Get On Track To Saving Your Home Loan Deposit

As the fun and relaxation of the holiday period draws to an end for another year, many prospective first home buyers might find themselves faced with the reality that they need to save a home loan deposit.

Start by asking yourself how much deposit do I need for a home loan? You will need something tangible to aim for after all!

Once you know your goal figure, you need a plan - and not one you dash off on an old serviette on the bus home one day.

Take an evening, pour yourself a glass of wine, and sit down to work out a comprehensive strategy.

This will involve tabulating your sources of income and all the outgoing expenses you have.

It is the second category where you will really go to work. Separate all your expenses into an ‘essentials’ column (rent, power, medical expenses) and a ‘non-essentials’ column (takeaways, cinema outings, a smartphone upgrade).

In this second column, work on identifying which of your monthly costs are actually money spent on luxuries you could just as easily do without.

By eliminating or reducing these expenses, you can bolster your saving potential and make that goal of saving your home loan deposit this year that much more achievable!

To get more detailed information on your situation, talk to a Loan Market mortgage broker today.