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.
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.
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.
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.