can find unwanted items lying around your house. Start by picking a room and start decluttering your space and your life. You need to streamline your belongings if you are planning to move to your very own new house. But this dream can only come true if you save for a home deposit, which can be done by selling unwanted and unnecessary belongings.
Follow the tips mentioned above to save some money each month for your house deposit. These tips are extremely practical and easy to follow.