Buying a house is a great accomplishment; you gain a place to call home where you can create a life full of memories in.

It is important to develop a plan for saving so that you make the journey to homeownership as smooth as possible. Consider the following:

Understanding the hidden costs
Buying a house that costs $500,000 for example, isn’t as simple as saving up a 10 per cent deposit of $50,000. There are so many more expenses pertaining to purchasing a home, such as stamp duty, transfer registration, insurance, interest, costs of work done to the house after purchase, moving costs and many more.

Mortgage repayments
When saving for a house, it is pivotal to look beyond simply budgeting for a deposit and consider how you will afford to make mortgage repayments on top of other living expenses.

Creating a solid budget
Once you have considered all the costs of buying a property, you can accurately calculate how to budget for the upcoming expenses. Speaking to your financial advisor or a mortgage broker is a great investment towards reaching your homeownership goals. When developing your budget, consider the various ways you can save money, such as:
– Researching different options for your phone to get a better deal
– Cancelling subscriptions or sharing and splitting costs with someone else (i.e., Netflix)
– Making coffee at home instead of buying one out
– Writing a shopping list for groceries and seeking out the best deals
– Cancelling memberships you don’t use (i.e., gym membership)

This article is for general information purposes only and has not been prepared with reference to the circumstances of any particular person. You should seek your own independent financial, legal and taxation advice before making any decision in relation to the material in this article.