How to save for a house deposit

Estimating how much you’ll need for a house deposit and other upfront home buying costs can motivate you, as it gives you a set figure to work towards.

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

You can then track your progress towards your goal in the Bankwest App, and know when you’ve hit it with Bankwest Easy Alerts.

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

Get in touch with a Home Finance Manager

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.

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.

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

Take a look at our savings accounts

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.

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.

• How much do I need for a house deposit?

• Alternative ways to buy your own home

• Signs you’re ready to stop renting

• Basic steps to buying your first home

…and find one to suit you.