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Tips on Saving Your First House Deposit

28.07.21 - Finance

Whether you've just graduated from uni, are expecting your first child or have been renting for the last 30 years, owning your first home is a dream that we all aspire to accomplish at one point or another in our lives. It can seem awfully daunting living in one of the most expensive places in the world but let us assure you that it is very possible… it just all begins with your initial deposit. 

Now there's no secret that saving is much easier said than done in this financial climate. It seems almost impossible to save any percentage of our income when a morning coffee costs $7 at the local café. Luckily for you, we have conjured 5 important steps and changes you can make to fuel your saving journey and put down that deposit!

1. CREATE A SAVINGS SCHEDULE (And make it realistic)

Saving a certain amount of money is a goal just like any other… it takes organisation, time and consistency. It's time to stop convincing yourself that it's out of reach and start brainstorming ways on how it can be achieved (because it can)! Create your personalised saving schedule today and set realistic weekly and monthly goals. There are a range of apps and podcasts that can guide you into setting up your financial plan that best serves you and your lifestyle.

2. BLOCK YOUR SAVINGS ACCOUNT

Whether you get paid weekly, monthly or intermittently, we recommend you automatically putting 10% of that pay into a BLOCKED savings account. Although we may sometimes convince ourselves that we won't touch our savings, life tends to get in the way pushing us to reach into those forbidden accounts. Blocking our accounts not only prevent us from spending that money, but also reminds us that we have money accumulating on the side which can motivate us more!

3. DELETE YOUR AFTERPAY/CREDIT APPS

You may feel like your post payment apps are doing you favours and allowing you to buy the things you need without spending the rest of your weekly allowance. However, trust us when we tell you that it is all an illusion. Utilising these services not only puts you in short debt, but also damages your credit rating when your loan applications are being assessed. 

4. REVIEW YOUR PAYMENTS

With so much to always pay, it can be very easy for us to let payments slip out of our account without much notice. Take some time today to review your costs and assess what you can go without or what you may be able to negotiate for a better price. You may even surprise yourself with things you didn't even realise you were paying for!

5. KEEP YOUR EYES ON THE PRIZE 

Just like any other worthy goal, the end reward may seem like a far reach but let us remind you that you can do this! You'll be surprised by how easy it can be to achieve, especially with Domaine’s affordable and cost-effective homes. 

To get in touch with one of our team members about beginning your building journey, contact us today!

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