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​First Home Buyers

​I am a single parent and joined Cheapskates last year to save money to purchase my own home. For single parents without a property settlement from a previous relationship it is tough. But I have found a way my bank (Members Equity) has a First Home Buyer Account for saving for your deposit for a first home. The account offers 6% interest at present but in addition has a Government Contribution attached to it of 17% on the first $5,000 in a financial year ($850) into the account. There are some conditions attached e.g. you must be a genuine first home buyer. Other banks also have a similar saving account but the interest rate is about 3%. This government contribution goes a way to offsetting the 15% tax on interest income. Great savings plan, I am well on my way to having my deposit. Contributed by Cherie, Wollongbar, April 28th 2009

​Compare and Save

Approximate $ Savings: $260

I phoned around to get prices on conveyancing - they ranged from $800 to $1348.50. I had two that were across the road from each other so I phoned the one with higher price and asked if there was any leeway in price. I told her the one across the road charges $800 and she said she would match it. Great savings. All you need to do is ask.
​Contributed by Maureen, Darwin, 18th February 2009

​Get It In Writing!

We have just purchased a house and ended up paying $10,000 more than what was verbally counter offered by the vendor all because the Real Estate agent didn't put it in writing. Another offer was put in after ours, therefore we got stuck in a bidding war and we had to go $10,000 more than we knew the vendor was happy to accept. So some very practical advise is insist all offers on property are put in writing, which could in the long run save thousands of dollars :)
​Contributed by Amanda, Rothwell, 30th December 2009