Buying a house is one of the great Australian dreams, and we can help you make it a reality. We’ve got tips and tools to help you save a home deposit so you can enjoy your own slice of paradise in Queensland. 

Focus on your finances

When you’re about to buy your first home it’s super helpful to know your financial position. We’ve got some tips so you can get in the know and enjoy saving success.

Blue paper house

Catch up on your credit score

There’s plenty of online tools that can provide your own credit score, for free. You’ll just need ID (like a QLD driver’s licence) and you can get your most up to date score. Just remember, every request can have an impact, so try to do it just one or two times.

Ditch the debt

If you’ve got credit cards or a personal loan to pay back, try to clear them as fast as possible. Although it may delay you a few months, by clearing your debt you’ll be able to save a bigger home deposit in the long-run. If you’ve got a couple of credit cards or different loans it can make sense to consolidate your liabilities into one. If you’re looking for ways to achieve this, speak to a lending professional who can give you options to get back in the green.  


Take a quick check of what you’re spending and where. Look through your bank accounts and see if you can make changes in your spending habits. This can help you cut back in some areas so you can put that money towards your home deposit. If you look at the incoming money versus the outgoing money you’ll be able to see how much you can save each month, giving you a clear savings goal. Even better, knowing what you can afford to save can help you plan on saving the right size deposit for the home you want.

Loan to value ratio

Your loan to value ratio is the amount you’re going to be putting in (your deposit) and the amount you’ll be getting finance for (your mortgage). If your new home is $500,000 and you’ve got a deposit of $50,000, your loan amount will be $450,000 making your loan to value ratio, 90%. Knowing this percentage can really help you save a little extra money when it comes to getting your loan. Usually any loan amount above 80% will require lenders mortgage insurance (LMI). If you save up enough money to avoid LMI you can take advantage of more lending options and secure a better deal on your mortgage. Plus, it’ll give you more equity in your home so you’ll be sitting pretty.


When you’re saving for a home deposit it can be helpful making a budget to achieve your goal quicker. When you make your budget, think about your short-term and long-term goals. By identifying weekly goals (such as cutting back on takeaway coffee or packing your lunch) you’ll have more money at the end of the week to put straight into that home deposit. Your long-term goal will be the deposit you’ll need to save based on the loan to value ratio of your new home. If you need any help there’s some tips and tricks on ways to become a better budgeter  and there’s plenty of online calculators that let you see how much you can save to meet your goals. 

Smart saving skills

When you’re saving for a home deposit, every little bit helps. There’s ways you can save more simply by:

  • Limiting extras like takeaway coffee or bought lunches. 
  • Making short-term goals that you can stick to which will save you money each week.
  • Moving in with your friends or family and splitting the costs of living.
  • Investing in a high interest savings account or using a term deposit to maximise your interest.

If you’re currently saving for your first home deposit and need some advice on saving or sticking to a budget, our home loan specialists can help. We’ve got high interest savings accounts that can really reward you when it comes time to getting a mortgage. We’re available 24/7 – just give us a call.

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