We have high call volumes due to COVID-19, but we are here to help. For info, or to apply for COVID-19 home loan support see rams.com.au/covid-19-assist. We will contact you as soon as possible.
  • Kyal and Kara’s tips on saving for your first home

     


    Kyal and Kara savings tips - that savings target might be achievable sooner than you think.

    Transcript:

    I was 16 and Kyal was 17 when we first started going out, we were just literally babies and basically all we had was like this much money in our bank account.

    I was actually in year 12 and you'd just finished. 

    Yep and all I could think about was honestly making surfboards for a living.  And I was thinking about studying physiotherapy. I needed a study desk, you needed some furniture.

    I literally just moved down from interstate with nothing but clothes and surfboards in my car.  We'd go second hand furniture shopping and find an old desk and make it new, sand it back, and I'm pretty sure that's where our love for transformations began. 

    We knew pretty early on that we wanted to buy a house, but I think you'd just started your carpentry apprenticeship. That's it.  Like freshly started an apprenticeship,  we're talking $250 a week and a mortgage is definitely not on the forefront of your mind. 

    At the ripe old age of 19 and 18 we set up our joint savings account. We started with a direct debit of $30 a week each into that account, and you know it wasn't much but that eventually contributed to our house deposit. Having a savings goal definitely spurred us on to work harder, watching our savings grow was that motivation that we needed to get to our goal. Even though it was in small amounts I think watching that account snowball and grow, definitely gives you the drive.

    Fast forward a few years, that little account finally grew to enough to buy a house, and in 2008 we found the one. 

    The house was nothing special, it was a little fibro shack on a big block, but we loved the area, we saw the potential to renovate and do something really cool.

    It can definitely be overwhelming, Kara and I know exactly what that's like but my advice would be, if you're saving for your first home is:  

    1.     Understand your weekly budget and expenses. 

    If you're not good with numbers and spreadsheets there are some great resources online like the RAMS budget calculator,  that can really help. 

    2.  Set up a regular direct debit into a savings account

     Start with a realistic amount that you can save each week.  We started with just $30 a week but as time went on we were able to reassess and put that little bit more in. And it's so satisfying to watch that savings grow. 

    3. Review your memberships and subscriptions

    Make sure you're getting the best deal. This is a great way to reduce your overall weekly expenses.

    4. Speak to a RAMS Home Loan Specialist

     Speak to a RAMS Home Loan Specialist to they can better understand your savings goals and help you with what's required when you are finally ready to apply for a home loan. 

    It's a great way to set yourselves that savings target which might be achievable sooner than you think.

     

    Select a topic to view more blogs and videos:

     
     

    About the author

    • Kyal and Kara

      Kyal and Kara became the public’s favourite couple of The Block Fans v Faves series and caught the positive attention of the judges – winning multiple rooms. Their down to earth and friendly nature has made them crowd favorites and their skill and design flair has ensured some beautiful renovation results. As a young, enthusiastic, fit and healthy couple, they have an exciting future ahead.  

      Since The Block, Kyal and Kara have gone on to launch their own business, Diverse Design and Construct, and are working on various design and build projects around the country including their own renovation projects.

      Kyal and Kara Demmrich

  • Like to know more?

    Find your local RAMS Home Loan Centre

  • 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.