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BSB 806 015
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& My money

How to boost your home loan deposit savings

Two men sat on a sofa, one is using his laptop the other is petting a dog.

On average, it takes first time home buyers in Perth three years and seven months to save enough money to have a deposit for a house. Although this is less time than it would take someone living in Sydney, it is a long wait if you’ve outstayed your welcome with your parents – or have a difficult landlord or housemate.

So how can you save for a house deposit quickly, or give your existing home loan deposit savings a boost? Here are four simple things you can do to reach those saving goals quickly and get on the property ladder sooner.

Make sure your savings account is working for you

Does your bank encourage you to save? Whether it’s a good interest rate or a nice monthly bonus, there’s plenty of saving options available that reward savvy saving habits.

First, make sure that you’re across any account specific terms and conditions when opening a new savings account. An important consideration is whether you’ll need instant access to your funds or whether you can lock them away for a set amount of time.

Our SwiftSaver Account rewards you with bonus interest when you deposit at least $10 a month and make no withdrawals. Read more about our saving accounts and term deposit accounts, or if you’re not sure which option is best for you, get in touch with our friendly team.

Automate your savings

Every payday, transfer some of your wage straight into your savings account before there is the chance to spend it. This can be done easily using digital banking by setting up a recurring transfer or payment for a fixed amount into your nominated bank account. It means the funds are safely stored away earning interest. Alternatively, some payroll systems allow for salary payments to be split and paid into multiple accounts. This means a portion of your wage can be paid into your savings without you having to lift a finger. Check with your employer to see if this is available to you – after a few paydays you won’t even notice the difference.

If payday saving is something you’re already doing, why not start rounding-up your everyday transactions? Did you know we have a feature called Pay&Save? Use your &Transaction Account to pay in store or online and you can round up the total amount to the nearest one-, five- or ten-dollar amount. The remainder will then transfer automatically into a P&N Bank savings account. For example, if you spend $8.80 on your lunch, Pay&Save will transfer the 20 cents (if you set the account to round up to the nearest dollar) into your savings account. These small amounts will soon begin to add up and help grow your deposit. It doesn’t get any easier!

Review your debts

Working out how much you owe on any credit cards, personal loans or unpaid bills is an important step to take when you’re trying to save for a deposit. Clearing any outstanding debts should be a priority - especially if you are paying a high interest rate on the debt. It’s important to remember that your individual repayment strategy will vary based on what type of loans and debt that you have.

Transferring any outstanding credit card balances on to one card with a lower interest rate can allow you to better manage your monthly repayments and reduce your debt quicker - as could consolidating your debts with a personal loan.

Make a budget and stick to it

If a smashed avo breakfast is your Sunday ritual, we have some good news – you don’t need to give it up completely, you just need to include it in your monthly budget!

Start by working out the essential costs that your paycheck must cover, such as rent, transport costs (fuel, parking, car insurance, bus or train fare), loans, credit cards, utilities and groceries. Once you know the ‘no compromise’ amount, you can then decide on a set amount for your savings and keep whatever is left in your everyday bank account for your avocado on toast.

Creating a budget will help you see where you can spend less and when you could be adding extra cash into your first home savings account. If you have a financial goal in mind, our Budget Calculator is a good first step to achieving it.

Have more questions?

We’re here to help! If you’re ready to take the next step towards buying your first home, or would just like more information, contact our specialist Home Loan team or get in touch with a P&N Bank Mobile Home Loan Specialist, who can come to you any time - even virtually!


Banking and Credit products issued by Police & Nurses Limited (P&N Bank) ABN 69 087 651 876 AFSL/Australian Credit Licence 240701. Any advice does not take into account your objectives, financial situation or needs. Read the relevant product terms and conditions before acquiring any product in considering and deciding whether it is right for you. The target market determination (TMD) for products is available on request. Lending criteria, terms & conditions, fees & charges apply.

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