FIRST HOME BUYER GUIDE
Saving for a Deposit
When you are purchasing your home for the first time, you are required to show the financial institution that you have saved some money to be able to contribute towards the purchase.
Work out how much you earn after tax and how much you spend on your living expenses on a monthly basis - often your existing financial institution who you bank with will have your earning and spending details on their internet banking.
Ideally, you will want to save as much as you can for a deposit. Open a savings account which pays you interest, and regularly deposit money into this account - you are on your way to saving for a house!
As a general guide, if you have at least 10-12% of the value of the property saved, this would be the minimum required to complete the purchase transaction.
How to reach this goal sooner?
Depending on your circumstance, you may be eligible for a First Home Owners Grant (conditions apply, please check with the State Revenue Office in your state) by building a new home or purchasing a newly built home.
Have you considered whether you could get some assistance from your parents or other family members who may be willing and able to help you out with a once-off unconditional gift.