Structured Saving
Many of us like to think we’re good savers, but the reality is, when it comes time to apply for a home loan, lenders will look for evidence of a healthy savings record.
That means that if you live week to week, it might be time to open a savings account and start growing a nest egg. Having a sound record of being able to save (even small regular amounts) gives lenders confidence you’ll be able to meet your regular repayments over the life of the loan. You are demonstrating that you’re able to afford your commitments without a significant down-grade in your lifestyle.
Even if you’ve already got a substantial deposit saved, or are planning on getting a bit of help from mum and dad, having proof of your savings prowess goes a long way. Open an account and give it a name like “Nest fund” to keep yourself motivated, and start making regular contributions. A great tip is to set up a scheduled payment in online banking each pay period, to avoid temptation.
Getting help from mum and dad? Find out more about our Family Pledge Loan.
Many of us like to think we’re good savers, but the reality is, when it comes time to apply for a home loan, lenders will look for evidence of a healthy savings record.
That means that if you live week to week, it might be time to open a savings account and start growing a nest egg. Having a sound record of being able to save (even small regular amounts) gives lenders confidence you’ll be able to meet your regular repayments over the life of the loan. You are demonstrating that you’re able to afford your commitments without a significant down-grade in your lifestyle.
Even if you’ve already got a substantial deposit saved, or are planning on getting a bit of help from mum and dad, having proof of your savings prowess goes a long way. Open an account and give it a name like “Nest fund” to keep yourself motivated, and start making regular contributions. A great tip is to set up a scheduled payment in online banking each pay period, to avoid temptation.
Getting help from mum and dad? Find out more about our Family Pledge Loan.