Tuesday, November 19, 2019

Speedy Ways To Save Up For Your First Home

Getting on the property ladder is more challenging than ever. However, you needn’t have to spend decades saving up for a deposit. Here are several speedy ways to save up for your first home.
Shop around for the best savings account
To help increase your savings, it’s worth putting your money in a high interest savings account. You should spend time shopping around to find the best interest rates. Don’t just look at brick-and-mortar banks – online banks are also worth a look. Interest rates can change from year to year, so it’s worth also keeping your eye out for new savings deals. You can use sites like finder.com.au to compare savings accounts.
Save up with someone else
Buying with somebody else is the best way to save up faster. It’ll take you half the time to afford a deposit if you’re both earning and contributing the same amount. Most people save up with a partner, but it’s possible to also save up with a family friend or even a friend. You can even save up for a property with more than two people – which could even allow you to afford a large house.
Take advantage of government incentives
All around the world, governments have been coming up with individual incentives to help people afford property faster. These could include discounts on property or grants to help contribute to your savings. Do your research online to find out about your local first-time-buyer government incentives.
Look into low deposit mortgages
Not all lenders look for a 20% minimum deposit. In fact, there are mortgage lenders out there will to accept less than 5% - and even no deposit in some cases. While eligibility requirements can be stricter, they’re not always as strict as many people assume. Sites like no1propertyguide.com.au have more information on these mortgages. By using a mortgage broker, you may be able to get access to deals that aren’t on the market.
Know where to look for cheap property

The price of the property also makes a difference on the value of the deposit. Consider searching in different places when looking for a property. There’s a growing trend in first time buyers purchasing homes at auction – these properties are often much cheaper than those being sold conventionally. Location can also make a big impact on the price and could be worth considering if you have no strong ties to a particular place. Sometimes even moving to a new area of the same city or town can lower prices dramatically.  

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