Putting together a decent deposit is the all-important first step towards securing property in Carlton, but have you starting saving yet? Chances are you have, as the latest figures from Westpac show 69 per cent of Australians have made financially-focused New Year's resolutions.
Having a specific target in mind can help keep the end goal in sight, and the bank found 85 per cent of people are doing just that.
The challenge now will be keeping these intentions on track. Many of those polled admitted they'd tried saving in the past, only to find themselves falling short of their objective as the year got underway.
Elliot Smith, head of consumer deposits at Westpac, said: "Whether it is saving for an overseas holiday, buying a new home, renovating, or building a rainy day fund, we are seeing Australians considering a number of strategies to help them reach their goals."
He suggested using SMART objectives – namely those that are specific, measurable, achievable, realistic and timely – in order to secure the best possible chance of success.
Once you are on the property ladder, you can't afford to rest on your laurels when it comes to your finances. Research recently commissioned by UBank discovered just 16 per cent of Australians know the interest rate they're paying on their home loan.
The bank was keen to urge people to keep track of their repayments, as after a period of time they could find themselves paying back more than is necessary. Over the lifetime of a mortgage, this can prove especially damaging to your personal finances.
Once you've got enough money set aside for your property in Carlton, give us a call for an insight into what's on offer in this highly popular Sydney suburb.