How to save for a house deposit.
Our top tips.
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.
Things to consider.
Mastercard and the circles design are registered trademarks of Mastercard International Incorporated.
Platinum Debit Mastercard access is available to Australian citizens and temporary or permanent residents with an Australian residential address. Limited exceptions may apply subject to conditions.