First home buyer: Get your savings on a roll

Buying a home is certainly an exciting time, but without an adequate deposit, it could be some time before you reach your property goals. 

If you're after a first home buyer loan to secure that perfect villa or gorgeous townhouse, it's worth being aware of a few strategies to speed up the process. 

How much are you borrowing?

If your deposit is less than 20 per cent of the home's total value, you'll need Lenders Mortgage Insurance, explains the Australian Securities and Investments Commission.

While it can be tempting to secure a more expensive property and offer a lower deposit, this could cost you in the long run. 

In order to save up a decent amount faster, consider borrowing less. While you might want to buy a home similar to your friends or relatives, it's important to be realistic about your finances.

Know your interests

Benefit from the effects of a high-interest savings account in order to reach your savings goals faster. 

These types of accounts often have deterrents in place to stop you spending the money. For instance, if you make no withdrawals in a month, you may be able to get a higher interest rate than if you do!

A good interest rate could help you get that essential home deposit quicker, allowing you to put an offer on that perfect property. 

Create a wish list

While mortgage brokers will help you get the best home loan deal possible, it requires significant motivation to get the deposit together in the first place.

One way to work toward this savings goal is to save for something else that will complement you new home, whether it's a new dining table and set of chairs, stereo or outdoor barbecue.

You might even save up for a holiday away. You may find that you're motivated to save for a deposit with the image of a new entertainment system or a beach shore on your mind!