• First Home Buyers: Keeping your eyes on the prize


    If you’re on the saving journey towards buying a home, it’s important to think about how much you’ll actually need to save, plus where you want to live or invest! Here are our tips to help you keep your eyes on the prize. 


    If you’re on the saving journey towards buying a home, you might now be in the same position as Jane. Jane’s been saving for what seems like an eternity, and although she’s gotten very good at squirreling away her money, she’s finding it tough. 

    She’s done her budget and is sticking to it (mostly), but saving is a marathon, not a sprint, and to avoid pulling a financial hamstring, Jane (and you) will need to keep your eyes on the prize.

    To figure out how much cash you’ll need to splash and how long this race is, there’s some things to think about: 

    – where you want to live or invest

    – are you after an apartment, house or tree-house? (each to their own Jane) 

    – look up the recent sales for that type of property in that specific area! 

    Once you get an average price for your chosen suburb you will have an idea of how much you may need to part with – the house price tag, deposit, stamp duty, insurance, conveyancing fees etc. Then you’ll have an idea of how big your nest egg should be. Once you work out your deposit amount, you’ll be able to figure out whether this race is a fun run, or an ultramarathon.

    And just like a pro athlete needs a coach, a pro saver like Jane needs some help as well, which is where having flat mates can come in handy, they can make the finish line a bit closer if you can share some of your living costs.


    Originally published on flatmates.com.au

    Select a topic to view more blogs and videos:


    About the author

    • Raymond

      Raymond A Ram is the RAMbassador for RAMS Financial Group. Raymond works with the RAMS team to bring simple, helpful and expert information on home loans and savings accounts to life with his down to earth and cheeky personality. He enjoys seeing everyday Australians turn their dreams of saving for a goal or getting into a home a reality. 

      Growing up in Goulburn, NSW, Raymond was brought up with good old-fashioned Aussie values of hard work and a fair go. It soon became apparent that Raymond wasn't content for the conventional path of grazing, producing the very best wool, and finding a nice sheep to settle down with. So it wasn't long before his passion for performing and his talent as a likeable larrikin shone through - landing him a few roles such as 'RAMlet'. He was even tipped to play RAM-bo at one point but chose to become star of the small screen instead as RAMbassador for RAMS. He now finds this role so much more rewarding.

      Contact your local RAMS Home Loan Centre about your home loan options.

      Raymond A Ram

  • Like to know more?

    Find your local RAMS Home Loan Centre

  • Disclaimer:

    This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.