Interest rates are at all time lows, while several housing markets continue to rise.
It feels like it’s harder than ever to save for a home deposit.
Take a look at our 4 Money Hacks for the first home buyer, and see if they get you moving in the right direction.
1. Stick to your budget
The hardest thing about saving is actually doing it! Working out your monthly income and expenses is the easy part. Setting a realistic savings target and exercising self-discipline are key to sticking to it.
2. Manage your debts
Consolidate where you can. Multiple credit cards? Close the ones you don’t need, or consider a balance transfer to consolidate the debt. Multiple loans? See if you can lump them into one.
3. Do a financial detox
Wait 30 days before deciding on impulse purchasing. This will help to avoid unplanned spending and keep savings on track.
4. Sort out your banking
If you don’t have one, online saver accounts (and the trusty mortgage offset account once you’ve got a home loan) and are a savers best friend.