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Article | 6-minute read
Buying a home is big financial commitment and saving enough for a house deposit can seem daunting. Having a goal to work towards can make it easier to stick to a savings plan.
You might want to think about how much you really need for a house deposit.
A commonly desired target is 20% of the property price. If you borrow more than 80% of the property price you might have to pay lender’s mortgage insurance (LMI), which can be substantial.
Many lenders will fund up to 85-95% of the value of your property, which means you’ll need a minimum of 5-15% as a deposit regardless of whether you are prepared to pay LMI.
Generally, the more you have as a deposit, the less you’ll need to borrow and the lower your monthly repayments will be.
Do you work in a legal, medical or accounting profession? You may be eligible for an LMI waiver with your ANZ home loan.
With your savings target locked down, think about how soon you’d like to buy your first home to help you work out how much you need to save each month to reach your goal. Our house deposit calculator could come in handy as you work through your sums.
The end goal is important but so are mini goals, such as quarterly or yearly goals that you set for yourself. Saving for a deposit can take years and mini goals can help to make sure your savings are on track. Celebrating with a treat or reward when you hit a mini goal can give you the extra motivation to stick to your savings plan.
You could consider an ANZ savings account to help you set and reach your goals. If you already have an ANZ savings account, you can use the ANZ App to help you set and track goals, including saving for a home.
It may sound incredibly boring but the key to saving is having a budget. You need to know how much you’re spending to work out how much you can realistically save without compromising your lifestyle too much. You can use our expenses calculator to help get a better understanding of your spending.
The ANZ Budget Planner could help you create a budget, and assist in taking control of your spending and reaching your savings goals. If you find yourself falling short of how much you need to save each month to reach your savings goal, you may need to examine your budget more closely and look for potential ways to save.
Think about what you’re prepared to give up and what changes you can make to your spending habits. Some changes could make a much bigger difference than others. Here are some tips that could help you spend less and save more:
Another good tip is to save an amount that is similar to what you would expect your home loan repayments to be, so you can get used to living on that budget.
Got a personal or car loan that won’t go away? Or do you juggle a couple of credit cards?
Paying off your debts as soon as possible can help you save more effectively by reducing the amount of interest you pay over time.
Think about selling your car or downgrading to a cheaper one. You may also want to think about consolidating your debt to help you work towards becoming debt-free. Finally, consider doing away with your credit cards to help reduce unnecessary spending.
If buying a home is your top priority, then saving for your house deposit should be the first thing you do when you get your pay.
Removing your saved deposit money from easy view and access can help you save so consider making regular deposits into a separate savings account that pays interest. Transfer the money as soon as you get paid or better yet, set up an automatic transfer so you don’t even have to think about it. This way, you’re putting money aside for your deposit before you get a chance to spend it.
This will also make you look good when it comes time to apply for a home loan. Your lender may ask to see a statement from your savings account and you’ll have proof of how good you are at making regular payments.
You’re saving hard but you need to save smart as well. Get more bang for your buck by maximising the interest you're earning on your savings. You could keep your money in a savings account that pays higher interest than your everyday account. Look for an account that calculates interest daily, and the lower the fees the better.
When your savings reach a sizable amount, you could consider transferring it to a term deposit to earn even more interest and reduce the temptation to spend it.
If you have a few years before you intend to buy your first home and you’re comfortable with the risk, consider investing in shares or a managed fund to boost your savings. You should obtain advice from a financial advisor before embarking on such a strategy.
Apart from saving, there might be other ways to get your house deposit quicker.
You should see if you’re eligible for the First Home Owner Grant and first home buyers stamp duty concession (although availability will vary depending on your state or territory).
Asking a family member for a loan or to be your guarantor could also help you buy your first home sooner. Just be aware that being a guarantor is a big commitment that you and your family should think about carefully. If for some reason you default on your loan, your lender could seek to recover money from your guarantor. We recommend that you and your potential guarantor obtain independent financial and/or legal advice if you consider adopting such a strategy, so that your guarantor fully understands the risks of entering into a guarantee.
Get practical tips to help you in your property journey, whether you're just starting out, ready to buy, or trying to sell.
Get detailed property and suburb information to help you plan and be more informed when buying, selling or refinancing.
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The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions, Product Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product.
Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.
Property price information in an ANZ Property Profile Report is an estimate (not a valuation), may not be available for all properties, is for personal domestic use only and may change daily. Actual sale prices may differ. The report is not personal advice and ANZ takes no responsibility for any error or omission.
ReturnANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.
ReturnANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.
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