Savnig for a home loan can be a long journey, full of savings and sacrifices. Before you even speak to your mortgage broker you will need to put in the hard yards getting that deposit together. Here are our top 7 best resources to get your deposit up quicker!
- Ask the Government. The Australian Securities and Investments Commission (ASIC) has a great website – MoneySmart – that covers all kinds of financial and property guidelines with plain English, easy to understand videos, checklists, stamp duty calculators, tips and tricks. Everything on the site is designed to help you work out your costs in buying a new home, a budget for necessities, understand how what you can afford based on your unique circumstances and learn how to choose the best mortgage brokers.
- Research your grant options. To offset the roll on effect of the Goods and Services Tax (GST) for Australians trying to get a leg up in the property market, the First Home Owner Grant (FHOG) scheme delivers a one-off lump sum discount to those buying their first home. Grant amounts differ between states or territories, and most require it to be a new or ‘substantially' renovated home rather than an established one) was available for established properties, today most states require the property to be a “new” or “substantially” renovated home. But if you’re over the age of eighteen years and an Australian citizen or permanent resident, you could bag between ten thousand and twenty-four thousand dollars to put toward your property, so it’s worth doing some homework to see if you qualify.
- Read deposit saving stories from real people. Sometimes when you've got your nose to the grindstone trying to save a significant amount it can help keep you on track reading how others like you have trodden the path to homeownership. Check out case studies from the big banks like these from National Australia Bank or the Commonwealth Bank. There’s also this article to whet your appetite for socking away more cash.
- Listen to some experts. If you prefer to absorb your information aurally rather than visually, try a regular podcast like The Property Couch. Hosted by two Australian property experts, Bryce Holdaway and Ben Kingsley, it's designed to give you tips and tricks to help you make smarter property decisions. Bryce and Ben believe making the right property investment decision is vital because it can make or break your future – they're dedicated to delivering the kind of education about how to make sound investment choices newbies to the property market need.
- Go Barefoot. You’ve been hiding under a rock these last few years if you haven’t heard of The Barefoot Investor (a.k.a Scott Pape). The financial whiz has reached cult status by putting together one of the easiest to understand guides to take control of your money and achieving your financial goals. Take a look here.
- Get a personal mortgage broker. With so many different lenders to choose from, it makes sense to get some expert help to guide you through the process. A mortgage broker does all the leg work for you by finding a range of appropriate loans and deals with lenders to suit your circumstances, filling out all the paperwork and talking you through your options.