When
you’re starting from scratch, any effort to save for your first
home deposit can seem gargantuan. Buying a home is the single biggest
financial commitment you are bound to make, after all, so you
certainly have your work cut out for you. If you’re currently
working towards a down payment for your new home, here are a few
simple tips that may help you save more money and reach your target
faster.
Set
up a high-interest savings account
Once
you’ve identified your down payment amount, start a high-savings
account that’s independent from your household expenses. Calculate
how much of your monthly earnings you can spare, then set a weekly or
monthly deposit goal that you can stick to.
Reduce
or eliminate debt
Eliminate
your use of credit cards. If that’s not possible, have your credit
limit reduced. Pay your debts on time, and avoid accruing them. Set
your down payment as your primary financial goal (apart from
necessities, of course).
Apply
for a Grant
The
First Home Owners Grant can help you out immensely when you’re
saving for a down payment on a new home. As of September 25, 2013,
first homeowners planning to purchase or build a new home can apply
for a grant of up to $10,000.
Leave reply