First home buyers in Victoria are facing a range of challenges in 2024. Melbourne property prices just keep going up, interest rates are on the rise, and the inflated cost of living has made it more difficult than ever to save up a 20% deposit. Fortunately, it’s not all doom and gloom for first home buyers in Victoria. By consulting with finance experts and leveraging the various first home buyers schemes, you can achieve your ultimate dream of buying your first home in Melbourne.
Five Money-Saving Tips for First Home Buyers in Victoria
Lending criteria for first home buyers have tightened in recent years, making the size of your initial deposit critical. So, as a first home buyer in Victoria, what can you do to boost your savings? Here are some of our top money-saving tips for first home buyers in 2024.
1. Establish a Realistic Budget (and Stick to It!)
First of all, you need to set a realistic budget and then stick to it. This might include temporarily cutting back on some of those unnecessary expenses, like streaming subscriptions and regular takeout meals. These small sacrifices now will ultimately help you achieve your long-term goal (buying a home) faster.
2. Compare Providers to Ensure You’re Getting the Best Deal
We’ve all been guilty of staying with the same phone company or utility provider purely for convenience. But by shopping around and being willing to switch, you could save a significant amount of money. Try using an online comparison service to see if you could be saving more.
3. Take Advantage of the Government First Home Buyers Scheme
You could save thousands of dollars by taking full advantage of the various first-home buyers schemes available. This includes the $10,000 First Home Buyers Grant in Victoria, which is available to eligible applicants who buy or build a new home. There’s also the First Home Guarantee, which is a first home buyers scheme that allows you to buy a property with only a 5% deposit.
4. Get Serious About Your Savings and Investments
Do you have a dedicated, high-interest savings account? If not, you should. A dedicated savings account will help you earn interest on your savings while also making sure those funds are no longer easily accessible for accidental overspending. You could also talk to a financial advisor about potential investment options that will grow your savings faster.
5. Get Professional Advice
One of the best things you can do to boost your savings is get some expert advice. An experienced mortgage broker can assess your current financial situation and provide tailored advice on how you can consolidate debts and increase savings. They can also gauge your eligibility for the First Home Buyers Grant in Victoria (or other first home buyer schemes).
Accession Finance: Providing Expert Support for First Home Buyers in Victoria
Saving for a first home deposit may be challenging, but with strategic planning and the right guidance, it’s an achievable goal. By setting a realistic budget, exploring government first home buyer schemes, and seeking professional advice, first home buyers can navigate the market effectively.
At Accession Finance, our team of brokers is committed to helping first home buyers achieve their home ownership goals. Ready to turn your homeownership dream into reality? Schedule an appointment with our experienced brokers today
