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HOW TO BUILD A GOOD DEPOSIT

You have been saving like mad trying to build a deposit for your new home, but savings only go so far.

Here are some ideas to start your creative thinking:

  • Find a way to build passive income. Having a small investment can provide a regular income which you can use to pay off the initial cost of investment and then put the extra regular funds towards your deposit.
  • Ensure your savings is earning you the highest interest as possible. Research the banks to find a great savings account that rewards you with low transactions fees, high interest rates and zero or low administration fees.
  • Eliminate the junk in your place by having a garage sale or posting your items online. This will give you a few hundred dollars to add to your overall payment.
  • Pay off as much debt as possible. Lowering your repayments on a personalised loan or eliminating it all together will allow you to use those funds to add to your regular savings plan.

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