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Save a Deposit

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For a good start we recommend at least a 20% deposit is best. Some lenders may let you borrow up to 95% of the property value, with a high interest rate. This also means you’ll have to purchase Lenders Mortgage Insurance (LMI). Although LMI is a one-off cost that may be expensive, it can help you buy your home sooner if you have a smaller deposit.

Here are 4 tips to save for your first home loan:

Set a budget

Review your income and list all your regular expenses and analyse where your money is going. To begin with go through your bank account and make a note of what you’ve spent in the past month. Use our Budget Planner to help you get started.

Cut Costs

Cut expenses out you don’t need or use. Start looking for discounts and cheaper options on products and services. It’s worth taking the time for the longer-term goal.

Savings Plan

Set up a dedicated “Home Savings” account. Pay into it weekly and then don’t touch it. You can easily set up a direct debit each payday and transfer as much money as you can afford. That way you don’t have to worry about spending before you save. Compare our savings accounts to see which one will benefit you the most.

First Home Owners Grant

Check to see if you are eligible for the First Home Owner’s Grant Scheme (FHOG) and you may also qualify for stamp duty concessions (depending on the territory or state).

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