step 1

Plan your next move

Once you make the decision to kick rent to the kerb, you need to figure out how you can make it happen. Are you going to be able to keep renting and save money? If not, what are your options – can you move back in with family? Or live rent-free with friends? Making the move from renting to owning will require a rather large initial outlay.

Once you’ve got this figured out, you need to start thinking about what sort of place will suit your needs to buy. Do you need more space? How many bedrooms do you want? Do you need a garage? Is a house or apartment a better option?

step 2

Set up a budget

  1. Ready to buy?

    Once you have the blueprints for removing renting from your life, you need to understand the process of buying your first home. Check out our first home buyer’s guide now.

    I want to buy my first home

  2. Plot your savings journey

    Once you’re familiar with what it takes to buy a house, you should set up a budget to save for the initial costs you’ll face. The great thing is, if you’ve been renting, chances are you know how to manage your money. Sticking to your budget will enable you to reach your savings goal of a housing deposit sooner. 

step 3

Build a nest egg

Once you know how much you need to save, and you’ve got your savings journey mapped out, it’s important to make your money work as hard as possible. Every cent counts when you’re saving for something big, so getting the right account can be a big help.

A high-interest savings account helps you grow your money by paying you a higher rate of interest when you make deposits and don’t dip into your savings.

step 4

Get the right finance

If you’re sick of feeling like you’re being ripped off by paying high rent, then the last thing you need is to feel like your bank is ripping you off once you decide to buy your own place. Getting the right deal for you on your home loan is important, so you should try to find a genuine, responsible, expert lender who’ll take the time to assess your needs and offer the best deal for your circumstances.

At Greater Bank, we’ve been helping Australians own their own homes for almost 70 years. If you would like to speak to a friendly lending expert, all you need to do is get in touch.

Did you know: you're able to borrow up to 110% of the property value by asking your family to guarantee the home loan by using their property as security on your mortgage.

Check out our Family Pledge Loan today!

step 5

Say goodbye to your landlord

Once you’ve finalised your finance and found the perfect property, all that’s left to do is book the removalist and move in.

The feeling that you’ll get knowing that you’ll never have to make a rent payment again will be worth all your hard work. Trust us!