Andrew Morello: Getting Started in Property

Save for a deposit: The first step is to get a deposit, usually 5-10 percent of the purchase price plus costs.
Map it out: Establish what you want to buy, the likely cost of it, and how much your lender will require as a deposit.
Do your homework: find out the actual amount you will need for stamp duty and conveyancing fees.
Set a deadline on your goal of saving this money.
Accept it will take some sacrifice.

Live with mum and dad while you save the deposit.
Make a budget and stick to it.
Use a high-interest savings account or managed fund that is separated from your daily account.
Cut out luxuries and bank the savings, such as coffees, eating out and exotic beers or wines.
Get a second job, and save all the income from that job.
The golden rule is to pay yourself first, direct from employer into an account that doesn’t have a plastic card attached.
Look for overtime, do the worst shifts, then bank the extra pay.
Pay a regular amount into your savings, which you don’t have easy access to.

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