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Save for a house deposit Save for a house deposit

from The Bribie Island Magazine Issue 189

from The Bribie Island Magazine Issue 189, page 53

ISLAND SNEDRA

BUYING A HOUSE IS EXCITING AND LIFE CHANGING. IT ALL STARTS WITH SAVING FOR THE DEPOSIT. FIND OUT HOW MUCH YOU'LL NEED TO SAVE AND GET TIPS TO HELP YOU SAVE FASTER. FIND OUT HOW MUCH YOU NEED FOR A HOUSE DEPOSIT

Before you start building a deposit, work out how much you can afford to borrow. Be sure to include the other costs of buying a house like stamp duty and conveyancing fees.

To work out how much you need for a deposit, your calculations might be:

• Amount you need to buy the property

• Plus fees and charges

• Minus the amount you can afford to borrow

• Equals the deposit you need to save

• Work out what you can afford to repay

GET HELP TO BUY A HOME

If you're buying your first home, you may be able to get help from the government.

FIRST HOME OWNER GRANT

If you’re a first home buyer or building a new home, you may be eligible for the First Homeowner Grant (FHOG). Different rules apply in each state and territory, but the grant can:

• help you pay for your home — you can receive up to $20,000 in some states reduce how much you pay for land transfer duty (stamp duty)

• First Home Super Saver Scheme

• The First Home Super Saver Scheme (FHSSS) lets first home buyers save a deposit through their super. You can make up to $15,000 of voluntary super contributions a year that can be withdrawn to buy your first home.

• Across all years, the maximum amount you can save in super for the scheme is $30,000 of personal contributions plus earnings.

START SAVING YOUR HOUSE DEPOSIT

Now that you have a good idea of how much you need for a deposit, put a savings plan in place. If you are buying a house with someone else, make a savings plan together.

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