Looking at entering the property market? As a rule, you’ll need 5% of the purchase price in order to obtain a home loan. If you’re wanting to get there faster, or are looking for ways to increase your deposit, try these money-saving tricks.
Treat it like a bill
You’re already committed to paying bills, treat saving in the same way. Set up an auto direct debit for payday so that funds get diverted before you spend them!
Do you have a spare room or space in your garage? Rent it out as temporary accommodation or for storage. If you live in the city and don’t use your driveway during the day, rent it out.
LEGAL INFO: If you are currently renting, check the fine print. You may not be able to sub-let.
Do you want a plump deposit or lots of stuff you don’t use?
Get onto Gumtree, eBay or have a garage sale. Sell:
- Your second TV
- Clothes with labels still attached
- DVDs that go unwatched due to Netflix
- Old lap tops and tech gadgets
- Books you won’t read again
- Fancy appliances like a popcorn maker
You’ll be moving into your new home soon enough and less stuff means less packing!
Simple Supermarket Saver
Buy the brand on special. Dockets now list the total amount saved. Transfer this amount into your savings. Even if you average $10.00 per week, this is an extra $40.00 per month towards your deposit, just by shopping smarter.
Un-openable Piggy Bank
An oldie but a goodie! Put any loose change, and the odd small note, into an un-openable money tin (available at most discount shops for about $4.00). Once full, bank it into your deposit account. You’ll be surprised at how quickly it adds up.
Combine all of these tips and watch your deposit grow!