How to Save for Your First Home Loan Deposit


If you want to get yourself a little slice of the real estate market and have a place you can really call home, a place you can decorate as and when you see fit, then you’ll have to start saving. There are some grants you can get to help, but you’ll need a lot of money to serve as your 10% deposit. Here are some tips on how to save for your first home loan deposit.


  1. Save 10% of your Paycheck

This is one of the oldest tips in the book, but it’s stood the test of time because it works. Adopt a mentality of paying yourself before paying anyone else. A good way to help with this is to open a separate savings account with a different bank so that you have more trouble accessing the money. Then take 10% of each paycheck and put it through into this new account. You may need to miss out on a few luxuries but you’ll save a lot of money and it will all be worth it.


  1. Sell your Unwanted Stuff Through eBay

Sites like eBay offer the perfect place to get rid of all your unwanted things and get your hands on some money. Whether you’re selling your old curtains, the music you don’t listen to, or your old clothes, you can generate a lot of money from eBay in a short amount of time. How much you make depends on what you sell of course, but you could be looking at hundreds, if not thousands of dollars.


  1. Pay Off Your Debts

Paying your debts isn’t a savings tip in the classic sense of the word, but it does help you save money because there’s no interest payments. There are two reasons you should pay off your debts; it increases how much money you are able to borrow, and it gives you more money to pay off your mortgage payments. Start budgeting now to get rid of your personal loans and credit card debts before getting a mortgage that leaves you with hundreds of thousands to pay off.


  1. Get Rid of Luxuries

While it’s not fun to tighten the purse strings, it is an effective way to save money. Get rid of the luxuries, or downgrade them when you can, and put the extra money in your savings. You don’t need to get rid of absolutely everything though. Slowly get rid of one luxury a month and pocket those savings. By the end of a year you could have saved thousands.


  1. Get a Part Time Job

If you’re really serious about saving for a home deposit and you can’t stretch your budget any further, then you may want to consider part time work. Working a few evenings a week could grab you a lot of extra money in your account. Babysitting, tutoring students, teaching English, or doing some freelance work are solid examples of what you could do.


There’s never been a better time to take out a mortgage thanks to all the great rates on offer. Be sure to compare rates from different lenders before making a choice.



When you think about it, you realize the great amount of work and the obvious risk that is involved in real estate and property development. Additionally, Estates or homes cost a lot of money to purchase and develop, and can sometimes be difficult to sell. Due to the high expenses and challenging sales, and also because the return on investment takes some time, this explains the risk in the ownership and development.

Why then do you choose this as an occupation?  One thing to have in mind is that most real estate development projects are financed with debt leverage, to be precise, with borrowed funds, the earnings of which are assumed to earn a higher rate of return than the cost of interest. Using debt leverage rather than personal investment cuts the risk tremendously.

And obviously, for most, the real question is how one gets wealthy from home developments if the work is hard and the risk is so high.

The answer, of course, is complicated, and indeed, nothing is guaranteed. Many of the developers have lost as much as they have also gained, and the market fluctuates significantly. However, those who are smart about their developments and investment are the successful ones. After all, the whole point of real estate and property development is much like stock trading as you want to sell the product for more than you did pay for it.

Having a proper understanding of what makes real estate valued is essential. Make a right decision as to the location, upgrades, and the likes, and you are sure to make money. Make wrong decisions, and you sure will lose money.

To get wealthy then, it pays to do your homework as they say. Purchasing buildings or land on the low end is good, but then just because something is affordable doesn’t mean it’s actually going to turn a profit once developed. There may be a reason why certain buildings are up for sale, or why certain areas are undeveloped.

When people start to invest in commercial real estate, they start small. They may secure a single family house, a duplex or maybe even a small apartment building. To keep the commercial investment game going; you have to keep moving property. Actually, if you do not grow, you will eventually discover that your bank can no longer assist you because you have maxed out your investment portfolio. Taking too long to grow can be a death sentence in the game.

Getting wealthy from real estate and property development requires some effort and skill to stay ahead of the game, and the ability to organize all the needed steps.

However, with a bit of work, it can pay off. Real estate development has long proven to be one of the most lucrative areas of business that’s around (if you have the patience to play the game right.)


Tim Manning Leading NZ Property Development

tim manning

Tim Manning CEO.

Home development, or property development, Tim Manning is just a diverse company, covering actions that are the restoration and release of current structures towards the purchase of natural property and also the purchase of packages or enhanced property . Builders would be the activities’ planners, transforming suggestions written down into [1] property improvement differs from the building, although a lot of builders also build.

Several property buyers are eager to obtain involved with home improvement and to step-up to another stage.

Actually, all of any home development’s achievement is underwritten well before you begin building.

They believe “I’ll develop a quantity of models, townhouses or flats, draw it along and purchase a stop of property or old house. After which perhaps I’ll maintain some market some and transfer onto the following project.”

Everything looks so easy.

But there’s not much less towards the improvement method than that which you observe occurring on-site.

You see…property builders commence continuing resource management and follow a series of actions as soon as they first consider a task towards the period they finish the bodily building.

Often the improvement is split up into the following components as the series can vary somewhat:

Picking out the concept

Improving it

Evaluating its feasibility

negotiating deals

Creating a commitment

Creating the project

Completing the project

Controlling the project that is brand new

1. WHY ?

The initial step would be to REALIZE WHY you’re currently getting involved with home improvement.

Would you intend to market the home to get a fast revenue?

Or have you been likely to create your home, produce money development and leases results after which maintain your high-performing property (my favored technique)?

For more information concerning home development’s process read our 19 component by clicking here Home Development Guide


This really is whenever you begin looking with the possibility of improvement to get a stop of property.

But you actually begin looking a couple of things you have to do first to there’s:

(i) Comprehend by which organization you’ll buy yours.

Could it be a confidence, in a business, in your title or possibly you’ll be engaged in a partnership?

Clearly you’ll require your accountant’s feedback to assist you to choose.

(ii) it’s also advisable to possess a fund preapproval in position so you realize your limitations, in addition to getting the confidence as you are able to finish the task and keep somebody all the models on a conclusion.

(iii) it’s also advisable to possess a group of experts organized who are able to counsel you regarding the project’s stability.

Should you employ a task development supervisor they’ll organize the entire processor you’ll have to interact an architect a, a surveyor, a-town adviser, an engineer to recommend actually on-end values.

Next comes looking to buy plus some number-crunching in a feasibility plan at possible websites.

Tim Manning contain the probable finish purchase ideals, in addition to time-scales, all costs including building expenses and experts and also the profit margin we need

Since sudden expenses appear in a most task, and also Tim Manning put in a bit added for contingencies.

Each one of these figures is plugged by us right into a feasibility software package which allows Tim manning to determine the property worth that is rest of the – probably the most Tim manning is able to manage to cover the property to create it a practical improvement project.

By clicking below for more information concerning the procedure for home improvement read our 19 component Home Development Information.

Tim manning subsequently consider producing an offer to buy the property on good conditions when the task is practical, quite simply economically possible.

3. Purchase

At a cost which allows our customers to create a professional revenue, Tim manning purchase the property at this time.

4. City planning / Development Approval

With knowledge in master planning across residential, industrial and commercial industries Tim Manning have the capability to create tasks in a variety of ways: off our very own balance sheet; as partnership associates with landowners, nearby and key government; or solely like a charge to get a support improvement management part.

Your goal to provide excellent locations function and to reside impacts the way in which Tim Manning approach each task. By going for a long haul view and developing a distinct perspective we think Tim Manning provide effective locations that offer higher long haul price.