• 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. 

    Transcript:

    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

     

    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
     

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  • Disclaimer:

    The information here is of a general nature only and is not intended to constitute financial or tax advice. You should consult your professional adviser, accountant or taxation expert for advice specific to your personal circumstances.

    The views and opinions expressed in this article are those of the author alone and do not necessarily represent the views or opinions of RAMS Financial Group Pty Ltd ABN 30 105 207 538 (RAMS),  Westpac Banking Corporation ABN 33 007 457 141 (Westpac) or their related bodies corporate. This article is strictly for information purposes only and neither RAMS, Westpac nor any of their related bodies corporate make any representation as to the accuracy or completeness of the information in this article or endorse the views expressed in it.