Saving your deposit

Although saving for a deposit may seem like a daunting task, with some simple, consistent budgeting, you can reach your goal sooner than you think.

 Use our online calculators to help you plan and save:

 

What savings account options do I have?

We have a choice of savings accounts to meet your needs from high interest online accounts to accounts that reward your good saving habits. Choose the savings account that’s right for you

 

How much should I save for my deposit?

An ideal deposit is 20% of the purchase price of the property.

However everyone’s situation is different. If you have less than a 20% deposit, you might be able to borrow up to 95% of the property value.

Note: When you borrow more than 80% of the property value you’ll most likely have to pay Lenders’ Mortgage Insurance (LMI).

Or, if your family acts as guarantor you may be able to borrow 100% of the purchase price with our Family Guarantee.

Plus, you may also be eligible for the First Home Owner Grant.

 

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