How to save for a home loan deposit

You’ve made your decision – you want to stop renting and get on the property ladder so the first step is saving for a deposit. Your home deposit is viewed as ‘your contribution’ to the purchase price of the property you wish to buy.

You’ll need to aim for at least 5% but the greater your deposit – the more you will save. Set a realistic budget – and stick to it .. you can only save money if you spend less than you earn. Start with cutting down on expenses using a budget planner. This will help you watch your savings build and keeps you on top of what you are spending. Keep your savings separate and set up a separate deposit account, as it greatly decreases the temptation to dip into it for an impulse buy.

There are lots of little ways that you could save, so think about them. Cook at home more often, invest in a coffee machine etc and at the end of each month, you may be surprised. Why not have a look at the Mortgage Choice savings target calculator to see how much you could save?

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The information provided on this website is for general education purposes only and does not constitute specialist advice. This website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your situation, before taking any action.  It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy.  If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement with regard to your personal circumstances, before making any decision about whether to acquire the product. 

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