How To Start Saving For Your First Home FAST.
First, it begins with a budget.
SAVE. SAVE. SAVE.
Every bit of saving and extra money has to go towards saving for your first home. In Malaysia, the downpayment for a new home (same with a sub-sale home) is 10% of the purchase price. So, for a RM 500k property, you will need RM 50k downpayment.
Forget about the rebates/discounts from developers for now, because banks will have new rule requiring the buyer and the developer to declare nett purchase price and will require the buyer to pay full 10% downpayment.
Here are 5 quick steps to start saving for your first home.
Step 1 - Set a budget.
Step 2 - Start a savings account for your new home.
Step 3 - Automate the transfer of your savings from your salary account to the home saving account.
Step 4 - Reduce spending in other areas as much as possible.
Step 5 - Use your free time to earn extra income.
Download our FREE First Home Downpayment Savings Tracker and start your journey towards buying your first home!