10 tips for growing your deposit
Congratulations: you're taking the first step towards becoming a home owner. Saving for the deposit can take a while, but just imagine how you'll feel the first time you walk through your own front door. Here are ten simple ways to give your savings a boost.
1. Online calculators
Our easy online home loan calculators can be used to work out what you can afford to borrow and what your mortgage repayments might be. These will also highlight whether you could be saving a little more each month to reach your savings target. Find them here.
3. Westpac Salary Splitter and Automatic Payments
Salary Splitter automatically splits your income into different accounts, and keeps your savings separate from your spending money. Like Automatic Payments, this is a set-and-forget way to commit to putting aside savings every payday.
4. CashNav monitors spending
CashNav, our money management app, tracks and displays spending in real time. CashNav, helps to monitor spending by showing your spending habits month to month. It’s true: every little bit counts!
5. Receive Westpac alerts
You can set up alerts on any Westpac account to be notified on your balance, to avoid going over your budget and avoiding fees such as unarranged overdraft fees. Learn more here.
9. Specialised savings package
We have a specialised savings account that is designed to help grow a first home deposit. A HomeSaver account includes coaching throughout the home buying journey, a $1,000 first home booster at drawdown, and account holders get preferential treatment for low equity home loans.
10. Higher interest investment options
In addition to the Homesaver accounts, we also offer other savings accounts that offer flexibility. Anyone saving for a home loan can split their savings across more than one savings account.