Your first home feeling out of reach? Simple savings tips to get there sooner

Are your first home dreams feeling a little out of reach? Maybe you’ve already started getting a deposit together but you’re keen to turbo-charge your savings to get you there sooner? No matter where you are on your first home buying journey, we’re here to help with some simple savings tips to help you buy your first home sooner than you think.

Disclaimer: The information contained in this article is of a general nature only and should not be taken as financial or legal advice on any of the topics discussed. Always consult a financial adviser before making any investment decisions.

Set up a separate account 

When you have the one savings account, it’s hard to keep track of your actual savings and way too easy to dip into those extra funds for cash flow, clothes or other impulse spending. Want to get serious about saving for your first home? Setting up a separate account that’s for your home deposit savings only is a great first move. 

Look for a savings account with a competitive interest rate and one that won’t slug you with too many fees either. Keep an eye out for accounts that reward you for saving, like our Reward Saver Account that lets you earn bonus interest when you save $50 or more each month and don’t make any withdrawals. Gotta love bonus dollars!

Make a plan to save  

Making a savings plan to put aside a set amount of money on a regular basis is the best way to smash your savings goals sooner. To find out how much you need to put away, and how often, start with how much you need for your home deposit (your savings goal) and work backwards from there. 

Our savings planner is an awesome online tool that helps you visualise what your savings balance could look like in a matter of months and years when you make regular deposits.

Start saving on auto-pilot

Now you’ve got your separate account and a rock solid savings plan, it’s time to jump start your savings. Setting up an automatic recurring transfer from your everyday account to your home deposit savings account is a great way to do it. 

Setting up a recurring transfer is super quick and easy to do too. Simply choose the set amount of money you want to save, and it will be automatically transferred to your savings account each week or month, so you won’t be tempted to spend it before it gets there. Just set up once and you’ll be chasing down those savings goals on auto-pilot. Too easy!

Pro-tip: Set up your recurring savings to come out after your regular pay hits your account. That way you’ll know the funds will always be there.

Get ruthless with spending

Want to boost your deposit for your first home? Finding more ways to save by cutting back on spending can help you do just that. Paying a fair whack of your income on rent?

Could you live somewhere cheaper or less central to save a bundle? Could you cut back on nights out, shopping or weekends away if it meant buying your first home sooner?

Check for those unnecessary spending leaks that can really chew through your dollars too, like Netflix or Spotify subscriptions or gym memberships you don’t use. Hello Uber Eats? Could you cut back on takeaway or home delivery? You’ll be surprised how much more you can save when you take a look at your spending habits with a ‘that could be my home deposit’ mind-set.

Get the best value home loan

When it comes to home loans, it really pays to do your homework because not all home loans are created equal. Different lenders and products offer a range of different interest rates, terms and conditions, fees and charges as well as special offers and discounts. For example, our Your Way Plus home loan rewards essential workers, uni staff and students with special low rates and benefits.

Find out more about home loans with UniBank and how you could save more with special discounts and lower interest rates.