Buying a house is exciting and life changing. It all starts with saving for the deposit.
Set a clear goal.
Ensure you’re clear on the type of property you’d like to be buy, with a clear idea of what you want.
Consider some of the following:
- Ideal locations and distance to work.
- The type of home (e.g. stand-alone, townhouse or apartment).
- The number of bedrooms.
- Whether you want to buy or build.
Be sure to understand what are non-negotiables and those areas you’re willing to compromise.
Find your budget.
It is a good idea to look at properties in the potential area you want to buy a house in. Once you have found a few properties that you are interested in and have a price-guide in mind, you will need to understand whether you can realistically afford the property.
- Deposit: A 20% deposit is ideal when purchasing a property. However, you may be able to buy with less.
- Borrowing: This is the time to talk to the GMCU team to assess your borrowing capacity, understanding how much you can borrow.
- Repayments: Consider the GMCU Home Loan Repayment Calculator to find out what your repayments could be.
Save the deposit
Now that you have a good idea of how much you need for a deposit, you can put a savings plan in place. If you are buying a house with someone else, make a savings plan together. Automating your Savings, with set-up transfers allow you to 'set and forget'. You can grow your savings without having to worry about transferring money each pay.
Our local Lending Specialists can help you understand how much you’ll need for a deposit, and assist with achieving your savings goals. Talk to us today.
