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Best Way To Save For A House

Often the pace of life, prevents us from really understanding where our money goes each month.  The more we earn, the more we seem to spend and often rarely notice.

Knowing where to start in cutting back your expenses, is the starting point to your journey that will determine how slow or fast you will reach your destination.  If you are serious about buying your First Home quickly, then anything and everything is up for grabs. It is extremely easy to miss opportunities, unless you are prepared to capture even the smallest of expenses.

DON’T IGNORE THE SMALL OPPORTUNITIES THAT ADD UP

Generally, when we think about savings, it is easy to overlook the small expenses in our day when we consider savings.  What do we mean by small expenses? The morning ritual of buying a takeaway coffee on the way to the bus or train, can cost you $200 per month or $2,400 per year. Electing prepare yourself some lunch rather than buy your lunch every day at the canteen or the local café can save you as much as $300 per month or $3,600 per year. Paid TV can cost $60 per month or $720 per year. Reducing eating out in Restaurants once a month can save you $1,200 per year. If you enjoy a drink every day at the local bar, you could be spending as much as $500 per month. Reducing this by $200 per month can save you another $2,400.

These simple examples quickly add up and can save you $10,000 to $12,000 per year.

Credit Card interest is another expenditure that can be avoided by ensuring you pay your credit card on time and the amount of interest saved can add to your deposit.

If you are renting, keep a close eye on the market as there may be opportunities to reduce your weekly rent by $20 per week which could save you another $1,000 per year. Any opportunity to move back with Mum and Dad or family, will certainly give you a quick saving.  A weekly saving of $400 in rent over 6 months will save you over $10,000.

Looking closely at your method of transport to and from work also can produce some interesting saving opportunities.

CHECKLIST TO SAVE FOR A DEPOSIT FASTER

 All forms of money you receive and expenses you incur, present opportunities for you to expedite the time needed to save the necessary deposit to purchase your first home. Every individual has their own approach which is generally influenced by their personal lifestyle habits, expectations and what they are prepared to go without. The checklist provided is a collection of ideas from a variety of individuals that have been successful in the past.  In looking through the examples, you should consider how practical and applicable each idea is for you.

  1. Save On Your Rental – Depending on the rental market, sometimes availability of rental properties exceeds the number of people who need rental. Where this occurs, an opportunity may exist to negotiate your rent down with the landlord.
  2. Rent a Guest Bedroom – If you have a spare room and you don’t mind the idea of sharing your home, then sub-leasing a bedroom can provide extra income on a regular basis.
  3. Cash Is King When It Comes to Birthday and Xmas Gifts – Depending on your family situation, the alternative for cash for gifts from family and friends may be an option
  4. Eat in Versus Dine Out or Take Out – You can save a considerable amount of money by eating in more regularly
  5. Public Transport Versus Petrol and Parking – Depending on your access to public transport, the cost of getting to and from work can be considerable if you are paying for parking, petrol, car maintenance etc.  Consider the possibility of sharing with a fellow worker.
  6. Lunch Box Versus Cafe or Delivery Van – You could be surprised by how much money you are spending on buying lunch.  A lunch box meal prepared at home can cost you as little as $5 and is often healthier
  7. How Much Pay TV Do I Really Need – Packages for pay TV can vary considerably. Take the time to shop around and consider if all the channels you have are really needed.
  8. Stop Being a Collector – Analyse your belongings and identify any items that you are not using and sell them.  You will be surprised how much money is sitting in your garage, wardrobe or drawers.
  9. Seek the Best Interest Rate For Your Savings – Often the interest you earn on your savings can have a serious impact on your savings. Rates change regularly and you may benefit from switching banks or locking in longer term interest rates for your savings
  10. Set NO GO Periods in Your Diary for Buying Goods on the Internet – You will be surprised how much money you will save by setting blocks of 6 months periods where you refrain from buying anything on the internet.
  11. Apply The HALF Principle – If you are a smoker or enjoy lots of drinks when you go out or at home, then you should consider how much you could save if you apply the HALF principle and reduce your smoking or drinking by half each week.
  12. Collect Customer Rewards Cards – There is a maze of savings available to smart shoppers through Customer Rewards Cards. Do your own research and modify your shopping behavior to benefit from these rewards.
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We take the time to listen to your needs and then search the market for the best products that satisfies your needs at the lowest possible cost to you.

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We continue to work for you after the deal is finished, ensuring that we asess any new offers that become available which may improve your current deal.

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We give our clients access to Personal Loans, Home Loans, Investment Loans and Commercial Loans.  You always only deal with on person for all your lending services.

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We can meet clients in our office, in their home, their office or the local coffee shop. Our initial interview will helps us understand the clients needs in the short, medium and long term so that we can find the best possible lender for your loan.

The world of financing continues to be more and more complicated. Our Lenders have experience in finding the right product to meet the specific needs of each of our clients.  During this phase, we identify two to three options that may be suitable.

Our Lending Specialists will present to you a number of options available outlining  the differences, benefits and downfalls of each option presented. Our preferred option and reasons why, we consider this the best fit for you will be clearly explained.

Our Lending Specialists work with our clients to have all documentsation signed, submitted to the lending institution and processed through to approval.

We pride outselves on client service which is why our Lending Specialists establish a reasonable review timeframe where they touch base with our Clients to ensure everything is working as planned.  During this review, the client is made aware of any new financing options in the market.

Brisbane Home Loans is not about one off loans. We truly care about our clients, which is why we stand by their side beyond the completion of the loan.

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