Saving for a Home Deposit

Owning a home is the great Aussie dream but as housing prices have risen over the years it is becoming increasingly a hard dream to achieve.
We can help you make the most of your money by helping you set realistic and suitable financial goals.

Do you currently have the basics in place?

  • A realistic budget – set yourself a budget and stick to it as much as possible. The best way to save is to ‘pay yourself first’ by putting your savings into a separate account as soon as you get paid.
  • Cut back on unnecessary expenses, such as memberships you don’t use.
  • Pay off existing debt – combining all your debts into one place with a lower overall interest rate will save you money and provide the convenience of servicing of of the loan.
  • Set up a direct credit from your salary into your savings account.
  • Understand the costs involved with the purchase of a property.
  • Research exactly what type of property you want within reason.
  • Set yourself a savings target. Try to save 20% of the target purchase price if possible, however 10% is acceptable but you will have to pay mortgage lender’s insurance.
  • Open a high interest savings account offering bonus interest for regular deposits.
  • Monitor your progress regularly to check how you are going
  • If you have a credit card debt – pay it off & keep the card only for an emergency.

A Realistic budget

Set yourself a budget and stick to it as much as possible. The best way to save is to ‘pay yourself first’ by putting your savings into a separate account as soon as you get paid.

Review expenses

Cut back on unnecessary expenses, such as memberships you don’t use.

Pay off existing debt

Combining all your debts into one place with a lower overall interest rate will save you money and provide the convenience of servicing of of the loan.

Savings plan

Set up a direct credit from your salary into your savings account.

Be Informed

Understand the costs involved with the purchase of a property.

Do your homework

Research exactly what type of property you want within reason.

Savings target

Set yourself a savings target. Try to save 20% of the target purchase price if possible, however 10% is acceptable but you will have to pay mortgage lender’s insurance.

Leverage on interest

Open a high interest savings account offering bonus interest for regular deposits.

Stay up to date

Monitor your progress regularly to check how you are going

Credit card debt management

If you have a credit card debt – pay it off & keep the card only for an emergency.

Whether you are buying somewhere to live or for an investment, there is a lot to think about – and to know – before you get your finances sorted for a home loan.

Our expert advisers at Verante can help you get your deposit together, depending on how your savings or investments are structured.

Feel more in control of your finances

Talk to us today on (02) 9894 1844 for an initial consultation.