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Saving Up For Your First Home Loan Saving up for your first home loan can be an exciting time, but you must also implement some strategies or you may find yourself struggling to make any headway. Setting certain goals and sticking to them is a good way to begin. Finding out the exact amount you'll need to save is a step in the right direction.Most home loans require that you have 10% of the advertised price for a deposit. But don't forget legal costs and stamp duty will add to this. A Savings Goal Calculator available on some websites will help you to calculate your costs. A savings plan won't work if you keep dipping into it for treats, so consider starting up a special
account that is not easy to access by EFTPOS. Once you see your savings mount up it will motivate you to keep going.Once you've estimated the amount you need to save, the next step is to reduce your current debt. It's easy to have more debt than you can really afford when you have store cards and credit cards. Regular re-payments on these can help you out and it's surprising how small amounts accrue over time. Even choosing not to buy that daily latte will help pay them off.Calculate your costs in buying a house with a range of mortgage calculator from Quick Direct.
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