3 tips to save money for your first home
Are you ready to make the transition from renting to owning your own home? Then you’ve probably already looked into the incentives and concessions available to first home buyers in your state or territory. But did you know there are other steps you can take to help save time and money? Here are three of our top tips to buy your first home sooner.
1. Apply for a deposit bond instead of paying a cash deposit
Don’t pour your money into a cash deposit, or lock it up behind a bank guarantee. For a one-time, upfront payment, a deposit bond will secure your contract of sale, and you’ll only need to pay the deposit amount on the settlement date. That means you’ve got more time to save up for your deposit, and more flexibility to use your cash elsewhere if an opportunity arises.
2. Lock in your property price now, and start saving
One of the biggest challenges that all first home buyers face is the constant movement of the property market. We hear this frustration all the time: you figure out what you can afford and start saving towards your deposit, but that target keeps rising with the house prices, and you always end up short of the mark.
Don’t save harder—save smarter. When you buy off the plan, you’re locking in the property price now, so you can save towards a fixed target instead. With most developments taking 18–24 months to complete, pairing this approach with a deposit bond may give you a significant financial advantage, empowering you with the possibility to expand your property portfolio sooner.
3. Save time by researching genuine opportunities online
Savvy home buyers want all their options on the table before they commit. We get that. That’s why our website features a powerful search function that gives you access to new developments across Sydney from the comfort of your own home. We’re a one-stop shop, no more traipsing around town visiting multiple display suites and real estate agencies!
If you’d like to learn more about our current opportunities we have available, talk to our team today.
Disclaimer: The information contained in this article is for information purposes only and cannot be relied upon. You should seek professional advice tailored to your specific personal and financial circumstances.