Home ownership is still considered one of the ultimate goals for most people in New Zealand, and it’s one worth aspiring to. It’s a great investment that usually beats inflation and is a great asset to pass down to your children. According to KPMG, the average first time homeowner will apply for roughly $400k in finance, and that close to 40% are now asking to contribute a low deposit – as to put forward a 20% deposit on that amount would require savings of roughly 100,000 – which is the same amount as the average annual household income! This kind of information can be disheartening – but it doesn’t have to be. With an Auckland cash advance, you can cover expenses and still meet your saving’s goals.
Save Every Month
Ideally, if you’d like to save for a home, you’ll need to put aside money each month and have this money sit untouched in an interest-bearing account. An excellent plan for most people. By cutting back on a weekly dinner out and eating in or cancelling a gym contract to work out at home, you can accumulate extra money. It’s worth bearing in mind that even if you’re only saving a few hundred dollars, it can cut a decent amount of interest off your future home loan and lessen your home loan term.
What Happens When Emergencies Occur?
Life happens – and you can’t always plan for it. Cars break down, accidents take place, and unexpected costs pop up when you can least afford it. When this happens, and you don’t have time to wait to accumulate the money, it can be tempting to dip into your savings to pay for these costs. This is hardly ideal, as it will set you back months on your journey towards homeownership. Sure, you could use a credit card – but the interest rates on repayments are high and can take months to pay off. You also don’t want to (or might not be able to) ask friends and family for money. So, what can you do?
Choose An Auckland Cash Advance
With an Auckland cash advance, you can quickly and easily get money for an emergency – and then pay it back in full once you get paid or stagger your payments out over a few paydays. The amount you’ll have to repay with interest will be transparent so you can budget for repayments in advance. It’s a great way to get the money you need – and keep your savings intact.