5 Steps to Saving for a House Deposit

Nick Lockhart
Nick Lockhart
January 20, 2019
Property Finance
5 Steps to Saving for a House Deposit

Saving for a house deposit, or deposit for an investment property, can seem like a challenging task, especially if you are just starting out.

This blog gives you five tips to help you save your deposit faster, so you can invest in your next property sooner.  

Step 1 - Analyse Your Current Spending

Take a close look at your current financial situation, and gather all the information you can on your current spending habits.

Look at all your income and expenses so you get a realistic picture.

Step 2 - Create a Budget

After you work out how much you are spending, you can create a budget to help you track your incomings and outgoings.

Step 3 - Keep on Top of Your Debts

Saving can be difficult, especially if you are struggling with debt.

Remember, there are different types of debt to consider.

horrible debt
tolerable debt
productive debt

Step 4 - Start Saving

You will want to save as much as possible for your house deposit.

This means you will not need to borrow as much and so you'll pay less in interest on your loan.  Learn more about types of loans here.

Also keep in mind that if you are planning to grow your property portfolio and already own your home, you may be able to use your home equity.

Step 5 - Can you get Help?

You may be able to get help to assist you you save for your home deposit sooner.

The First Home Owner Grant is a government scheme that allows eligible home buyers to receive a one-time grant.

Also could your parents be able to assist and give you a financial gift or interest free loan?.

Nick Lockhart

Nick Lockhart

MRD Property Expert
Nick is the Founder of MRD. Nick is in his element when he is inspiring, mentoring and teaching safe and responsible finance and investment strategies.

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