Tips for First Home Buyers
One of the hardest things for many First Home Buyers is establishing the saving psychology in order to start. Everyone knows, just how hard it is to Save: when a third of your income goes in rent, a third in taxes and a third on living.
Given, once you have bought, it is entirely likely that the Bank Home repayments will be much like meeting the rent. Its the Deposit that’s the hard thing. Below, I set out a few ideas, hope they strike a chord with you. 1 Research, the current First Home Buyer grant, these have been running on and off since 1963. The programme is often changing, but with newer Home loan guidelines, you can use this as a large help to meet the Deposit. Consult www.sro.gov.au
2 Recognize that the Stamp Duty saving to first Home Buyers are a massive saving for you: organise your thinking to grasp this saving.
3 Study,the renovation game, for example, there are many TV shows which highlight the renovation opportunity. 4 Research ways to increase your income, such as renovating cars,{which is tax free}, or weekend jobs with your circle of pals. 5 Research ways to save on expenses, such as, convert your car to LPG, save $50 bucks a week. 6 Research your holidays from the Internet, at sites like www.stayz.com.au, www.lastminute.com.au www.travelzoo.com/au www.wotif.com.au 7 Save on groceries, by shopping at bulk stores, Costco, Aldi, Get Fresh or Farmers markets. 8 Save on furniture and clothing, by buying at Clearance stores, Factory Outlets, Sunday Markets or Salvos stores. 9 Ask your relatives about an Equity Guarantee, as security for your loan. 10 Ask all your friends an pals for Ideas. I think you might be surprised at their ideas. 11 Organise all Christmas and Birthday presents to be made in cash, as a savings measure. 12 Run a modest Home based business, in order to, claim the legitimate tax breaks, on cars, rents, library, office expenses, clothing, telephone, Internet, research and study tours. Modest businesses are being started on Ebay and Sunday markets. 13 Read magazines, like First Property Buyer, or their website at www.firstpropertybuyer.com.au 14 Are you prepared to allow some pals to live in your home and help with the Bank repayments? 15 Are you prepared to live as a House Sitter, during a short term, rental saving phase?
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