How to save for a home loan?

Anon Imperfect Mum

How to save for a home loan?

Hi, I'd love to get some hints and tips on how to save for a home loan deposit and any tips on Lenders Mortgage Insurance.

Thank you xx

Posted in:  Money

1 Replies

Anon Imperfect Mum

My tip would be to set up a new dedicated savings account (like the internet based account offered by ING). These accounts have no debit cards attached to them, have higher interest rates and provide you bonus interest if you deposit the required minimum and don't withdraw and for these accounts it generally takes over a day to transfer the money back to your normal account (so the money isn't as accessible).
Set up to transfer an amount into your savings on the day you get paid and be realistic about the amount so a week you aren't withdrawing from your savings because you put too much in.
I used to after getting paid the interest chip in a bit extra to keep rounding it up to the $100 (so say after getting $34.56 put in another $65.44).
Once you start saving amd the starts balance getting bigger it will become easier to keep going and staying motivated.
Just have a rule that once it's in savings it doesn't come out and be disciplined about it, once you start breaking the rule you will break it all the time.

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