You’ve saved a house deposit. What’s next?

Saving for a house deposit is a significant milestone, representing years of dedication, discipline, and careful planning. It’s an accomplishment that deserves to be celebrated – and it’s just the beginning of your home-buying journey.

But what do you do after reaching this goal? Cara Graham, principal wealth adviser at The Wealth Designers, has been featured in the Sydney Morning Herald, offering her expert advice on the crucial next steps on the path to homeownership

In the article, Cara explains how to make your hard-earned deposit work harder for you. For example, she recommends exploring term deposits for higher interest rates if you don’t need immediate access to your funds.

“If a term deposit offers a higher rate, and you’re confident you won’t need the funds until it matures, it can be a good option,” she says. A six-month term deposit of $150,000 at 5.1% could generate $7,600 – enough to cover some of your initial home-buying expenses.

Cara also highlights the importance of careful planning, from researching your ideal suburb to getting pre-approval and testing your capacity for repayments.

You can read the full article on the Sydney Morning Website here: https://www.smh.com.au/money/saving/you-ve-finally-saved-a-house-deposit-now-what-20240822-p5k4ew.html

At The Wealth Designers, we’re here to help you navigate every step of your financial journey. Contact us today to learn how we can help you live well now and in the future.