Tips to save for your mortgage investment

Nowadays you almost always need equity if you want to take out a mortgage. Moreover you need to save some extra money for the furnishings of the house, the additional costs of the purchase and any renovation. So save! We have listed some tips that will help you build up nice equity as quickly as possible.

Tips to save

1. Determine a clear savings target

The minimum amount you need to save depends on how much mortgage you can take out. So first check what you can borrow, for example by making an appointment with the best mortgage brokers team. Then you can determine the amount that you still have to save together for the purchase of a home that suits your situation.

2. Make an overview of your expenses

Only when you know how much you spend on ,what you can save on ? So make a handy overview of your large and small expenses and look at it critically. Keep doing this every week while you are saving. This way you keep a finger on the pulse.

3. Live soberly and save the rest

What do you really need? Only when you limit your expenses to the bare essentials will you notice how much money you can save. So live soberly for the period you need to save the desired amount together. This way you can save 50% of your income per month. That ticks nicely … Maybe you like it and you keep going longer!

4. Make more money

Have you always wanted to work as a freelancer next to your job? Then this is the time for that. Of course you can also make more money in other ways. For example, by entering into a conversation at work about the wage increase that you have wanted for so long. Or maybe you can work extra hours. One more tip: Sell the unused items you have saved. You do nothing with it. By selling them, you earn something more. And you don’t have to move them with you.

5. Create a separate savings account

If you want to make sure that you don’t accidentally spend the saved money on something else, a separate savings account is a good idea. In any case, handy to set your savings apart from your checking account. For example, you can also transfer an amount to your savings account every month after your salary has been paid.

6. Enjoy extras

your life styles such as your holiday pay, bonuses, birthday money and donations are of course nice additions to your savings balance. Of course you can spend some of it, but try to save as much as possible.Are you curious how much own investment you need? We calculate it for you based on the house price. Take the test and you know it!

The Best Mortgage Broker Melbourne will assist you to use your super in a strategic way and provide you the advantage to maximise your benefit.

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