Q. I've been saving up for a house deposit for the last few years, but it seems like property prices are going up faster than I can save. Am I ever going to be able to afford to buy my first house?
Melbourne house prices are at the highest they’ve ever been, with the median price reaching $725,000 in June 2016 according to the REIV. For many first home buyers, the thought of saving up a 10 – 20% deposit for a property almost sounds impossible, especially when the market doesn’t seem to be slowing down. But don’t despair, saving for a home deposit is possible but it will require a detailed savings plan and change in mindset.
Step 1: Savings Plan
The sooner you commit to saving for a deposit, the quicker you’ll get there. Here a few recommendations some of our youngest landlords have shared with us.
Step 2: Savings Mindset
Saving for a house deposit can be a slow process and you’ll be forced to make a few sacrifices along the way. Committing to your savings plan may seem tough at times, but it’ll all be worth it when you finally buy your first property.
Here are few tips our clients have shared with us that helped them get into the savings mindset.
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