Have You Considered A First Home Saver Account?
Everyone has their own way of reaching a savings goal, but for many first home buyers, one excellent strategy is to use a first home saver account.
This is a special purpose account which does just what its name says - it helps you save for a first home.
How it works is that as you deposit money into it, the government matches your contributions up to a certain percentage.
Others can also make payments into your first home saver account - family and friends for instance. It can be handy to ask for money for your birthday!
Your money is then locked away and can only be used to go towards a deposit or the other fees associated with home loans.
This is great because it means you won’t end up spending it on something else on the spur of the moment and you may even forget about it during the course of your saving - you’ll get a nice surprise when you check it after several months or years!
Another benefit is that the more you save, the more the government will add to your balance - 17 per cent of your contributions up to a limit each year.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.