How much do you need?
The bigger your deposit, the smaller your loan will be and the less you’ll pay in interest. We recommend that you save as much as you can; 20% of the property price if possible.

To apply for a home loan, you need to show evidence of regular savings over a period of at least three months. This can include a mixture of cash, shares, equity in an existing property, Term Deposits, an inheritance, or gifts.

5 savings tips for first home buyers

1. Create a budget and stick to it as much as possible, Put your savings into a separate account so you’re not tempted to spend it.

2. Limit unnecessary expenses such as memberships you don’t use, new clothes and any non-essential spending.

3. Review your debts and work out how to pay it off as soon as possible. You may like to consolidate your debt to save on interest and fees or start by paying off the debt with the highest interest rate first and work your way down.

4. Saving can take time, but you don’t need to sacrifice your lifestyle. Factor in everyday costs, so you can still pay the bills and enjoy yourself.

5. Make your savings work hard for you, by placing them into a high interest savings account that can’t be accessed easily. You’ll earn interest as you save, so you can apply for a home loan sooner.