Buying your first home in Adelaide can be an exciting and daunting experience. The location offers a range of options for first home buyers, from the bustling metropolitan areas of Adelaide to the stunning coastal regions and serene countryside. However, saving for a first home deposit can be a challenge. In this post, we’ll be sharing five top tips for first home buyers in Adelaide to help you supercharge your savings and get into your dream home faster.
1. Take advantage of government incentives
One of the best ways to boost your first home deposit is to take advantage of government incentives, such as the First Home Owner Grant. In South Australia, eligible first home buyers can receive a grant of up to $15,000 towards the purchase of a new home or a substantially renovated home. Additionally, there are other concessions and exemptions available for stamp duty, which can save you thousands of dollars.
2. Cut back on unnecessary expenses
When you’re saving for a home deposit, every dollar counts. Take a close look at your expenses and see where you can cut back. This might mean making small changes like brewing coffee at home instead of buying it, or bigger changes like downsizing your car or living arrangements. The more you can save, the faster you’ll be able to reach your goal and get into the housing market .
3. Consider using a high-interest savings account
Putting your savings into a high-interest savings account can help you earn more interest on your money, which can help you reach your savings goal faster. While the recent RBA interest rate rises have caused mortgage rates to increase, they have also pushed up savings account interest rates. Make sure to compare interest rates and fees across different accounts to find the best option for you.
4. Explore shared ownership schemes
Shared ownership schemes are becoming increasingly popular in South Australia, and they can be a great way to get into the property market sooner. These schemes allow you to purchase a percentage of a property, with the remaining percentage owned by a government agency or a housing association. This can be a more affordable way to get into your own home, and you can gradually purchase more of the property over time. HomeStart Finance offer a shared equity option that helps fast track your journey to home ownership.
5. Seek advice from a First Home Coach
Buying a home is a major decision, and it can be helpful to get guidance from a First Home Coach. A First Home Coach can provide you with personalised advice and support to help you navigate the home buying process. They can help you create a savings plan and explore your options for home ownership. They can also help you understand the various government incentives and schemes that are available to first home buyers in South Australia. With the help of a First Home Coach, you can make informed decisions and feel confident about your journey towards owning your first home.
In conclusion, with a range of options available for first home buyers in South Australia, it's important to have a clear strategy for saving your first home deposit. By taking advantage of government incentives, cutting back on expenses, exploring shared ownership schemes, and seeking guidance from a first home coach, you can get into your dream home sooner and with greater ease.