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This blog was going to be called ‘5 good reasons why you don’t have a home deposit’ …

Posted on August 22, 2018 in Blog

5 reason why dont have home deposit

But then we quickly realised they’re not good reasons at all.

Actually, they’re all bad reasons. Very bad reasons. And these are just five of them. Truth is you could actually add a whole lot more of your own.

Have a quick look through them. And if any sound vaguely like the situation you’re in, we suggest you get in touch with us right now.

1. Saving is boring

Here’s something that’s even more boring …grafting hard all your life and having very little to show for it. Guess what? You can still have a good time with your mates without spending every single dollar you have. Get into the habit of putting a bit of your wages away each week … and get your partner to do the same. Don’t touch them, not even for a midweek treat, and you’ll be surprised at how quickly your savings will grow

2. We’re happy to be renting

Really? You’d rather be paying off your landlord’s mortgage than your own? You love getting ready for all those inspections? You don’t mind them keeping back your bond just because they found a few so-called scratches on the bathroom wall? If you really are happy now, think how much happier you’ll be with a home of your own.

3. I’m saving for a jet-ski first

Or a holiday in Bali. Or a down-payment on a new Harley. Or any of a million other things that are, in all honesty, great things to have. But there’s one thing that’s even greater to have. And that’s your own place. So why not put all those other things on hold, just for the moment. And instead put the money you’d be spending on them towards your home deposit. (At the very least you’ll be avoiding Bali belly, which can be a real pain in the you-know-what.)

4. I can’t afford to give up my gym membership

You’re right. Keeping fit is a great thing, for your mind and your body. But do you really need to pay to run on a treadmill or ride on an exercise bike when the great outdoors is absolutely free? And if lifting weights is your thing, check out Gumtree. You’ll find every bench, bar and dumbbell you could ever need … all at a fraction of your current gym membership. Your savings will build, and you’ll still look built too.

5. Smashed avo

You knew this was coming, didn’t you? Now, don’t get us wrong here … avocado on toast not only tastes great, it’s nutritionally good for you too. And missing out on your favourite treat is hardly going to save you enough to put down on a home deposit. But there is point here that is worth making. And that is that millennials … yes, you are more than likely a millennial … do spend way more than other generations ever did on expensive brunches and the like. Cutting down on them is not going to buy you a castle. But it will get your mind into savings mode. And that’s definitely a thought worth chewing over.

Now that we’ve got you thinking about home deposits, here’s something that really will interest you. Right now, WA Housing, through its partnership with The Loan Company*, can offer a home loan that requires absolutely no savings to qualify Simply click here to find out more.

*Finance provided by Harrisdale Pty Ltd t/as The Loan Company (Australian Credit License No 386355).