Know how much you need
Use our Lending Calculators
You should figure out what your price range for houses is, making sure you will be able to afford the repayments. Once you have this price range, calculate your deposit in seconds using our handy calculator.
Speak to a Greater Bank Lender
Your lender will go through exactly how much you’ll need to have saved, which will include your deposit and the other associated costs like stamp duty and Lenders Mortgage Insurance (if applicable).
Generally, you'll need to have saved a minimum 5% (plus costs) of the purchase price as a deposit but if your parents are happy to give you a hand in providing security for your loan, our Family Pledge option may mean you can reduce, or even eliminate, the amount you need to contribute.
Get the right account
Once you have a figure for exactly how much you need to have saved for your deposit, you’ll want all the help you can get to save as quickly as possible. No doubt you’ll be scrimping and saving every spare cent you can afford, but the smart option is to get yourself the right savings account.
Our Bonus Saver savings account rewards your good saving habits by paying you a higher-interest rate when you make multiple deposits and no withdrawals in a given month. If you're under 25 our Life Saver account is also great for this purpose.
Our Bonus Saver
Our higher-interest account rewards your good savings habits and makes your money work harder.
Use the tools available
Even with the right account, from time to time you’ll no doubt feel like time is dragging, and your deposit will take forever to save. This can happen, but you shouldn’t let it dishearten you.
Clear away the fog and get a better picture of your savings journey with The Greater Bank Savings Goal Calculator.
By entering your details and calculating how long it will take to reach your goal, you’ll have a concrete timeframe. Knowing exactly how long it will take to save your deposit will keep you on track.
Calculate and track your deposit
Plot your savings journey so you know the light at the end of the tunnel when you see it!
Set a budget and stick to it
Stay on track
Whether or not you reach your deposit savings goal sooner or later will be heavily affected by your ability to manage your money day-to-day.
Budgeting is more important than ever when you’re trying to save money, so it’s important to make every dollar count.
Use our Budget Planner
Getting a better picture of your finances is just a couple of clicks away. Simply enter your details and see how much you could be saving.
Your questions answered
How much of a deposit do you need for a house?
It's a commonly held belief that you need to have saved 20% of the purchase price of your new home in order to secure a home loan and buy a place.
While having a 20% deposit is great, there are other ways to get the home loan, and the home you want, sooner.
One way is to pay Lender's Mortgage Insurance (LMI) - if you're not able to reach the 20% deposit mark, you can still get a loan by tacking LMI onto the balance of your loan. More on LMI here.
Another way is to secure a guarantor for your loan. If you're able to use some of the equity in your parents' property, you could be able to borrow up to 100% of the purchase price of your home in some instances. More on guarantor loans here.
How does a deposit on a house work?
A housing deposit is an amount of money a potential home-buyer has saved in an attempt to get a home loan, and secure a property purchase.
Traditionally, the figure of 20% of the purchase price of the home was seen as the right deposit amount to have saved, but 20% representing many hundreds of thousands of dollars in some instances, this is no longer a hard and fast requirement on the path to home ownership.
From a lender's perspective, one of the main functions of the deposit is to show that the borrower(s) are able to save money and represent favourable candidates for a loan.
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Terms, conditions, fees, charges and credit criteria apply.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates available for new home loans $150k+, with LVR of 80% or less.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
‡A prepayment fee applies to fixed rate loans if you make more than 5% in extra payments. Contact us before making additional repayments to get an estimate of the prepayment fee.
Interest Only home loans attract a 0.10% p.a. margin above the applicable Principal and Interest interest rate. Your interest rate which includes any margins, will be set out in your loan contract.
◊Cashback offers:
*Online Cashback of $2,500 for eligible home loans $250-$499k or $3,000 for loans ≥$500k available for applications submitted via the Greater Bank Digital Home Loan application channel (online application) with 80% LVR or below. Excludes refinances from Greater Bank or Newcastle Permanent. If eligible, cashback payment will be made within 60 days of the loan settlement date (loan must still be open at time of payment). Only one (1) cashback payment per eligible loan and for first eligible loan only. Not available in conjunction with any other cashback or promotional payment (except any interest rate discount offered). Offer may be varied or withdrawn at any time. See the full Online Cashback Offer Terms and Conditions.
+Cashback of $2,000 for eligible home loans $250-$499k or $2,500 cashback for loans ≥$500k available for refinance applications submitted via Greater Bank lenders (not online), with 80% LVR or below. Only one (1) cashback payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions.
**$2,500 cashback for loans ≥$250,000 with LVR less than or equal to 95%. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. All borrowers must be a first home buyer, which means they have never owned or co-owned a residential property. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full First Home Buyer Cashback Offer Terms and Conditions here.
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