Saving for your first home

Buying your own home is a major (and exciting!) financial goal. However, knowing where to start and saving for a deposit can be a little overwhelming. Here are a few of our best tips to help you take those first steps, and save for your first home.

Starting point

These three steps will kick you off in the right direction!

1. Contact your bank to get an overview of the financial requirements needed - how much you can borrow and what deposit you need, based on your wage and current living expenses. This starting point will allow you to build your savings, by having a clear end goal to work towards.

2. Check out properties similar to the one you want, in the area you want, to have an understanding of what prices you might be looking at, and how that compares to your savings goal.

3. Research current government grants and schemes available to find out if you are eligible for any, and what the terms and conditions are.

Don’t be tempted

When saving for your deposit, it can be tempting to use that money for other things. These pointers will help you to stay on track, and speed up the process.

• Open a separate bank account that is dedicated to saving for the deposit

• Make a budget and stick to it

• Cancel unnecessary subscriptions

• Delete instalment payment options like Afterpay

Know the process

Once you have your deposit saved, it’s time to find your first home!  Now is the time to get your application under way. You’ll need a solicitor or conveyancer to assist with all the legal requirements. They will help guide you through the sales process, costs, and any fine details in the contract of sale.

Settlement time

Once your finance is approved, it’s time to sign your loan documents to prepare for settlement. A date will be set, and you can start planning your move. On this day you will receive the keys to your first home!

To help buy your first home, Community Bank Sarina Bendigo Bank is here to help! Call Charmaine and the team on 07 4943 2624.

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