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How To Save For a House Deposit Sooner

If you are one of the many people wanting to get your foot into the property market while interest rates are low, then here are a couple of tips to help you save for a house deposit.

Savings goals

Make a plan and stick to it. Set yourself goals including mini goals of how much you want to save, by when and how you are going to achieve it. Break down how much each week you can save once you’ve taken out the essential payments and living costs. Having a plan means you can set your sights on achieving it.

Don’t spend on non-essential items

Overhaul your spending habits. Whether you need to forgo those daily takeaway coffees or refrain from buying a new pair of shoes, the short-term sacrifices will help you get that step closer to being a homeowner sooner.

Set up a ‘deposit’ account

Open a high interest savings account and opt for a provider that offers bonus rewards. Or you can set up a term deposit account which means your money will be secured for a period earning a set interest rate.

First Home Owners Grant

Take advantage of government incentives, like the $10,000 First Home Owners Grant in metropolitan areas or the First Home Loan Deposit Scheme. If you meet the eligibility criteria you may be able to buy a house with as little as a 5% deposit.

Saving for a home can be challenging but rewarding once you hit your savings target. The next step is to do your research. Talk to a home loan specialist to discuss the next phase of pre-approval, loan repayments and making that all important purchase.

Monument Estate offers a range of house and land packages starting from $521,110.  Call our Sales Team on 1300 040 563 to make a virtual appointment during lockdown.