8. You can’t demonstrate good money habits
While it's all well and good to save a deposit, banks and lenders also want you to prove that you have good money hygiene. "You should be aiming to put away at least $2,000 per month plus a buffer because once you settle on a home, you'll have to pay it anyway," Chris advises. "It's all about mimicking those habits. Even if you have the money for a deposit, if you can't demonstrate the behaviours of having a home, you won't get access to the funds."
This isn't just for the bank or lender's sake, Chris says, but for your own, too. "It's as much as proving to yourself that this is the right decision for you as it is showing the mortgage professional that you can manage the repayments post settlement," he says.
Coming up with a monthly budget so you know what you can spend and what you must save is vital. This will prevent you from overspending and see you on your way to financial success and see you hit your long-term goals.
Having a strong, systematic savings plan and a clear goal will help you establish solid money foundations, which will set you in good stead for any future financial or monetary goals you may have.
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