Saving smart for your first home

Strong growth in South Australia’s property sector is great news for those already on the property ladder, but for first home buyers it can be daunting. The good news is there are a number of ways to get a foot in the door of that first home.

Create a savings plan

It is a no-brainer that as a first home buyer, you need to save up the largest deposit you can because it strengthens your buying power and means a smaller mortgage. Take some time to decide on a savings account for your deposit on your first home, as there are many different options available. You will want to pick one that suits your needs but be sure to pick one that has no fees. 

Automatically save your spare change with our Round-ups feature in the Mobile Banking App. Every time you maker a purchase with your Visa card or digital wallet, we'll round up the difference of your purchase to the nearest dollar and transfers the difference to one of your Credit Union SA savings or transaction accounts. To turn on round ups, open your Mobile Banking Up, access the menu by clicking on the three lines the top-left hand corner, and selecting Round-ups. 

Bolster your savings

Explore ways to bolster your savings. For example, the State Government's First Home Owner Grant is a one-off payment of up to $15,000 for eligible first home owners by the State Government. It is intended for eligible applicants who are buying or building a new residential property which will be used as a principal place of residence in South Australia.

Spend less

It seems obvious, but it’s no good having the perfect savings account but no money to put in it! So try and make every dollar count and try to reduce unnecessary spending on extras where you can. You will be surprised how much you can save by taking lunch to work, reducing the number of takeaway coffees, and eating out less for a period of time.

Do your research

There are a lot of home loan options available, so professional advice about whether a variable option is better than a fixed rate, or if a split rate is more suited to your circumstances is a must.

With Standard Home Loans, Discounted Home Loans and Home Loan Packages to choose from, it's worth taking the time to compare different loan types. Be sure to ask your lender for information on each home loan option so you can easily compare and pick the right loan type for your needs. Once you have settled on your loan type, you will know exactly what the repayments will be and how much you can afford to spend on a property.

Family Guarantee Home Loans

Family Guarantee Home Loans allows parents to leverage the equity in their own home or a term deposit to guarantee a portion of a home loan for you. Not only does this avoid the expense of Lenders’ Mortgage Insurance, it means that you can potentially buy a home sooner.

To find out more, contact Credit Union SA on 13 8777 or make an appointment.

This is general advice only and doesn’t take into account your objectives, financial situation or needs. Fees and charges may apply. You should consider the terms and conditions before determining whether any of our products are suitable to your situation.