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You can claim a first home concession for transfer duty (sometimes called Stamp Duty) when acquiring your first residence if you meet certain requirements.
The first home concession only applies to a home valued under $550,000 and can save you up to $15,925. The home concession may still apply for a home valued over $550,000.
Save money with Queensland’s First Home Owner Grant. Learn more about this grant here.
The Family Home Guarantee is an Australian Government initiative that aims to support eligible single parents with dependants in purchasing a family home.
From 1 July 2021, 10,000 Family Home Guarantees will be made available over four financial years to eligible single parents with dependants, subject to their ability to service a loan.
The Family Home Guarantee can be used to build a new home or purchase an existing home with a deposit of as little as 2 per cent, regardless of whether that single parent is a first home buyer or a previous home owner. Investment properties are not supported by the Family Home Guarantee.
Learn more about this grant here.
An oldie but a goodie, this is a tip that always works if you’re prepared to stick with it. You simply need to pay yourself before you pay anyone else. The best way to achieve this is to designate one savings account – ideally at a different bank to your normal lender, to make it harder to access the money – and then transfer 10% of your net pay each pay period. It might mean you have to miss out on a few restaurant meals out throughout the month, or you may have to brown bag your lunch when you run out of cash towards the end of your pay cycle, but it will be worth it in the long run.
eBay is the ideal place to offload your unwanted household items in return for cold hard cash! From old curtains and CDs to unused fragrances, cosmetics and clothes, eBay can generate hundreds of dollars for you in a matter of weeks, if not thousands. If you’re not confident about your ability to convert your clutter into cash sites like eBay can help.
This isn’t exactly a straight savings tip, but it is by default, as you’ll be saving on interest payments. Paying off your debts makes sense for two main reasons:it will increase the amount of money you can borrow, and it will free up your cash to use towards mortgage repayments. It definitely pays to down a nut out a budget now so you can get rid of your credit card debt and personal loans before you commit to a mortgage worth hundreds of thousands of dollars!
Although it’s no fun, tightening your budget a little can be an effective strategy for saving money for your first home deposit. You can start by eliminating or downgrading the luxuries from your life, and then using the cost savings to fund a savings account. You don’t have to skip everything at once, however; instead, eliminate one luxury per month, pocket the savings, and then move on to the next thing. Over a period of twelve months, you could easily save a few thousand dollars by alternating between life’s little luxuries! For instance, you could:
– Put your cable television subscription on hold for one month (saving = $80)
– Take your lunch to work every single day for a month (saving = $200)
– Don’t hit the shops for any new clothing for 4 weeks (saving = $300)
– Skip alcohol for one month (saving = $100-$500 )