Savings Program

Savings program

Saving a deposit for your first home can be hard work, but there are some simple things you can do to get there faster.

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Get started with a savings plan today

Below we have included some important steps and tips to assist you in evaluating your current spending habits and forming a savings plan to help you reach your homeownership goals.


Review your current financial position

You might want to kick off your savings journey by talking to one of Buildtoday’s brokers. They can take you through low deposit mortgage options and help you work out the minimum amount you’ll need to save.

Go over your spending to see where your money is going and make sure your budget is realistic. Doing this will show you areas where you might be wasting money and help you get on top of excessive spending.

Any debts you have will affect your credit score. Review your debts and loans (car loans, credit cards, personal loans, etc.) and make sure there’s room in your budget for paying them down. The less debt you have the better your mortgage terms will be, so paying them off is a good use of money.

Use your broker’s advice to set your savings goal. How much you need to save also depends on how much you want to spend on your new home, so ask your broker about your estimated borrowing capacity.

Make your plan and take action

make your plan & take action


Once you know how much you want to save, you can build a budget. Use your budget to plan how much you can put into savings on a regular basis and to figure out what you should be spending on food, rent, utilities and your other expenses.

Open a new account just for your savings. Savings accounts normally can’t be accessed at the checkout, so there’s less temptation to spend the money if you don’t need to. Plus, they often have great interest rates available.

You can set up automatic transfers between your bank accounts, or your employer can direct some of your wages to a different account. If you do this automatically you never have to remember and it’s harder to accidentally spend money that was meant for your savings.


extra tips & tricks

Aussies spend hundreds every week on eating out (that includes your morning coffee!) and it puts a serious dent in our savings. Cooking for yourself takes a little extra effort, but it can cut your food costs by more than 60%. That’s money that can go straight into your savings account!

Huge markups and small servings mean alcohol is one of the most expensive food items in Australia. Cut back on your alcohol spend now so that you can enjoy a nice bottle of champagne in your new home later.

Shop around, wait for sales and regularly compare pricing between supermarkets and produce shops, and make sure to check competitors for discounts on your online shopping. This also goes for utilities, insurance, phone plans, internet providers – you name it. Look for the best deals and make a habit of checking before renewing to make sure you’re paying the best price.

Some accounts offer a feature that automatically rounds up the cost of your purchase and sends the extra straight to your savings account. So, if you spent $3.10 on a coffee, your account would be debited for $4 and the extra 90c goes into your savings. Doing this is an easy way to stash away hundreds of dollars every year.

Extra tips and tricks for saving

Here's our top home deposit faqs

How much deposit do I need?

Traditionally you’d need to save 20% of a home’s purchase price as your deposit. But that takes years and it’s not a cost-effective way of buying a home anymore. buildtoday specialises in low deposit options and depending on your finances, you could get into a new home with as little as $5K!

What about lenders mortgage insurance?

LMI is a one-off fee that low deposit customers pay which protects the lender if you default on your loan. While you pay a little more upfront, compared to the cost of years spent paying rent while inflation goes on and house prices continue to rise, low deposit options can often cost less than waiting and saving a bigger deposit.

Does a lower deposit affect my loan interest rate or repayments?

A low deposit means you’ll end up paying a slightly higher interest rate. The good news is once you’ve paid off some of the mortgages you can go back to the lender and renegotiate a lower rate. Just like with your LMI, many people still find it cheaper to pay a little more upfront, instead of waiting those extra years while saving.

Looking for a deposit health check?

Get in touch with our team today. We’ll go over your situation and help you understand how much your deposit needs to be and ways you can get there faster.

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