Money matters: budgeting and saving for your first home
We understand that the most crucial steps in buying your first home are budgeting and saving for your deposit, and understanding your monthly loan repayments. The size of your deposit will determine what kind of property you can buy, as well as the interest rates on your home loan. A solid savings history is also important in getting a loan approved.
Learning to save can be an empowering process as you discover your ability to take control of your finances and your life. And it’s not something you need to do alone. We’re here to help demystify the deposit process - give us a call to chat through your options.
How to save for your first home
We get it. It’s easy to overlook the little expenses - life’s busy. But once you’ve made the decision to save, start by drawing up an honest budget to work out what it really costs you to live. Include non-negotiables such as food, transport and healthcare as well as things like entertainment, clothes and your morning takeaway coffee. It’s smart to set yourself up for success by establishing a plan that you can stick to. Imagine how it will feel to finally live in your own home. What’s that feeling worth? You could trade some of the unimportant expenses in your budget for more deposit savings, and keep focused on why you want your own home. Write a list of the benefits that home ownership will bring, and refer back to it to remind yourself what it will mean to you and your loved ones.
We’ll also help you look at other costs associated with buying your first home, such as stamp duty and insurance, as well as potential help from the government.
In this chapter
Take the next step to buying your first home
Buying your first home is likely to involve saving money for a deposit, and it can be a lot easier to consistently tuck away ...
Buying your first home will most likely be the biggest purchase you’ll ever make, as well as one of the ...
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Proud Aussie moments
Hear from our customers who bought their first home with the help of Aussie
"Rod saved me by guiding me through the entire process of buying my first home. He was always happy to answer my questions, however out of the blue they might be through my months-long search. And when I found my place and the time came to do all the paperwork, Rod came to where I lived - on a Saturday, no less - and walked me through those final steps. I appreciated it then and having lived in my place for almost six years now, I appreciate it now. Rod just saw someone who needed help taking a big step, and helped me take it."
- Sarah P