Let’s talk about saving - Our steps to doing your first home loan right!

What is good old-fashioned saving?

Lenders (banks and institutions) love the term ‘old-fashioned saving’ - and although the act of saving is similar across the board for any person, bank, and loan provider, the reasons behind it are slightly different when you’re thinking about that all-important, first home loan!

People have been encouraged to put money aside long before banks were even introduced into society.

In modern times, the initiative to save is encouraged often from a young age, so by the time you reach adulthood, you likely already have a savings account with some type of funds stored for several years.

This comes in handy when those working towards the milestone of a first home purchase because lenders like to see active savings accounts.

If your regular savings have been safely placed in your account for at least three months or more, it shows a lender you are good at managing your cash responsibly, making this the first part of your home loan game plan.  

But, the work doesn’t stop there! Next, you need to stick to a budget.

Work out your cash flow, and factor in the realistic costs of day-to-day life, including those unexpected bills and hurdles (no one likes car repairs for example, but it happens!). You need an idea of your spending habits to understand where you can make savings and what type of figure is realistic. Commit to a certain amount of cash deposit each week and do not dip into that fun, even when the temptation to spend hits.

Our top tips for spending less:

• Shop from your kitchen. Before you hit the stores cafes or takeout apps, check your cupboards and prepare a meal at home. Remember, an average lunch costs around $12 a time. Over a year, that’s around $2,880.
• We know good coffee is important. So, why not invest in good coffee at home? Save your cash and make your own! Or even better, when you’re in the office, drink their coffee instead (you may need to put in a request better for coffee if necessary).  
• Save the planet AND your wallet. Turn lights off when you leave a room, don’t leave electrical items on standby. Rug up or strip down so you use and pay for less heating or cooling.
• Save on your home running costs. Make sure you’re not paying too much on home utilities* (electricity, gas, internet, and phone).
• Concierge Living can review all of your plans for free to make sure you’ve got the most competitive deal - need to check if this is a partner to tag. 

It all begins with one minute of your time to answer a few simple questions...

From reviewing contracts, and organising paperwork to sealing the deal – we’ve designed our home loan application process to be as simple as possible for first-time buyers.

When you’re done, we’ll set up a meeting with you online or in person to discuss goals, opportunities and next steps, find out more on our website.