How to give your child a firsthome deposit of $60,000 or more

It is certainly hard for me to say what your current situation or future will be, but if you are a caring and loving parent then this would be a considerable outcome to help your child with their first home deposit. This will rely on the basis of many years to come on your dependant age before they reach maturity. The younger your child is the faster it is in getting a home. We are not looking at a situation where you take money from your long life savings nor it will come from your home withdrawal, but it may or can occur in the future as i explain later. One reason why not to withdraw from your home and refinance is that you will need to go through the long process of repayments and working hard when you have become physically weaken by the years.

Your child age will be a deciding factor to an outcome to achieve $60,000 dollars, as you generate income stream from the government assistants situations and test for eligibility for payments. Such government assistance can come from social securities or can be known as centre link. Payments will not exceed $6,000 dollars a year for a child, the amount is there to assist for school uniforms, school fees and to there conditions. Some of this credit will be unallocated and not touched, and can accumulate $1,000 dollars excess in credit interests in a bank. There are so many payments that will almost suit you or child to the age of 21, and beyond that. The benchmark for the $60,000 dollars is at the age of 21, as the government assist your child through to this stage. At the age 17 to 21 is one of the key concepts of working to buy a home, in building up the deposit and working towards paying of the home. These will allow your child to offset the home lending margin allowance by almost any bank given on a $700 wage salary of $36k before taxes.
From new born to the age of 17, there is a clear 17 years to build up that asset for their first deposit. If clearly there was a maxium sum of $6000.00 dollar per year then there will be $60,000 dollars in there bank account at year 10 but this isn't truly the outcome.

Savings of $100 to $200 per month is our target goal to reach, if the saving is to follow.
$100/m x 12 month = ($1,200 x 17) = $20,400
$200/m x 12 month = ($2,400 x 17) = $ 40,800

Both of these outcome are just below $60k one is still short $40k while the other is short $20k
We then look at another approach for from the starting period of new born to age 17. Your child situation may be a different age are you sill to late? A tool will be used for your own saving plan which depicts your child age and what would be a suitable saving plan below.

Starting at a compound interest rate at the bank brings a different outcome that is more achievable for $60k.

$100 @ 4.5% compound rate x 17 years = $30,834.28 (Target not achieved here)

$200 @ 4.5% compound rate x 17 years = $61,666.38 (Target achieved here)

So a sum of $200 per month at a compound rate of 4.5% is achievable for a balance of $60k but your still short on the $100 per month basis.

The $100 dollars per month will work out more fairly as to the condition of your child age to open an account for child such as kids savers accounts that have high interest rate earning and tax free. These rates may vary but are relativity high rates seen as 8 to 10% rate of return. At the rate of 8% then the amount shown will be $43,183.60. As for the remainder well government grants will offer substantial bearing of home ownership such as first home buyer grant issued rental.