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How to save for your first home

By Heather Mellican

Do you dream of owning your own home?

The Australian Securities and Investments Commission (ASIC) recommends a deposit of at least 20 per cent of the home’s value, as this will help you get the best rates from your mortgage broker or lender, not to mention your home loan will be paid off quicker.

But how can you turn this dream into a reality?

Study your statements: If you’re serious about affording a roof over your head, gather your paperwork and see where your money is going. Make yourself monthly goals and see where you can cut back where possible.

Set up a savings account: Most banks offer accounts where funds, like deposits for home loans, can accumulate faster because of the higher interest rates. Arrange an automatic payment that synchronises with your pay day and create a habit of transferring to an account that you won’t touch. Even transferring 10 per cent of your income will make a huge difference and before you know it you will be have saved a healthy amount.

Talk to a mortgage broker: Get in touch with a mortgage broker to help you understand how much you need to save and how long it will take to reach your goal. They will help you get the best rates and take some stress from your hip pocket. Ray White Reservoir works with Loan Market to help provide the best rates for you.

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