Saving for a Deposit

HomeStar loans usually require evidence of consistent personal savings.  In some cases, as much as 5% of the total loan balance must be evidenced as 'genuine savings'. 

The minimum requirement is that these savings are made over a 3 month period.

To achieve this saving requirement, many people need to look for ways to become more disciplined with their money and enforce a ritual of saving while reducing their spending.

HomeStar Finance recommends visiting Savings Guide Australia, a website dedicated to saving money and teaching you to live within your means, not outside them.

Savings Guide can give you tips on:

• Starting a budget spreadsheet
• Saving money for your home loan
• Reducing your spending
• Paying off credit card debt to increase your borrowing power