Real Estate

Advice to save faster for home deposit

SAVING a property deposit has never been easy and requires discipline, usually at a time when you’re finally earning a decent salary and have more money to spend, says John Owsnett, principal of Chambers Fleming Professionals Padstow.

He says the first thing you need is a goal.
“Once you have spoken to a lender to determine how much you need as a deposit, research any government incentives that could give you an added boost,” he said.
“Transferring money to a high-interest savings account that is separate from your everyday account, makes it a little bit harder to access that money easily, meaning you won’t be as tempted to take it back out again.”
John recommends having a set portion of your salary paid into this account to give you a clear idea of how much you are saving, and further reducing the temptation.
“Also think about ways you can increase your income to save faster,” he said.
“That might mean asking for a promotion at work, taking on additional hours or even selling unwanted items.
“You may be looking at cutting back on your expenses when saving to buy a house.”
Take the time to write a list of all your small monthly expenses, and you will probably be amazed by how much money you can save. For example, write down how much money you spend on: Lunch or dinner at restaurants; takeaway coffees a month; drinks at the pub; transport; and entertainment, both at home and beyond.
“Added together, small expenses like these add up to hundreds of dollars a month,” he said.
For more info, call John on 9771 4555 or 0417 000 045, or visit