Deposit Dreams: How to Save Up for Your First Home Faster

Name: New Home Builder
Brand: McDonald Jones Homes

Kate

09/03/2022

Millions of Australians want to own a house, but saving up for a deposit, which is usually 20% of the total price of the house, can be tough. That’s why here at McDonald Jones, we make home buys simple. Buying your first home and looking into property investment means setting monthly saving goals, considering extra work and exploring options for grants, funding or government property schemes. First home buyers can also take advantage of our Smart Start initiative. This is where we have combined the knowledge and resources of our Group's experts in Finance, Land Development and Construction, to produce a step-by-step guide to help support first home buyers, when planning their first dream home.

Set Saving Goals Each Month

Setting saving goals is essential when saving up for a future forever home or property investment. Buying a new home and saving for it can feel daunting, but with the right attitude, the right goals and a strong determination, anything is possible! It is best to set monthly saving goals and not just a finish line goal. This can make saving seem more achievable and set aside money for each paycheck that will always go to your house.

Two First Home Buyers sitting on a lounge looking at their savings goals

Consider a Second Job, Paid Hobby or Side Hustle

First time home buyers often consider getting a second job when it comes to saving up for a house. Part of achieving your financial and investment goals is sacrificing other things and getting a weekend or evening job or turning your hobby into a financially beneficial endeavour, could make the difference you need in your saving timeframe. Why not start those guitar lessons, tutoring classes or something else that transforms your time-off into time-on? Side hustles like this are great for making an extra buck, especially when 100% of these extra bucks go towards your first home buyer deposit.

Explore Grant Options

Always ensuring adequate research is a must when looking into buying your first home. Make sure that you talk to your bank, speak to a mortgage broker like MyChoice Home Loans and investigate all your potential funding options to try and get the best deal. Explore different deposit options and consider a house and land package that can even give you awesome value, at an affordable price. With this and our Smart Start scheme, you’ll be all set up for the investment opportunity of a lifetime.

Feel free to contact us here at McDonald Jones Homes, for all home building enquiries in New South Wales. Alternatively, give us a call today or visit our new display homes across the state for inspiration.