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Tips for young buyers on saving for a deposit

Private Property shares important tips for young buyers on how they can save for the deposit for their home loan. Saving for a home deposit is not easy for first time young buyers. The steps outlined make it much easier to save for that dream home

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Tips for young buyers on saving for a deposit

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  1. Tips for young buyers on saving for a deposit.

  2. How much is needed for a deposit? “ For millennials and first-time buyers in general, the prime obstacle to overcome is saving enough money for the mandatory deposit which generally requires between 10% and 30% of the property’s asking price in order to qualify for finance with a bank.

  3. Tips to save “ Weighing out the difference between your current rental payment and the estimated bond repayment, alongside any other monthly costs such as bond insurance, homeowner insurance, rates and levies is the ideal way to find a happy medium when setting a monthly savings goal. The difference between the two should be set aside as your savings. The benefits of this strategy are two fold, firstly it will build up your savings, and secondly it will help you to adjust to the anticipated cost of owning a property. Using this method will provide you with insight into what you can afford and whether you are 100% ready to own your own property.

  4. Finding the savings “ If your monthly rental is taking more than 30% of your income, then considering the option of a different rental space may elevate your chances of saving. While it might mean scaling back, consider moving to a more affordable rental property. It doesn’t make sense to spend more money on a rental home, if it is holding you back from owning your own property.

  5. When’s the right time to buy? “ The property market is never stagnant. The price of homes and interest rates are constantly shifting, which will always leave room for concern when trying to get your foot onto the property ladder. Waiting a little longer and having your finances in order first is best to ensure that you are fully ready. 

  6. Visit our website to read the full Tips for young buyers on saving for a deposit

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