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Tag: rent

How to save money and invest in a house

How to save money and invest in a house

Real Estate
Buying the first home starts with raising enough funds for a home loan deposit. While everyone understands the need to save for at least 10% to 20% of the purchase price, not many know exactly how to accumulate that amount of money. Saving money to buy a house requires some sort of planning and strategy. Here are some useful tips for raising home loan deposits. Open a First Home Saver Account First time home buyers in Australia should open a First Home Saver Account, a tax effective way to save for a house deposit. Basically, the first $5000 of individual contribution made each year to the account will see the government contributing 17% of that amount. This is much higher than any interest rate in savings accounts or fixed term deposits. The First Home Saver Account should not...
Renting Versus Buying a Home

Renting Versus Buying a Home

Home & Garden
Renting versus buying a home is a decision most have to make at some point during their life time. Below are some comparisons and differences: Benefits of Renting a Home Generally accepted benefits of renting a home include a much cheaper monthly rent payment than a mortgage payment, shorter-term lease options, and not having to worry about making repairs to the home or appliances. Typically, in order to rent a home, a prospective renter must sign a lease, or contract in which the renter and land lord agree on certain ground rules, including when rent payment is due and whether pets are allowed. In order to move into a rental home, usually the first month's rent and a security deposit is required. The security deposit is often the same price as a month's rent. Renting a home u...