Dreaming of basking in the sun in Mykonos, wandering the historic streets of Rome or skiing down the white snowfields in Japan? We all need a holiday at some point and while it might seem impossible while you’re paying off your home loan, it doesn’t have to be. Here are some ideas to help get you started.

Establish a Realistic Budget

Go through all your transactions in the past three months. Highlight on your statement all the ones that are ‘luxury’ purchases (handbags, takeout, coffees). Now, go through the same statements and underline all the unavoidable expenses, such as bills, home loan, healthcare etc. Determine your income in figure versus your expenses, and find areas where you can make some changes to your spending habits. We have some great tips for budgeting here.

Find the best mortgage for you.

There are lenders such as HomeStart with low deposit loans and lower upfront costs, which can mean more money for your hobbies – and holiday plans. HomeStart also offers a repayment safeguard, which can help take the stress out of your mortgage by making repayments more predictable for you, for the life of your loan.

Make Extra Repayments

Making extra voluntary repayments on your home loan (capped at $10,000 p.a. for fixed rates) before you travel can get you in front on your mortgage without any additional fees. At HomeStart, we offer a great option called ‘Repayment Holidays’ on all of our loans. This means you can take a break from your loan repayments if you need to, depending on your eligibility. Talk to our customer service team about how this could work for you.

Get Creative with your Travel Plans and Spending

Why not consider some out of the box travel ideas to ensure your budget isn’t blown, such as using an Airbnb instead of a hotel? You could also sign up for some travel blogs or email lists that notify you of savings on accommodation, flights and entertainment. Borrow items you might need from loved ones such as ski gear, camping equipment or suitcases to keep your costs down.