Getting Your Finances Set Up

The First Home Loan Deposit Scheme (FHLDS) will allow you to get a property with a 5% deposit and no Lender’s Mortgage Insurance.

Still, you’re going to have to come up with a decent chunk of change. 

And that means you’ll have to get good at budgeting. Here’s how:

Tip #1 – Cut Out Unnecessary Expenses

Sit down and make a list of your income streams and your expenses. Then, cut out anything you don’t need. For example, getting rid of a gym membership could save you $50 to $100 per month.

Tip #2 – Get Rid of Any Debts

It’s a good idea to get rid of debt as soon as possible. For one thing, you’re paying through the nose for interest every month. If you absorb the cost of clearing the debt in the short-term, you’ll be able to save more in the long-term.

But also…

Lenders look at your credit report. And if you’ve got a lot of debt, that may affect your serviceability.

For now, why not join our community to find out how we’re helping first-time buyers get on the property ladder?