Guide to Saving For a Deposit

Saving for a deposit to buy a home can be a daunting task but the Australian Dream is still attainable with a little discipline and a lot of patience. The National Australian Bank advises that many South Australians continue to see the benefits of buying their own home and setting a realistic saving goal is the all important first step.

There are some simple strategies to help you get started. Tips for saving a deposit include:

• Eliminate existing debt such as credit card, bills and personal loans
• Create a budget and stick to it
• Choose a high interest rate earning saving account and make regular contributions
• Save, save, save! Everytime you make a purchase, ask yourself  “do I really need this, would I be better off placing this money into my saving account?”