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Saving For a Deposit: Tips To Help First Home Buyers Secure a Home Loan

First home buyers looking into houses for sale in Bulimba are spoilt for choice, as the area has a wide range of housing types. However, before approaching the real estate market, it’s important for buyers to give some thought towards their home loan options. In fact, one of the hardest things for many first time buyers to do is save up for their home loan deposit.

Deposits are traditionally 20 per cent of the property’s overall value and can add up to a sizable amount of money. Therefore, it’s important to begin saving for this as soon as possible. Here are some tips to help those interested in securing their deposit.

Get rid of unessential spending

It could be ideal to temporarily stop spending money on small luxuries and begin putting money towards saving for your deposit. Things like digital television subscriptions and daily coffees can probably be stopped for a few months while saving up for your first home.

Save 10 per cent of your paycheck

Create another account for the sole purpose of saving for your deposit and automatically allocate a fraction of your pay into it. This way you will slowly accumulate a deposit without consciously thinking about it, ensuring you reach your goal as soon as possible.

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