Saving up for your first home loan can be challenging, especially if you're juggling rent and other expenses at the same time. After all, life doesn't just stop when you decide to start saving up for a mortgage deposit. However, there are a number of things you can try to help speed up your saving process and help you secure a slice of property in Carlton sooner rather than later.
Cut down on superfluous spending
For starters, many of us don't realise just how much we spend on random things every day. Purchasing coffees and lunches, paying for gas to commute to and from work and other expenses of this nature can slip by the wayside when we're trying to save up for a home loan.
Simply cutting out big, impulsive purchases is a slow way to save towards your deposit. However, reducing – or even removing – expenses like the daily coffee or digital television packages while you're saving for a deposit will open up a lot more money to put towards securing your own slice of property.
Eliminate credit debt
Another thing to consider is to pay off all your outstanding credit debts and cancelling any accounts that you no longer use. These can count against your mortgage application, making it harder to secure the funding needed to have your mortgage application approved.