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.

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 QLD.