How to save money while you’re renting
While you rent, you could save money on some of the ongoing expenses of running a property. Running a household is expensive — there are utility bills, council rates and maintenance costs . There are also other costs associated with buying a home, like stamp duty and interest on your repayments.
It can be a good idea to use these savings to build your deposit. A handy tip is to put aside the amount of money you’d be spending on these expenses each month. This could help you prepare for the costs of home ownership, as you have to do some research to calculate your daily expenses.
Make sure you pay your bills on time and save extra money when you can! Showing a lender that you can make regular rental payments — plus putting aside additional savings — could be evidence of your financial responsibility and ability to pay off a future home loan.
Want to know more about buying your first home? Your local Aussie Broker can help you prepare for the next steps.