What if I don’t have enough of a deposit and how to save more money NOW?

Luckily, there are so many different options we can look at for you! (and if none of these fit your personal situation, we will always help you create an individualised savings plan for you that you can stick to, to get you started on your journey). Starting from a 0% deposit option!

0% Deposit 
If your Parents have a substantial amount of equity in their home, they may consider becoming a guarantor for you to enable you into your own home and avoid paying Lenders Mortgage Insurance. You can also receive gifted funds to cover your deposit if your parents are feeling generous.

2% Deposit 
Funded by the WA Government, Keystart can help you into your own home with a low deposit and you don’t pay Lenders Mortgage Insurance. Your funds can also be gifted to cover your deposit. The initiative provides home loans for those that may not be able to save a deposit for the bank, helping you into your own home much sooner.

5% Deposit 
Most banks will let you borrow up to 95% of the value of your property. If you are going under the scheme, you will need a 5% deposit and waive Lenders Mortgage Insurance. If you are not under the scheme, you will need to pay Lenders Mortgage Insurance or have it added to your loan.

20% Deposit 
The one where you waive Lenders Mortgage Insurance and score a better interest rate. When you have a large deposit, the banks look at you as a low risk and could score you a lower interest rate. Sometimes it can be difficult to save such a large deposit so it’s best to speak to your Mortgage Broker to find out how to get there.

Here are some tips for you to start saving more NOW:
Calculate all of your living expenses for the year and divide the total by 52. Set aside this much each week to ensure that you have enough when it comes time to pay the bills.
Automate your savings: Once you’ve created your budget and you know how much you can save, set up an auto transfer for that money to go into your savings account.
Rounds up: Save money while you buy. Check if your bank allows for auto round-ups. This will round up purchases to the nearest dollar and deposit the difference into your savings account.
Cut down expenses – Do you really need that? Go through your budget and see if there are any expenses that you can live without. Cancel any unused subscriptions and memberships and put that money straight into your savings.

Still unsure which is the best option for you? Or, you would love for us to help you create a budget and plan to get you into your dream home as soon as possible? 

Download our FREE Savings planner https://bossbuildingbrokers.com.au/savings-planner

SEE WHAT OUR HAPPY HOMIES HAVE TO SAY:
I have had the immeasurable pleasure of working with Jaimi from Boss Building Brokers and what can I say… She IS a BOSS.
She knows her way around the building industry like she’s been doing it her whole life. From the way she found the best block for us, even helping us with contacts she has in the industry with financial advice, an interior designer and the best builders for our house,  she has it all covered. I am more than grateful for her guidance and help to make this the easiest and best building experience we’ve ever had and we’ve built before, so we understand how much drama can be involved.
Thank you to Jaimi and Bame’ from Boss Building Brokers, you girls are setting a new standard and are going to be hard to beat in your niche market. All the best for your business girls.
Much love and appreciation to you both.
– RHONDA | BYFORD