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. Choose a specialised savings package
Choosing the right savings account now will help you grow your deposit. Sign up for HomeSaver, our special savings and home loan package, which could help you fast-track your savings. It includes coaching throughout your home buying journey, a $1,000 first home cash booster at drawdown, and you'll get preferential treatment for low equity conditional approvals.
2. Think about other savings options
Depending on your home buying plans, we also have a range of other savings accounts that offer flexibility and a good rate of interest. Find out more about them here.
3. Do the maths
Sit down with our easy online home loan calculators and work out what you can afford to borrow and what your mortgage payments might be. This will also highlight whether you could be saving a little more each month to reach your savings target.
4. Bump up your KiwiSaver contributions
This will also mean you're not tempted to dip into your savings. Before you increase your KiwiSaver contributions, just make sure you're eligible for a KiwiSaver first home withdrawal.
5. Set up Westpac Salary Splitter or an Automatic Payment
Salary Splitter automatically splits your income into different accounts, and keeps your savings separate from your spending money. This is an easy, set-and-forget way to make sure you’re putting a bit extra aside every payday.
6. Monitor your spending in real time
CashNav, our money management app, will help you see where you could trim down your outgoings. It's true: every little bit counts!
10. Look into low deposit options
If you haven’t saved a 20% deposit, don’t worry – there are other ways you might be able to buy your first home, even with a smaller deposit. Check out your options here, or book a meeting with one of our Mobile Mortgage Managers (either at your local branch or they’ll come to you).