How do I save up the home deposit?

Saving for a home deposit is no easy feat and often takes many years of disciplined savings. So how do you do it?

1. Work out how much you need to save – work out your upfront costs (hyperlink) which are typically 20-30% the purchase price, to avoid LMI

1. If you have an existing house you want to sell to purchase a new property, you may want to estimate the selling price either using a website like onthehouse.com.au or a free property report (e.g. NAB offers great information
here )

2. Follow the steps outlined in “how do i save for a goal”
(a) What is your goal and how much do you need per month and over what time period?
(b)Given your Money Position can you set aside that amount each month? If yes, continue – if not, consider ways to increase your income or decrease your spending until you can achieve your monthly amount.
(c) Unintentionally save intentionally, or in other words – automate!

• Choose the right solution for your circumstances
• Label the solution with your goal to keep it front of mind
• Automate weekly transfers from your everyday banking account into your goal solution weekly to maximise the compound interest
• Make sure this is all done without going into debt!