Browse Forums Home Finance 1 Sep 14, 2009 1:17 pm Hey! My partner and I are currently saving for our deposit until next year then we want to start building out own house! We are looking at putting $260 a wk and have a bit saved already Does anyone have suggestions/opinions/tips/ways they did it? For saving for the huge deposit? Any extra ways to make some cash would be great? Thanks! Re: House Deposit - How to save SUGGESTIONS? 2Sep 14, 2009 1:20 pm No quick way to make cash - but have your watched the new show on Channel 9 called Money for Jam - they have a few ideas on how to make extra cash. But just stay the cause and keep putting the money away each week - put it in a Term Deposit or something similar to get the best possible interest rate - and watch it grow, it takes time but just keep plugging away and pretty soon you will be there and then start the looking process for land, house etc. IT WILL HAPPEN. Good Luck Site Start: 10th September, 2010 PCI : Friday 27th January, 2011. Handover: 3rd February, 2011 Build Thread: viewtopic.php?f=31&t=37677 Re: House Deposit - How to save SUGGESTIONS? 3Sep 14, 2009 1:31 pm Give up drinking, eating, driving, clothes, entertaining, having fun. Pay yourself first(savings) then pay all your small debts off...(quick as poss.) When they are paid off, put the same amount for small things into savings, Then pay off bigger things, when these are paid off, keep paying the bigger outgoings into your savings account Soon you will have no friends, no fat, no bills, heaps of savings Chuck that at the bank and say what can you do??? Then shop around for a discounted homeloan. Pay off as much as you possibly can for 5 years and then you can retire, get some friends and put on some fat Where you are coming from is where you are going to... Re: House Deposit - How to save SUGGESTIONS? 4Sep 14, 2009 2:35 pm Very funny onc_artisan. I think you have the following possible ways of saving; earn more, save more or both. Re: House Deposit - How to save SUGGESTIONS? 5Sep 14, 2009 5:16 pm As annoying as it may be we recorded where every dollar went for 12 months in order to identify the fat in our spending. As a result at the moment we both wear potato sacks, don't eat out and don't drop $100 on a friday night getting drunk at bars. Renovation Thread: viewtopic.php?f=31&t=38489 Re: House Deposit - How to save SUGGESTIONS? 6Sep 14, 2009 5:21 pm stop eating takeaway or at restaurants. stop calling mobile phones from home phone - only from mobiles or text only. saved $60 per month! Caz & Co ALL MOVED IN!! Now comes all the hard work-decorating.... [b]Blog: http://cazoraz.blogspot.com/ Settling in Thread: viewtopic.php?f=31&t=36993 Re: House Deposit - How to save SUGGESTIONS? 7Sep 14, 2009 5:45 pm We are putting away about $1,600 a fortnight it helps massively that we are living at home though no other way you could achieve this level of savings (nearly double what our eventual home loan repayments will be) Re: House Deposit - How to save SUGGESTIONS? 8Sep 14, 2009 6:51 pm Hi happy Many years ago when saving for our first house we did the following. Made up a budget. Took our lunches. Very rarely had take away. Had a shopping list when shopping. Got rid of the v8 car and bought a small 4 cylinder and a bike for hubbie to get to work on. Chopped up the credit cards. Didnt buy any clothes etc. Didnt have a holiday. It was the most frustrating year of my life but managed to live on one wage and pay off a block of land in 12 months. We were very regimented but it worked. 'When you do this you will be amazed at how much money you waste. But it wont be pleasant but the end justifies the means. Dont ask me now to do it. I have turned into a princess and like my luxuries lol Caz Re: House Deposit - How to save SUGGESTIONS? 9Sep 14, 2009 7:32 pm We did the following Took public transport to work Made our lunch at home Went to Vic market once a month and bought bulk meat No take away or going out Shopping list when shopping Meals were mainly meat and 3 veg, heaps cheaper than having to buy lots of ingredients and only using a little of it No holidays No new clothes No credit cards We tried to live of my wage and save hubbys, so we manged to put away 4-5k a month when we were really frugal. We saved 2k more than what we were previously with just these cutbacks. Plus all these changes now gets you in good practise of the mortgage Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: House Deposit - How to save SUGGESTIONS? 10Sep 14, 2009 8:57 pm That is pretty much it.. the last new clothes I brought were some long sleeve T-shirts selling at a major discount at target for $9ea.. so I brought two lol. Do not completely cutback on going out though you will go insane. Emma and I try and do something nice once a fortnight, although lately we seem to have an unlimited supply of movie tickets or vouchers so we've been covered for some entertainment there. You would be surprised though how much you will save going to a mates place to watch the footy sharing pizza and beer vs going out in town - you will also find that lots of your friends are in a similar situation to yourself and just are not talking about it. Re: House Deposit - How to save SUGGESTIONS? 11Sep 15, 2009 7:42 am I can't agree more with the previous posters about tracking your money. For some bizarre reason I created a spreadsheet of all my incoming and outgoing money when I was 16 years old (I'm a bit strange like that ) Anyway, I'm still using this spreadsheet and it's paid off because over the years I've built up quite an awareness of where my money goes. I also agree with the concept of paying yourself last - I put money away each payday for everything - insurance, car registration and servicing, even Christmas presents. And whatever's left I can spend on myself. For me, this has meant that when I contemplated buying a house as a single parent, that I had a deposit and a clear idea of what I would have to sacrifice to make mortgage payments. The sacrifice was worth it so here I am. Good luck! Re: House Deposit - How to save SUGGESTIONS? 12Sep 15, 2009 1:30 pm We will have around 35,000 saved will that be enough for a deposit?! Re: House Deposit - How to save SUGGESTIONS? 13Sep 15, 2009 2:55 pm $35,000 is plenty I think. We had $35,000 when we started looking for somewhere to buy and $40,000 by the time we actually applied for a loan, and ANZ was ok with that. Luckily we don't have to pay LMI because my wife works in the health industry. What they did want to see was a statement for the savings account for the past few months, so it's probably easier if all the money is in one account (we used an online savings account - interest rate is not much below a term deposit and much more flexible). At one stage I made a spreadsheet converting all our expenses into monthly in order to compare. It really gives some perspective and lets you easily choose what is important and what you can drop, based on the same measure, which is cost per month. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: House Deposit - How to save SUGGESTIONS? 14Sep 15, 2009 3:54 pm I joined Simple Savings (www.simplesavings.com.au) and saved heaps using the tips on there - lots about saving money on cleaning, cooking etc. After 4 years - we're in! Re: House Deposit - How to save SUGGESTIONS? 15Sep 15, 2009 4:20 pm Use your budget to determine what you technically should have left over from your pay. And put most of that "left over" money straight into your savings as soon as you get paid. I get paid monthly, so today (payday ) I immediately transferred $1k into my savings. I do not touch it unless it's house related. Contracted completion date 24 July 2010. What's today's date????? Re: House Deposit - How to save SUGGESTIONS? 16Sep 15, 2009 4:49 pm btherl Luckily we don't have to pay LMI because my wife works in the health industry. Bther - can I ask how this works. We managed to save money by accounting for every cent over the last year (and still going) It makes you very aware of where your money goes. We put money aside every pay for all the bills ( total of all bills divided by 26). Have a treat once in a while otherwise you go crazy with not having or doing anything. Hope this helps. R Re: House Deposit - How to save SUGGESTIONS? 17Sep 15, 2009 5:36 pm R and R btherl Luckily we don't have to pay LMI because my wife works in the health industry. Bther - can I ask how this works. We managed to save money by accounting for every cent over the last year (and still going) It makes you very aware of where your money goes. We put money aside every pay for all the bills ( total of all bills divided by 26). Have a treat once in a while otherwise you go crazy with not having or doing anything. Hope this helps. R Me too... is it because they think of it as stable employment with almost no chance of retrenchment etc? If that was the case i'd think i'd be entitled to that too being in the ADF.... hmmm Re: House Deposit - How to save SUGGESTIONS? 18Sep 15, 2009 8:58 pm R and R btherl Luckily we don't have to pay LMI because my wife works in the health industry. Bther - can I ask how this works. It's something offered by ANZ .. I'm not sure if other banks have something similar. I don't actually know the details, just that my mortgage broker told me that there's no LMI and it's because my wife is a radiographer. My parents told me that when they applied for a mortgage, and this was decades ago, there were also special deals for "professionals" back then. So I imagine it's the same kind of thing. Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: House Deposit - How to save SUGGESTIONS? 19Sep 15, 2009 9:14 pm Thanks bther. I wonder if the other banks offer it. It might be something that you have to ask for. I'll ask next time we are in the bank doing our progress payments. R Re: House Deposit - How to save SUGGESTIONS? 20Sep 16, 2009 11:06 pm As far as I know only ANZ offers this for health professionals. ADF personnel receive other home loan benefits but they are only available through few lenders including NAB, Defcredit etc. ADF personnel need to apply direct to lender for their special loan. I've just had a look at the website. The company are just building broker's. There are plenty of similar companies that basically draw your plans (they own them so you… 8 10927 hi guys. Please be nice. First time home builder in Qld. I would like some feedback please on whether I should build my granny flat first before my main house at the… 0 4587 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4821 |