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10 tips for growing your deposit.

Saving for a deposit can take a while, but there are a number of things you can do to grow your deposit faster.

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Countdown to your new home.

Read our top tips for growing your savings as quickly as possible, so you can get started with looking for your first home. Plus, use the online calculators to work out what you can afford.

1

Do the maths

Work out how much you need to save to reach your goal. Our calculators can help you figure out what you might be able to borrow and how much your home loan repayments could be.
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2

Low deposit options

After you’ve crunched the numbers, if you don’t think you’ll have a 20% deposit there are other low deposit options that you could be eligible for.
See your options
3

KiwiSaver

If you're eligible, you can use most of your KiwiSaver¹ towards a deposit on your first home. Make sure to check how much you're contributing into your KiwiSaver and what fund you're in so it's working hard for you and your goals.
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4

Specialised savings package

HomeSaver is our savings and home loan package specifically designed to help fast-track savings². Benefits include a $1,000 first home cash booster at drawdown and preferential treatment for low equity conditional approvals.
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5

Other savings options

Depending on your home buying plans, we also have a range of other savings options that offer flexibility and competitive interest rates.
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6

Westpac Salary Splitter

If you choose to create a Salary Splitter it will automatically split your salary into different accounts, keeping savings separate from spending money. It’s an easy, set-and-forget way to put a bit extra aside every payday.
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7

Monitor spending in real time

Every little bit counts. CashNav, our money management app, shows where you’re spending your money, so you can work out where you could trim down your outgoings.
Learn more
8

Text alert

Switching alerts on in Westpac One® online banking helps you avoid going over your budget.
Learn more
9

Save on fees

Make sure you’re not paying more than you need to by choosing the right accounts for you.
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10

Managing Your Money videos

These quick videos give expert advice on budgeting, saving for a deposit, working out how much you could afford and setting your home buying goals.
Watch tutorials

Calculators.

Find the best option for you with our home loan calculators.
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Things you should know.

1 The information above is subject to changes in government policy and law, and changes to the Westpac KiwiSaver Scheme, from time to time.

2 Westpac HomeSaver Terms and Conditions apply. For more details, refer to  https://www.westpac.co.nz/homesaver/.

3 Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.