If you and your partner are preparing to buy your first home, you are about to enter a challenging period of your lives, and aside from obtaining mortgage approval, you also have to come up with the deposit, and with that in mind, here are some useful tips on how to save for what is likely to be the biggest single investment you will ever make.
5 Money Saving Ideas for your First Home Loan:
1. Save 10% of your Combined Salary:
This is a tried and trusted method to accumulate a considerable amount is a relatively short period of time. If you and your partner are disciplined about this, your nest egg will soon mount up, and when you have finally chosen your dream home, you should have saved more than enough for the deposit.
2. Use a Reputable Broker:
When sourcing a mortgage, you really should approach an independent broker, as they would have an extensive association with all the major lenders, and if you are looking for home loans in Central Coast, for example, there aretrusted online brokers who can secure you a mortgage at a very affordable price, and if you add the savings to the monthly amount you have managed to save, there won’t be any serious hardships when it comes to moving in.
3. Cut Out Luxuries:
There is a price to pay for everything, or so they say, and if you can both be disciplined and avoid expensive and unnecessary items, this will increase the monthly amount you both put away for the house deposit. It might seem a little tough at the beginning, but if you keep that image of your lovely home firmly in your mind, it soon becomes second nature to watch your pennies. The longer you can manage to avoid unnecessary luxuries, the easier it will be when you come to buy the home, and of course, some people are better at economizing than others, and if you would like some ideas, there is a useful guide online to saving money for first-time buyers.
4. Consider a Supplementary Income:
You and your partner might like to take on a part time job, at least while you are saving for the house deposit, and this will certainly boost your savings, although you might seem like strangers for a few months. You might be in a business where you can take on private clients, and your partner could possibly do some overtime at work, or better still, start your own business, which could really pay dividends in the long term.
5. Organize a Boot Sale:
If you and your partner have a lot of items you no longer use, why not visit a few car boot sales, where you can offer all your unwanted items at a bargain price. Most couples accumulate many things over their single years, and this is a good opportunity to wipe the slate clean and you can both start a new collection together.
Sourcing a mortgage is also something you must both do, and by using a reputable independent broker, you can save money. There are online brokers who are ready to help you find the best deal, and by saving for the deposit as well, you should have more than enough to cover everything.