Saving up for a home loan can be a difficult, daunting task. With most mortgage options requiring a minimum 20 per cent deposit, this could take you years to save for – especially if you're making rental payments for your current accommodation at the same time. However, saving is something that needs to be embraced completely in order for it to work. Here are some tips to help you get the most out of your money.
Start using public transport
Rather than spending money each week on petrol for your vehicle, it could be worth looking into the various public transport amenities around your neighbourhood for a cheaper travel option to and from work. There are often a range of trains or buses that run on a schedule throughout the day that can be used to get to your destination quickly and effectively.
This has the added bonus of keeping you out of stale, stalled traffic and contributing to a cleaner, greener environment. By reducing your reliance on your personal car, you're contributing towards reducing the nation's carbon footprint – helping to keep Australia beautiful for future generations.
Cut down on luxuries
A major source of economic drainage in houses across the country is digital television packages. While you're saving for your home loan deposit, it could be worth cancelling your subscription to these services and putting that money towards securing your first home.
This goes for other things as well. Cutting down on the amount of times you go out for dinner or the number of coffees you buy every day may not seem like a significant contributor, but this small change quickly adds up to some serious savings.
You can contact a Smartline Mortgage Adviser on 13 14 97 for home loan advice. Or complete our call request form and we'll call you!
DISCLAIMER: The information contained in this article is correct at the time of publishing and is subject to change. It is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, Smartline recommends that you consider whether it is appropriate for your circumstances. Smartline recommends that you seek independent legal, financial, and taxation advice before acting on any information in this article.