Simple steps to help you save for your house deposit and get into your new home sooner

There’s a lot to think about when you're considering buying a new, or first, home. Before you start scrolling online for open home listings,  you first need to spend some time planning how you will save your house deposit.

Sound boring? We know. But to help get you started, we’ve pulled together five deposit-saving tips that are easy to follow.

1. Work out how much you need

Your first task is to find out how much you need to save for a house deposit. While this will usually be about 10-20% of the total property value, factors such as your credit score, government programs, income and whether you require a guarantor could influence your borrowing power.

You can use our home loan borrowing power calculator to help get an idea of what figure you're facing.

2. Find out about the government grants on offer

If you’re a first home buyer and looking to get into your first new home sooner, you could be eligible for one of the government grants on offer. The First Home Owner Grant is a great initiative that can be used to buy or build a new home.

The New South Wales and Queensland Government’s both have website’s you can access for more information. Each includes specific eligibility criteria, so check them out to see if one could be right for you.

3. Take note of your spending habits

As you shift your focus to saving, make sure your spending habits are in check. Small changes to spending can make a big difference in the long run and will mean you’re able to get into your new home sooner.

By sacrificing (some) spending for saving, you will be surprised at the extra funds you will accrue over time. Things like buying a coffee, going out for dinner and purchasing snacks can add up to hundreds of dollars throughout the month.

If you're keen to see exactly where your money goes, give our mymo app a try. It allows you to track all your spending across all your different bank accounts (even if they're not BCU ones!).

4. Create a budget

By setting realistic goals, you’ll be well-placed to reach your house deposit savings target. Make sure you put a budget in place and take the time to regularly check in so you can keep yourself accountable.

One popular budget method is 50/30/20, but there are other options available, and you just need to find something that works for you and your life. Our budget planner calculator can help you put your budget together, as can our app, mymo by BCU. 

5. It’s time to save

Now it’s time to knuckle down and do the work, and by that, we mean save! Contributing regularly to your savings will also give lenders greater confidence in you as a borrower when they assess your capacity to repay a loan.

If buying a property is on the horizon for you, our mobile lenders can help get you started and answer your tricky home loan questions.

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU Bank).

Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.