Budgeting: Your Path to Homeownership

At Mathew Wright Finance and Mortgage Broker, our complimentary budgeting session empowers you to save for your home deposit and achieve financial freedom faster. As a small, independent broker, we deliver personalised strategies to optimise your savings, helping you navigate the costs of buying a home with confidence.

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Understanding Your Financial Commitment

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Saving for a home deposit means planning for your “Funds to Complete”—the total upfront amount needed alongside your loan. This includes:

• Savings: Your accumulated funds, boosted by smart budgeting.

• Family Gifts or Guarantees: Financial support or property security to reduce cash needs.

• Government Grants: Schemes like the First Home Owner Grant or First Home Super Saver Scheme.

• Asset Sales: Proceeds from selling cars, shares, or other valuables.

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Your funds must cover the deposit (5%–20%) and costs like stamp duty, lender fees (application, valuation, offset account), conveyancing ($1,600–$4,000), pro rata rates, and potential land tax for ex-rental properties. Our budgeting session ensures you plan without surprises.  With a family guarantee you can actually have an even lower deposit.

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Crafting a Smart Spending Plan

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Our complimentary session introduces a tailored Spending Plan, moving beyond generic rules (e.g., 50/20/30) to focus on your goals. We teach strategies unknown to 95% of home loan holders:

• Live Below Your Means: Spend less than you earn, redirecting surplus to a high-interest savings account via automatic transfers.

• Reduce Non-Essential Spending: Cut subscriptions, negotiate bills, and use cash for weekly expenses (groceries, transport, entertainment) to curb impulse purchases.

• Avoid Consumer Debt: Steer clear of credit cards and buy-now-pay-later schemes, which harm savings and credit scores.

• Monitor Spending: Track accounts monthly to align your budget with actual spending.

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Boosting Your Income

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Accelerate your savings with income strategies:

• Side Hustles: Take on part-time work or freelancing, especially in hospitality during peak spending times.

• Sell Unused Items: Use platforms like Facebook Marketplace for quick cash.

• Negotiate Salary: Leverage performance reviews for raises or better conditions.

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Why Choose Our Budgeting Support?

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• Personalised Guidance: We tailor plans to your unique financial situation and lifestyle.

• Holistic Approach: Integrates with mortgage broking and money coaching for long-term wealth.

• Australia-Wide Expertise: Online support across the country

• Stress-Free Process: Simplifies budgeting, saving you time and money.

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Real Client Impact

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A Tasmanian couple with credit card debt, a car loan, and 25 years left on their home loan transformed their finances with our budgeting strategies. Before, they reduced their loan principal by $1,908.26 in 6 months. After our guidance, they slashed their debt by $26,584.26 in 6 months, averaging $4,430.71 monthly, with a 38% savings rate. Their debt-free projection dropped to 5 years, enabling them to upgrade their home and buy an investment property.