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Importance of Budgeting for a New Home Purchase

Buying property is one of the largest expenses that anyone will make in their lifetime, so it’s important to take a serious approach to your savings. By budgeting from the start, you can better focus your efforts and ensure that you have a surplus of funds for your daily life, your repayments, and any unforeseen moving expenses. If you want to move house responsibly, you need to do more than just secure a good home loan. You need to take a range of other costs into account, which is easier to do once you’ve put a budget in place.

Keep the end goal in sight

One of the biggest challenges that you’ll face is keeping your savings ambitions on track. If you really want to afford your new home, you’ll have to keep your end goal in sight. One way to help this process is to have a firm idea of the type of home you’ll want to buy, as well as other purchases that you’ll need to make.

Understand All the Costs Involve

Repaying your home mortgage is only the tip of the iceberg in terms of all of the costs you’re going to face. Once you’ve established a realistic budget, consider carefully what these costs will be during the buying process. Take into account things like:

  • Mortgage registration fees
  • Stamp duty
  • Land transfer registration charges
  • Fees imposed by conveyancer

Ask Yourself if You’re Really Ready to Bu

Take an objective look at your savings regularly. If you think you’re not on track, see if there are any other expenses that you can tighten to get back on track.

Are you buying with someone else? You need to make sure that you're both 100% on the same page in terms of sticking to the budget. Also, consider whether now is a good time to buy based on things like potential charges from withdrawing cash too early on a fixed-term period of your savings account.

Include All Expenses from the Outset

All of those little expenses add up, so don’t forget to factor in costs like medical care, energy bills, insurance and drinks with your friends into your budget. This will help you remain in a healthy financial situation once it’s time to move into your new home.

Take advantage of our budget planner for help determining the costs and savings of purchasing a new home in Adelaide.

Budget planner

When you’re buying a new home, budgeting is essential to being able to afford your loan payments. This tool asks for your annual income and expenses in order to help you better understand your financial position.

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Extra repayments

Shortening the length of your loan term by making additional repayments over and above your current repayments can provide significant interest savings. Calculate your savings with our extra repayments tool.

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How long to repay

Want to know how long it will take you to repay your loan? It all depends on the repayment amount. See for yourself how long it would take to pay out your loan by altering your repayment amount.

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Loan comparison

Understand the difference between two current home loans on the market. Make a direct comparison to determine which delivers the best value over the term of the loan.

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Loan repayments

Get an easy way to calculate what your minimum weekly, fortnightly or monthly loan repayment would be on your borrowed amount.

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Lump sum

If you're looking for a way to save significant amounts of money on interest as well as shorten your loan repayment period, use this calculator. Find out how much you can save by making a one-off lump sum repayment on top of your current repayments.

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Savings

Thinking about your financial future? Set a savings goal. This tool can project how much you can accumulate over time with an initial amount and ongoing contributions.

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Stamp duty

Stamp duty varies from state to state. Use this state specific calculator to see how much stamp duty will be payable on the purchase of your new home or land.

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