Every dollar counts when you’re on the road to buying a home, so here are some options that could help bolster your savings.
The average first home buyer deposit in Australia now tops almost $119,000 – more than the average full-time salary of $94,000. On these numbers, it would take someone 12 years to save up that amount of cash, considering potential interest earned at an average rate of 2.7 per cent.Building a home deposit can be a long grind.
to the scheme. From September, first home buyers can have some of their voluntary contributions released to help purchase a new or existing home.You may want to consider a term deposit as a saving option, which can help grow your savings by around 5 per cent a year and carries virtually no risk. This means your money will be locked away for a period of time, usually between three months and five years.
Investors should just focus on playing it safe and invest in simple vanilla ETFs that track the entire market, rather than niche sectors. “This is the best way to get exposure to the market and not have to worry about which stocks to pick,” he says.Investing in shares can build your wealth over time, but you’ll need to decide what you want from shares – regular income or capital growth. And of course, shares are inherently volatile.
Melbourne’s Natalie Jarvis has been flipping mostly mid-century furniture online over the past month or two. So far, she has sold more than a dozen pieces of furniture for cash and managed to pocket nearly $5000 in the process.
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