Saving for a house

Some simple tips to get you on your way.

When you first start saving for a home, the sum of money needed for a deposit can seem daunting. The good news is that with clear goals, careful planning, and the help of a regular savings plan, you can soon make significant inroads into growing your nest egg to the point where you can secure a mortgage.

Set your goals first

You might want to start by working out how much you need to save, what you can afford and factor in all the costs you may need to pay upfront such as mortgage insurance, stamp duty and government and legal fees. This should give you an idea of how much you need to save to be able to afford a deposit and should form the basis of your savings goal. 

Work out how much you can save

How long will it take you to reach your goal? To work this out, you should start by reviewing your budget. This helps highlight where you spend your money and how much you can save. View our budgeting tips and household budgeting tips to give you a hand.

Get your savings in to gear

It's important to have your savings separate to your spending account. How you structure your savings can help you succeed (or fail) in reaching your savings goal. Some of the things you should consider when devising a savings plan are:

  • Be realistic in how much you save. If you aim too high too soon, you'll set yourself up for failure.
  • If you're serious about saving, look for ways you can adjust your spending habits to free up more money to save. This could mean changing your living or driving arrangements for a period of time, or cutting back on a few of life's little luxuries.
  • Set up a regular savings plan. This way your savings will come out of your account automatically on a regular basis, so you can set and forget.
  • Choose a savings account that matches your needs. If you know you might need to access your savings from time to time, or if your savings are likely to be irregular, be sure to pick a savings account that doesn't give you interest penalties for behaviours you know you'll be doing.

How to save for a home with Easy Street

At Easy Street, we have two different online savings accounts that will earn you a high return on your money. Both of our accounts are fee free and have no minimum balance requirements, while giving you 24/7 access to your funds.

The Easy Savings account earns you with a high ongoing rate regardless of how you use the account. And the Bonus Saver account rewards you with bonus interest each month you deposit at least $50 and make no withdrawals - great for those who need an incentive to stick to their savings.


What to do once you have obtained your target deposit amount

Once you’ve got your home deposit thanks to an Easy Street savings account, it’s time secure a mortgage. Easy Street can provide you with a range of competitive home loans that have been recognised via numerous industry awards. Some of these awards have placed our home loans within the top 5% in Australia. When you're ready, give us a call on 1300 13 14 65, and we'll match a competitively priced home loan to suit your individual needs.

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Last updated: 4 November 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.