Saving for A Deposit
REACH YOUR DEPOSIT GOAL SOONER WITH FHBA
Saving a deposit to buy your first home is no easy feat. On average it takes Australians over 6 years to save a deposit and for many Australians, it takes even longer.
First home buyers who are saving for a deposit face an exciting yet challenging journey. There are some factors that you will need to consider when you are saving for your first home.
Your Goal
The myth is that you need 20% in order to buy a home in Australia. However, this is not true as many first home buyers either get into their first home without deposit, buy using their parents as a guarantor.
As not everyone has this option available to them, the Government has stepped in to assist these people by establishing the FHBG Scheme.
This scheme helps first home buyers save a deposit as little as 2% in order to purchase their first.
Therefore, when setting your deposit goal, you should always aim for a minimum of 5% as that may just be enough to buy a home without any insurance costs!
Savings strategy
Determine how much you can afford to borrow first so you can get a better of understanding of how much deposit you will need in order to buy a property that you can afford. Then it is a good idea to understand how long it will take to reach your deposit goal. This will then allow you to reassess your budget and help you consider ways to save faster.
Remember, the journey to achieving your Great Australian Dream of home ownership requires patience, discipline, and informed decisions. Keep saving, explore assistance programs, and stay focused on your deposit saving goal!
DO I HAVE ENOUGH?
One of the most common questions we hear from aspiring first home buyers is “Do I have enough?” We have designed an easy-to-use tool that allows you to estimate how far away from purchasing your first home in your desired suburb. You will also get access to free reports for as many suburbs as you like.
Estimate if your current savings are substantial enough to buy your first home.
FREE BUDGET PLAN
The chances are that saving for a home deposit will probably take you longer than any previous thing you have ever saved for. In order to save a deposit sooner you have to be prudent with your expenditure and save as much of your hard earn income as you can.
To help make saving for a deposit easier and quicker for all Australians we offer all aspiring first home buyers a quick & easy to use DIY Budget Planner so you can work out where your hard earned money is going and plan to save more for your future.
Download and save your plans & calculations for free