Domain notes how a “raft of grants and discounts” saw newbies swamp the market “at the highest levels since the first-home-owner grant was tripled during the GFC”.
But what if you missed out?
Don’t worry. Low interest rates and government incentives continuing into 2021 are still tipping the scales in your favour.
Here are some tips courtesy of Domain to turbo charge your deposit savings and make 2021 the year you buy your first home.
- Get Uncle ScoMo to help out. The federal government is offering several schemes to help you buy a home including the First Home Super Saver and the First Home Loan Deposit Scheme.
- Demolish your debit. Got a credit card or personal loan? Smash these out of the ball park by paying off the loan with the biggest interest rate first. You might even be able to consolidate your debt into a lower interest loan. And avoid the temptation of buy now, pay later schemes – you will pay.
- Pay yourself first. Open a savings account and deposit a set amount each pay cycle. If you only ever save what you have left over you’ll be struggling to build a solid deposit with crumbs.
- Budget and buy as a team. If you’re saving to buy a home with your partner, make sure you’re on the same page with your budget. Focusing on a shared budget early will make the shared costs of home ownership easier to manage. Check out ASIC’s MoneySmart website for some great budget planning tools.
- Get excited about saving. Seriously! This is a life changing goal and every dollar – every cent – you put towards it is worth celebrating. Seeing your deposit balance grow is really motivating if you focus on the small wins along the way.