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Tips For Getting Out Of The Rental Cycle Owning a home is the dream and goal of many Australians but to some it seems that their goal will never be realised. They have a whopping rent to fork out every fortnight and so how can they save for a deposit? It may not be as hard as they think. For starters, if they qualify as a first homebuyer, they get significant help from the government - a $7,000 grant, in fact.
The one thing that buyers really need to get a good deal on a loan is a decent deposit. Some feel they could never save up enough to be considered, but it can be done with strict budgeting. You don't really need to eat out or buy drinks. Lunch and drinks taken from home, buying clothes and goods from
a thrift store, cutting back on trips to the cinema and even renting DVDs can mount up to significant savings over just one year. If you do it for five, you'll almost have your deposit - and that's without really trying.
Another way to get out of the rental cycle is to rent cheaper that you would like for a few years and keep the money you save; don't spend it. Or perhaps you could rent a larger place and sublet a room. Where there's a will, there's a way.
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