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Let us find the right tools and products for you.
Live happily clever after
I have started saving for my deposit
How much have you saved?*
How much do you want to spend on your home?*
Live happily clever after
I want to save for a deposit
How much have you saved?*
How much do you want to spend on your home?*
Nice work. You have 75% of the minimum deposit (5%)
You will need to save a further
$10,000*
*You will need to budget extra for loan establishment fees, government fees and conveyancing. If your deposit is less than 20%, you may need to pay Lenders Mortgage Insurance. The calculation is an estimate only and shouldn't be relied on. You should obtain advice before making any decisions, but let's focus on your deposit first.
You have reached 75% deposit!*
*You will need to budget extra for loan establishment fees, government fees and conveyancing. If your deposit is less than 20%, you may need to pay Lenders Mortgage Insurance. The calculation is an estimate only and shouldn't be relied on. You should obtain advice before making any decisions, but let's focus on your deposit first.
Let us help you get there

Save smarter, not harder.

Every cent counts when you're saving for a first home and we have some smart tools, features and products to get you there sooner.

The Boost

Power-up your savings ability and effortlessly grow your deposit every time you spend.

Learn more
The Vault

Hide your Home Saver Account from sight and reduce the temptation to dip into your deposit.

Learn more
Everyday Edge Account + Home Saver Account Bundle

Especially designed to help you grow your deposit faster. Find out how you can earn bonus interest on your savings with this clever pair.

Learn more
Well done! You are well on your way to buying your first home.

You may be able to buy your first home now.

These options could help you get there.

First Home Guarantee

Got your eye on a new home? You may be able to buy with as little as 5% deposit and avoid paying Lenders Mortgage Insurance. Eligibility criteria applies.

Learn more
Well done! You are well on your way to buying your first home.

These options could help you buy your first home now.
Basic Variable Home Loan

Designed with flexible features and competitive rates to help you own your home sooner.

Learn more
First Home Guarantee

Got your eye on a new home? You may be able to buy with as little as 5% deposit and avoid paying Lenders Mortgage Insurance. Eligibility criteria applies.

Learn more
Well done! You are well on your way to buying your first home.

We could help you buy your first home now
Basic Variable Home Loan

All the features you need and nothing you don't. Plus, you'll love the competitive rates.

Learn more
Fixed Rate Home Loan

Lock in a low fixed rate and save. Great for balancing the budget!

Learn more
Offset Variable Home Loan

Make saving on interest easy with our 100% offset home loan.

Learn more
Live happily clever after
I want to save for a deposit
How much do you want to spend on your home?*
Live happily clever after
I want to save for a deposit
How much do you want to spend on your home?*
For a 5% deposit, you will need:
$25,000*
*You will need to budget extra for loan establishment fees, government fees and conveyancing. If your deposit is less than 20%, you may need to pay Lenders Mortgage Insurance. The calculation is an estimate only and shouldn't be relied on. You should obtain advice before making any decisions, but let's focus on your deposit first.
This may seem daunting, but you've got this. Let's take the next steps.

Choose the right account for saving

Watch your deposit grow with an Everyday Edge Account and Home Saver bundle account.

Everyday Edge Account

Be rewarded with bonus interest on your Home Saver Account when you deposit $2,000 into your Everyday Edge Account and make five card transactions a month from your Everyday Edge Account.

Learn more
Home Saver Account

This account rewards you with bonus interest on your savings when you deposit $2,000 into your Everyday Edge Account and make five card transactions a month. It's a great way to get your savings working harder for you.

Learn more

More handy tools to help you save

Now that you've got your savings account sorted, these handy tools will help you stay on track and get saving fast!

The Boost

Power-up your savings ability and effortlessly grow your deposit every time you spend.

Learn more
The Vault

Hide your Home Saver Account from sight and reduce the temptation to dip into your deposit.

Learn more
Need some help or want to talk to a human?

Steps to saving for a home

Clever ways to save for your home deposit faster.
Everyday Edge Account + Home Saver Account

This clever pair will get you saving smarter to build your home deposit faster.

Good savings habits
The Boost

Imagine buying a coffee for $4 and 50c goes from your Everyday Edge Account into your Home Saver Account. With The Boost, you save when you spend.

The Vault

The Vault deters you from making impulse purchases. Plus, you can still access your funds in an emergency.

A helping hand
First Home Guarantee

You could buy a new home with as little as 5% deposit, and avoid paying Lender’s Mortgage Insurance.

Family Home Guarantee

Single parents with dependents could buy a new family home with as little as 2% deposit.

We're on a mission to help more Australians own their own home.

Learn more about Great Southern Bank

Customer-Owned Bank of the Year
SMART TOOLS
Clever ways to save
The Vault

Avoid the temptation to dip into your savings by hiding your account in The Vault.

The Boost

Save every time you spend with The Boost.

Notifications

Set up notifications and always know what's happening with your accounts.

PODCAST
The Clever Way Home
A podcast series designed to help simplify the home buying process.
FAQS

Frequently asked questions

How much should I aim to save for my deposit?

Generally speaking, a 20% deposit is considered the gold standard. However, the recent rise in property prices has meant that 20% is unrealistic for some first-time home buyers. So, we have home loan options available with as little as a 5% deposit. You may also be eligible for a government incentive to avoid paying Lenders Mortgage Insurance (LMI) while getting on the property ladder sooner.

What is the Loan to Value Ratio (LVR)?

The Loan to Value Ratio (LVR) is your deposit amount compared to the value of the property. The higher deposit you have, the lower your LVR will be.

LVR is expressed as a percentage. For example, if the home you’d like to buy is valued by the bank at $600,000 and your deposit is $120,000, the loan you need to purchase it is $480,000. This means the LVR is: $480k ÷ $600k = 80% LVR.

The LVR is based on the bank’s valuation of your property (which may differ from the amount you paid on the contract). From a lender’s perspective, the higher the LVR, the higher the cost and risk to the lender, which is why you’ll often see higher rates when you have a higher LVR.   Apart from getting a better rate, having 80% or lower LVR also means you could avoid paying Lender Mortgage Insurance (LMI).

What is Lenders Mortgage Insurance (LMI)?

If your deposit is less than 20% of the property’s value, most financial institutions will require Lenders Mortgage Insurance (LMI). LMI is taken out to protect the lender in case of default. It’s a one-off cost that you can chose to pay upfront or add it to your loan.

What are the upfront costs when buying a home?

Apart from your deposit, there are a few other upfront costs you’ll need to be prepared for. These include:

  • Building and pest inspection
  • Solicitors' fees
  • Mortgage Registration Fee
  • Home loan establishment fees
  • Lenders Mortgage Insurance (LMI) (if applicable)
  • Transfer fees - also known as stamp duty (if applicable)
  • Home and/or contents insurance
  • Council rates and fees
  • Furniture and appliances you don’t currently own
  • Moving costs

In Episode 2, of The Clever Way Home Podcast, "How Much Will I Need?" we break down all the upfront costs to help you understand what to expect.

Unsure how much extra you need? Our upfront cost calculator can help you do the sums.

Who is Great Southern Bank?

Great Southern Bank is Australia’s largest Customer Owned Bank. You may have previously known us as CUA.

For over 75 years we’ve helped our customers reach their financial goals. Fast-forward to today and we noticed that many people were finding the Great Australian Dream of homeownership out of reach. That’s why we’ve made it our purpose to help every Australian achieve the dream of owning their own home - and we can’t wait to help you get started.

Plus, being customer-owned means that you come first. Instead of chasing huge profits for shareholders, we reinvest back into the business to provide better products and services to our customers.

Crunch the numbers

Get in touch
We’re here to help.
Call 133 282

Mon - Fri: 8:00am - 7:00pm (AEST)
Sat: 8:00am - 4:00pm (AEST)

Find a branch
Speak to one of our friendly staff at a branch near you.
Connect online
Chat to us or browse help topics and FAQs.
Important Information

Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions and fees apply. Applications are subject to credit approval.

This is general information and does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information, including the Terms & Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to deposit products; refer to the T&Cs for more information.
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What stage are you at?
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Applying for pre-approval allows you to know the maximum amount you can borrow while you look for a property.

Pre-approval means that a lender has agreed to lend you an amount of money in-principle, but the loan hasn't been proceeded to full or final approval.

While pre-approval is not a fully approved loan it can help you narrow your search, negotiate, and make an offer with certainty and confidence.

How much would you like to borrow?
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The minimum amount you can borrow is $100,000
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Great Southern Bank was previously known as CUA.
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Great Southern Bank was previously known as CUA.
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First Home Guarantee
Family Home Guarantee

The Australian Government has introduced initiatives to support eligible Australians to build or purchase a new home sooner: the First Home Guarantee and the Family Home Guarantee.

Thanks [Name], we'll speak to you soon
One of our Home Loan Specialists will call you on [0413 456 789] at your preferred time.
To help you get the most out of your call, we recommend having some details ready:
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  • Financial details, including what you own and what you owe
In the meantime, if you have any questions, we’d be happy to help.
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