How much can I borrow for my first home?


#1

The best tip is to aim to save a deposit of 20% or more of the purchase price of a home. Sounds like a lot but with that is the latest advice from Aussie regulators.

Achieving a home deposit can take a long time. Start by setting up a savings account and develop a good saving habit.

Transfer money regularly into the savings account each pay based on what your budget allows. Or, better yet, set up a direct debit to transfer the money automatically, so you’re less likely to spend it.


#2

#3

The best way to save I’ve found is to open an account with a separate bank. This way you don’t see the money in your everyday accounts and therefore are less likely to spend it. The barefoot investor also has some great savings tips!


#4

Great suggestion Maggie, there are also some really good online calculators (most banks have them) that allow you to see how much you can borrow - and in turn how much deposit you need to save.