We will never contact you unexpectedly and ask for your account information. Find more info on how to spot a scam here.

This site uses cookies to shape your online experience. Read more

Property Home loan application checklist A handy checklist to what you’ll need before applying.
Property How to save for a deposit A handy guide on where to start when saving for your first home.
Property Buying vs building your first home Consider the pros and cons before deciding whether to buy or build your dream ho...

Achieving home ownership


Tips to get you closer to your first home deposit.

With rising property prices, the ‘Australian dream’ of owning your own home can start to seem unachievable. But staying informed and using the schemes that are available can help you achieve this dream sooner rather than later. Here are some tips.

1. Set your target

A great first step is to figure out how much you’re going to need for a deposit. To do this, you’ll need to consider the fees and charges associated with purchasing a property, including stamp duty and conveyancing fees, alongside the deposit amount. 

It’s also advisable to give yourself a bit of breathing room for any other unexpected costs that could pop up in the process, and to have a little extra left over for things like new furniture.  Additionally, setting a goal will motivate you to keep on track, but make sure it is realistic and achievable to avoid becoming disheartened.

2. Prepare a budget

When saving for a house deposit, or any savings goal you may have, setting up systems that will work for you is important. Tracking your expenses for a while is a great place to start. From there you can better see what you can put aside from each pay and also ask yourself where you may be able to cut back and save a few more dollars.

3. Automate your savings

To keep your savings growing, you can set up an automatic transfer after your payday money hits your account, straight into your savings account, as a ‘set and forget’ form of saving. If you don’t already have one, you could consider opening our Smart Saver Under 25's Account.

4. Use the help on offer

To help make it easier for first home buyers to purchase a home, governments have also introduced schemes like:

  • First Home Super Saver Scheme: This scheme allows you to save for your first home within your super fund, with some tax benefits. To be eligible for this scheme, you must intend to occupy the property for at least 6 months within the first 12 months you own it. 
  • First Home Loan Deposit Scheme: The First Home Loan Deposit Scheme was introduced to shorten the time eligible first home buyers need to save for a deposit, by allowing them to use a 5% deposit to purchase their home without having to pay Lenders Mortgage Insurance (LMI). You can use the eligibility assessment tool to find out whether you're eligible. 

Hopefully these 4 simple steps can set you on your way towards saving for that first home deposit. Go on, you’ve got this!

This article is intended to provide general information of an educational nature only. This information has been prepared without taking into account your objectives, financial situation or needs. Therefore, before acting on this information, you should consider its appropriateness having regard to these matters and the product terms and conditions. Information in this article is current as at the date of publication. Terms, conditions, fees, charges and credit criteria apply. We do not recommend any third party products or services and we are not liable in relation to them. Any links to third party websites are for your information only and we do not endorse their content.

Home loans and mortgages

We'll help you find the right home loan for your needs.

Learn more

Send this article to friends and family

Property Your home loan questions answered We answer 11 frequently asked questions about buying your first home.
Property Buying your first home is still possible Meet the 20 year olds who just bought their dream first home with a little bit o...