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Although we were giddy with excitement about officially starting our home buying journey, we were worried, as well. Buying a home isn’t something to take lightly!
We’d already had a quick chat with Gerard, our home loan specialist, about how much we needed for a deposit, and being the lovable control freak that I am, I set out to (shamelessly) put together some budget spreadsheets as soon as I got home. I’m the worrier, really. Jordan is so relaxed about everything. I guess he balances me and all, but that doesn’t mean my eyes weren’t rolling when he tried to negotiate his way out the door every weekend while I was slaving away over spreadsheets!
I guess I should be honest here – most of our savings ended up coming from me cutting back on my shopping!
By balancing our income and expenses, we created a rough budget and a timeline that showed exactly how long we’d need to save. (But I guess I should be honest here – most of our savings ended up coming from me cutting back on my shopping!)
Our timeline was a bit daunting at first, but we broke it down into manageable chunks – dividing it first into months, then weeks. By setting a weekly budget, Jordan and I found everything much more doable. After a while, though, the required lifestyle changes became second nature. By keeping each other accountable and keeping our end goal in sight, saving became less of a chore and more of a source of excitement – we were able to save almost $20k in the first 4 months!
Paving the way to our new home was made easier by the fact that my Savings Maximiser account with ING DIRECT kept our money working hard in the bank. Being able to track our progress with the ING DIRECT app was also super helpful – acting as a kind of reminder of my goal every time I felt tempted to treat ma’ self to something unnecessary.
My parents offering to act as guarantors in case our savings didn’t quite cover the deposit also helped ease the pressure. Though Jordan and I were determined to stick to our budgets and pave our own way to our dream home.
In addition to understanding what you can afford to borrow, don’t forget to read up on the fees you’ll come across during the buying process. It is also a good idea to consider your borrowing options like getting help from a family guarantor.
Whilst Sam is an ING DIRECT employee, these are her own views as an ING DIRECT customer Testimonials appearing on this site are individual experiences of customers that have used our products and/or services. We do not guarantee that they are typical results that consumers will generally achieve. Testimonials are not necessarily representative of all those who will use our products and/or services. A Pre-approval is not a final or formal loan approval. A pre-approval is simply an indication of your ability to borrow funds based on the information provided.
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