Are you Generation Z? Have you thought building a home is out of reach?
Well, it’s not, seriously! See below for our top 5 saving tips to build a home sooner.
Tip #1: Earn Extra Income on the Side
We all love that little bit extra spending money!
Try to earn extra cash on the side, consider working a side job that that can be done whenever you have time. Check out AIRTASKER/FIVER! Too easy.
You could become an Uber driver / walk someone’s dog/ clean their car anything for $$$.
Tip #2: Have Part of Your Pay Deducted into Your Savings
Lenders often ask for evidence of genuine savings ($20/week is all you need). It’s a great idea to have an auto transfer for portion of your pay going straight to a separate savings account.
It shows you can budget/save regularly and commit to paying off a loan.
Tip #3: Make Sure You Use Your Credit Cards Wisely
A credit card can make or break your home loan application. Minimise your limits. Pay if off every month, it shows that you can deliver on your promise to pay – banks love that!
Tip #4: Find the Right Savings Account For You
So many options available and they are all online! Maximise your interest so you make the most of your diligent savings.
Tip #5: Cut Back/Cancel Subscriptions & Services You Don’t Need
Subscriptions (Netflix, Stan, and/or Spotify) can really add up so temporarily cancelling these can help you to save more.
You might also want to consider ditching/pausing Afterpay, ZipPay, gym memberships, magazine subscriptions, digital subscriptions, apps and more.
This extra borrowing power will be worth the short-term inconvenience.
AIM FOR CLEAN BANK STATEMENTS WITH ROUTINE SAVINGS – and you are getting a HUGE head start.
Now that you're on your way to saving for a home, here's some important things to consider when building!!