The Ultimate Guide to Saving for Your First Home
The Ultimate Guide to Saving for Your First Home Buying your first home in Australia can feel overwhelming, but with a solid savings plan and knowledge of available support, it's more achievable than you think. This guide will walk you through everything you need to know to get there faster. 1. Know Your Target Deposit In most cases, you’ll need at least 20% of the property value. For a $600,000 home, that’s $120,000. You can buy with less, but you may need to pay Lenders Mortgage Insurance (LMI). 2. Use Government Schemes First Home Guarantee: Buy with as little as 5% deposit (no LMI required) First Home Super Saver (FHSS): Use super to boost your deposit savings with tax benefits Stamp Duty Concessions: Many states offer discounts for first-time buyers 3. Open a High-Interest Savings Account Look for savings accounts with bonus interest for regular deposits and no withdrawals. Examples: ING Savings Maximiser ubank Save Account 86 400 Save Accou...