How to save for a house deposit

You’ve designed every detail of your dream home or planned out your real estate empire, but the need to save up that deposit seems to block you at every turn. The good news is, with the right approach, saving for a deposit might not take as long as you think.

3 minute read

1. Set a goal amount

Get motivated! Set a figure to work towards by estimating what you'll need for a house deposit and other upfront home buying costs.

To work out your goal amount, look at house prices in areas you’d like to buy in and use our borrowing power calculator below to see how much you could borrow.

You can then track your progress towards your goal in the Bankwest App.

Our Home Lending Specialists can help with your savings plan, talk through your options and answer any questions you have about buying your first home.

2. Track your spending

To get a real understanding of your spending habits, look at your transactions over the last 90 days and do a self-audit. By categorising where you spend your money, you’ll be able to see where you can afford to spend less. Even the little details are important.

3. Set a realistic budget

Let’s face it, if you take away every last treat, you’re actually more likely to fall off the wagon and end up saving nothing. Pick one or two things every month that you’re not going to feel guilty about – a movie, a massage, a night out – and really savour it.

With a more realistic budget, you’ll find that saving for your house deposit doesn’t feel so arduous.

4. Choose a savings account with a competitive interest rate

Some savings accounts reward you with a higher interest rate for good savings habits, like making no withdrawals or depositing a regular minimum amount.

5. Set up automatic transfers to your savings account

Setting up an automatic transfer from your everyday bank account to your savings account every payday takes away a lot of the effort and means you’re less likely to spend your savings on everyday purchases.

6. Swap your credit card for a Platinum Debit Mastercard®

That way, your spending money’s limited to what’s available in your bank account. You also get to dodge the interest charges that come with a credit card, and you could avoid an annual fee altogether.

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Crunch the numbers

Keep reading

Let's get into the numbers and the planning behind getting a deposit together for your new home.

Check out our guide so you can avoid budget surprises and prepare your savings.

Need more help?

Talk to a Home Lending Specialist – when and where it suits you.

Consider the applicable product PDS available from Bankwest before deciding whether the product is right for you. Fees and charges may apply and subject to change.

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.