If you are looking to save for your first home loan, we have a lot of experience in helping you do just that. The Rockingham area is a great spot for first home buyers. Our mortgage brokers have a lot of experience helping first home buyers in Kwinana, Baldivis and other suburbs in the Rockingham area.
We know that first home buyers can be impatient. Sometimes it seems like you won’t ever have enough money for that deposit on your first home. Always remember that it’s a marathon: not a sprint. Here are five ways to keep a steady hand and an even keel when saving for your first home.
Steady Wins the Race
The first instinct is to try and save fast by throwing every dollar that isn’t essential to keeping you afloat into an account without leaving yourself any “breathing room” or any way to have fun. This will cause “burnout” or “savings fatigue.”
If you just try to put away a steady amount every pay period, you will be gaining ground while allowing for some fun. The correct way to do this is to figure out how much you will need and save towards it with a definite “due date.”
Eyes on the Prize
Make a solid goal. Use motivational techniques such as slogans, a vision board and anything else to keep yourself “fired up” about saving for your first home. It makes a huge difference.
Talk to Your Spouse
Couples looking for their first home need to communicate and make sure they are working for a common goal. If one works against the other, good things usually don’t happen.
Maximise Returns on Savings
Try to get the highest rates you can on your savings account. If you can find a way to get a bonus from your lender, do that, too. Nothing boosts a savings account like “house money.”
Don’t Bow to Social Pressure
Don’t let anyone tell you how fast you “have to save.” It’s your money and your future. Don’t let anyone else’s opinion control it.
To learn more or to get pre-approved, call Smartline Rockingham today: (08) 9527 1800.