Want to get out of renting for good? You’re not alone. Buying a home is now on the list of top New Year resolutions for Australians.

The good news is that, while that fitness goal might be a distant dream, buying your first home is a resolution you can stick to. With a little bit of planning and saving, you could be hanging tinsel in your own home next Christmas.

Here’s what you need to do to make it happen:

START SAVING

Now is the time to get your savings goal on track. Start by setting up an online savings account with a regular transfer from your everyday account. Make a list of your outgoings and cut back any unnecessary expenses.

If your loved ones look frazzled running around at the last minute working out what to get you, why not suggest they put some cash in your stocking? And if you’re amongst the 71% of Australians who received unwanted Christmas gifts, don’t pile them in the cupboard – jump onto Gumtree or eBay to make some quick cash.

GET YOUR FINANCING IN PLACE

 The property market might slow down over Christmas and New Year, but that doesn’t mean you should. Take the opportunity to get things organised for when it picks up again mid-January.

It’s never too early to talk to your broker or lender about your options:

#1. How much can you afford to borrow? The answer will determine your property search.

#2. Do you have enough cash for a deposit? What will you need to save?

#3. What about a family guarantee? Do your parents have equity in their own home?

#4. Would you consider borrowing the full amount to avoid saving a big deposit?

Whichever path you choose, now is the time to take your next step: get preapproval on your home loan and start looking.

BE READY TO ACT

Found a property you love? Get everything in place so you are ready to act. There are two options:

#1. Private sale: If you’re buying privately, make an offer subject to finance. Once you have formal approval, you can pay your deposit using a deposit bond (more on this below).

#2. Auction: If buying at auction, make sure you’re ready in advance with an auction deposit bond. That way you can bid with confidence.

Getting a deposit bond

Whether you have saved some cash or use a family guarantee, a deposit bond can help you secure your home. A deposit bond is a substitute for the cash deposit required to secure your property.

Generally, a 10% cash deposit is required between signing the contract of sale and settlement of the property. But if you don’t have access to the cash deposit, it’s not game over. You can use a deposit bond as an IOU. This guarantees your commitment to the contact of sale. Then, at settlement, you simply pay the full purchase price including the deposit bond amount.

There are different types of deposit bonds depending on how you are buying your property. For example, if you’re buying at auction, an auction deposit bond can be re-used for multiple auctions until you’re successful.

What Is A Deposit Bond? Everything You Need To Know [Infographic]

Click here for to view your guide to deposit bonds (PDF Format)

You’re almost there!

Once you’ve secured the property, all you need to do is pack and prepare for the move. Oh, and don’t forget to notify Santa of your change of address.

If all you want for Christmas is a new home, Deposit Assure can help. And, just like Santa’s elves, we’ll be working right through the holidays!

Want to know more or apply?

Get in touch with our deposit bond concierge team. We will assess your situation and if a deposit bond is what you need, we will go ahead and take care of your application for you. Our concierge officers, will guide you through the entire process, from start to finish.

LET’S GET STARTED!

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Apply for a deposit bond

 

circle-express-bond

  • Purchasing as an individual.
  • Settling within 6 months.
  • Unconditional finance approval or
    Will not need finance to complete purchase

circle-or
circle-standard-bond

  • Settling over 6 months.
  • Purchasing off the Plan.
  • Purchasing at Auction.
  • Purchasing in a Super Fund, Company or Trust.

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