{"id":31805,"date":"2015-08-03T00:00:00","date_gmt":"2015-08-03T00:00:00","guid":{"rendered":"https:\/\/cms.fiveaa.com.au\/uncategorized\/what-are-the-best-ways-to-save-for-home-loan\/"},"modified":"2015-08-03T00:00:00","modified_gmt":"2015-08-03T00:00:00","slug":"what-are-the-best-ways-to-save-for-home-loan","status":"publish","type":"post","link":"https:\/\/cms.fiveaa.com.au\/show\/what-are-the-best-ways-to-save-for-home-loan\/","title":{"rendered":"What are the best ways to save for a home loan?"},"content":{"rendered":"

Some great money advice, thanks to Bernie Lewis.<\/h3>\n

Saving money is a true test of character.<\/p>\n

It’s all about battling your short-term cravings in order to benefit your long-term desires. Unfortunately, the days when you could turn up to the bank and get a 100 per cent financed new home loan are well and truly over – unless you want to pay heightened interest rates.<\/p>\n

Before lenders will even think about offering support, they will want to see evidence of a nest egg. The Australian government’s Money Smart initiative recommends a deposit of at least 20 per cent of the home’s value. This will help convince the moneylender that you’re capable of repayments, and avoid lenders mortgage insurance.<\/p>\n

 <\/h3>\n

If you really want a house to call your own, here are some tips for building a deposit for a new home loan<\/a>.<\/p>\n

Pay yourself<\/strong><\/p>\n

This is an alternative way of saving your money, and one that can be quite effective when done properly. Simply set up an automatic payment into a high-interest account, which coincides directly with your normal pay-day.

\n\tNila Sweeney, writing for Your Mortgage, recommends using a different bank to your usual one (so that the money is harder to access), and transferring about 10 per cent of your paycheck. The best part is, in time you won’t notice that you’re putting the money aside – until you check your statement of course.<\/p>\n

Budget<\/strong><\/p>\n

This is perhaps one of the hardest parts of saving, as people often perceive it as a significant change of lifestyle. But it doesn’t have to be.<\/p>\n

The first thing you should do is study your bank statements and see just where your money is going. Next, decide what is necessary spending and what is luxury. To do this, simply minus all the essential costs like rent, food and water from your income. What money is left can potentially be saved.

\n\tBut you shouldn’t cut out all your fun expenses. Money Smart suggests setting monthly savings goals, and rewarding yourself when you achieve them, such as dinner at your favourite restaurant.<\/p>\n

Get home loan advice<\/strong><\/p>\n

If you’re still unsure about where you stand, consider using our range of calculators and tools, which will give you a better understanding of your financial position and the choices available to you.

\n\tYou can then use this information to discuss with a mortgage adviser from Bernie Lewis. We have a wealth of knowledge and experience to take you through the whole process of saving for and buying a new property, with some of the most competitive home loans in South Australia.<\/p>","protected":false},"excerpt":{"rendered":"

Some great money advice, thanks to Bernie Lewis. Saving money is a true test of character. It’s all about battling your short-term cravings in order to benefit your long-term desires. Unfortunately, the days when you could turn up to the bank and get a 100 per cent financed new home loan are well and truly […]<\/p>\n","protected":false},"author":6,"featured_media":22006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[231],"tags":[],"geo_market":[],"class_list":["post-31805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-show"],"acf":[],"yoast_head":"\nWhat are the best ways to save for a home loan? - FIVEAA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cms.fiveaa.com.au\/show\/what-are-the-best-ways-to-save-for-home-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What are the best ways to save for a home loan?\" \/>\n<meta property=\"og:description\" content=\"Some great money advice, thanks to Bernie Lewis. Saving money is a true test of character. It’s all about battling your short-term cravings in order to benefit your long-term desires. 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