Tips for saving up a mortgage deposit

Tips for saving up a mortgage deposit

Taking out your first home loan and buying your own property in Australia can seem like a daunting prospect. Especially if you're expected to save up a 20 per cent home loan deposit as well, which can be a massive deal when you're simultaneously paying rent and expenses in your current accommodation.

However, while the process may be hard, the results will be well worth it. Being able to open the doors to your own home and create a life for you and your family is an unbeatable feeling. Here are some tips to help you reach your home loan deposit goals faster.

Cut out superfluous spending

If you're someone who loves to buy a coffee on the way to work, or regularly eats out with friends, it could be worth cutting these things out of your life - or at least reducing the number of occasions you treat yourself each week. While these may not seem like big expenses at the time, taking a look at how much money has slipped through your fingers on these things could be quite eye-opening.

Instead, put this cash into an untouchable account for a few months and see how much you'll be able to save, just by removing these small daily expenses from your life.

Move back home

One of the hardest things to juggle while saving for your own home is paying for rent in your current place. This is often a large part of people's paycheck and can seem counterintuitive in the long run. So, perhaps it's time to get in touch with your parents and see if it's possible to move home for a short period of time.

This gives you the opportunity to put all the money you earn aside, effectively throwing you into savings overdrive. This could be something to consider when it comes to the last little bit of money that needs to be saved, helping to push you over the edge and into the positive.

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