From Zero to Home Owner: Tips to help you get there
We all have to start somewhere! AND I’m proud of you—you’ve just taken the first step toward your property ownership goals… so don’t stop here.
Check out our top ten tips to help you get there, create your budget using our free budget template, and get saving today.
Start with number one and work your way through the tips in order.
Once you’ve completed #1, move on to #2, and you’ll be in your home before you know it!
1. Track your expenses
No more head-in-the-sand business; let’s find out where your dollars have been going. Knowledge is power!
Go over your bank statements and make a list of all your regular and ongoing bills.
See if you can also add up how much you’re spending on ‘non-essential’ items so you can get an accurate picture of your finances.
2. Create a budget
Access our free budget template and list your tracked expenses from step one.
Build a budget that works for you, factoring in enough money for the things that bring you joy.
Remember… this needs to be something you’ll stick to!
3. Cancel subscriptions and delete shopping apps
Cut the fat and remove temptation.
Are there any other discretionary expenses you can reduce?
4. Save for emergencies First
Prepare for the unexpected by saving at least three months’ worth of living expenses and debt repayments.
This will provide peace of mind and a financial buffer.
Stashing these funds in a high-interest savings account can sweeten the deal—every dollar counts!
5. Ask for a pay rise
Do your research—Seek is your bestie!
Find out what comparable roles in your area pay, understand how you add value to the business, and back yourself.
Use this great Seek article with more tips we love.
6. Split your bank accounts
Open separate accounts for spending, bills, and savings.
Automate direct debits to split your pay across these accounts.
What’s left in your spending account is yours to enjoy, whilst your bills and savings accounts keep you covered for essentials and emergencies (preferably in a high-interest bearing account).
7. Pay off and close all Buy Now Pay Later facilities (Afterpay, ZipPay – yes you!), credit card debts, and personal loans
Say goodbye to ZipPay, AfterPay, and emergency credit cards.
Start by tackling the highest interest rates first, and remember to close these accounts as you go.
Not only will saving become a breeze after these are gone, but you’ll also increase your borrowing power when it’s time to buy.
After all, property isn’t cheap as chips anymore!
8. Re-do your budget often
Keep your budget up to date to set financial goals and track your progress.
Review it at least every six months to stay on course; seeing where you’re heading makes it all possible!...
9. Review the First Home Super Saver Scheme (FHSS)
Check if you’re eligible!
This scheme can help you save faster by making additional super contributions that reduce your tax and help you save faster.
When you’re ready to buy, you can access these funds for your deposit.
A hidden, forced savings plan that help’s you save for your home faster? Yes, please!
10. Engage your Mortgage Broker
That’s us!
We can help you set financial goals and tell you what you need to achieve, check your eligibility, and guide you through the process.
For more tips, check out our social media pages on Instagram or Facebook.
Good luck—you’ve got this!
Your Broker,
Tara.
