Saving for a house deposit
Saving for a home deposit needn't be as difficult as you think
We understand that saving for a home deposit can be challenging, particularly in the current economic climate. But that's not to say it can't be done.
By using Great Southern Bank's clever products and tools, you can get there quicker than you ever thought possible.
How to save for a house deposit faster
Help is at hand
A number of government schemes and concessions exist to help first homebuyers on their way.
- Government schemes
You may be able to avoid paying Lenders Mortgage Insurance with a deposit of as little as 5% thanks to the Australian Government's First Home Guarantee or as little as 2% with the Family Home Guarantee.
- Save on stamp duty
Stamp duty is a tax based on the value or purchase price of the property. In some states, properties under a certain value are exempt. Check out if you're eligible for a concession or exemption with our stamp duty calculator.
Saving for a house deposit explained
Traditionally speaking, a deposit of 20% is recommended. This is because deposits of this size or more mean that Lender’s Mortgage Insurance (LMI) isn't required.
However, we understand that this can be challenging for ordinary Australians, particularly in the current economic climate.
The good news is, we have loan options available from as little as 5% deposit.
Here are some examples:
| Property Price | 5% deposit | 20% deposit |
|---|---|---|
| $600,000 | $30,000 | $120,000 |
| $700,000 | $35,000 | $140,000 |
| $800,000 | $40,000 | $160,000 |
| $900,000 | $45,000 | $180,000 |
| $1,000,000 | $50,000 | $200,000 |
| Property Price | |
|---|---|
| $600,000 | |
| 5% deposit | $30,000 |
| 20% deposit | $120,000 |
| $700,000 | |
| 5% deposit | $35,000 |
| 20% deposit | $140,000 |
| $800,000 | |
| 5% deposit | $40,000 |
| 20% deposit | $160,000 |
| $900,000 | |
| 5% deposit | $45,000 |
| 20% deposit | $180,000 |
| $1,000,000 | |
| 5% deposit | $50,000 |
| 20% deposit | $200,000 |
To earn bonus interest on your savings, you simply need to meet our eligibility criteria each month. This means:
- Having Home Saver and Everyday Edge accounts. You can open both at the same time.
- Depositing at least $2,000 into your Everyday Edge account from a non-Great Southern Bank account (e.g. your salary) each month.
- Making five purchases a month with your Visa Debit card.
If you can manage all that (and let's face it, it's not too demanding), you can receive bonus interest on Home Saver balances up to $100,000!
In addition to this, our clever tools The Boost and The Vault can help you reach your savings goals quicker.
How long it takes to save for a home deposit depends on various factors including the size of the deposit and how much and how often you're able to save.
Our savings calculator can be helpful for working this out.
This is a one-off insurance payment which protects your mortgage lender if you default on the loan. LMI is commonly paid when borrowers have less than a 20% deposit.
The amount paid can vary depending on the lender, the loan amount and your deposit size. Most lenders let you to choose to pay LMI upfront or add this to your loan amount and include it in your repayments.
Apart from your deposit, there are a few other upfront costs you’ll need to be prepared for. These include:
- Building and pest inspection
- Solicitor or conveyancer fees
- Mortgage Registration Fee
- Lenders Mortgage Insurance (if applicable)
- Transfer fees - also known as stamp duty (if applicable)
- Home and/or contents insurance
- Strata / body corporate fees – if you’re buying an apartment or townhouse
- Council rates and fees
- Moving costs
You may also want to set some extra funds aside for emergency repairs after you move in. Or if you’re breaking free from share house life, furniture, and appliances you don’t already own.
Unsure how much extra you need? Our upfront cost calculator can do the sums for you.
Support on your home-buying journey
Complete the form and we’ll connect you with one of our experienced Home Loan Specialists.
Mon - Fri: 9:30am - 4:00pm (AEST)
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL 238317. Conditions, fees and charges apply.
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 and Conditions (T&Cs) booklet, before acting on it. The Financial Claims Scheme may apply to this product; refer to the T&Cs for more information.
Deposits up to $250,000 per account holder are guaranteed by the Federal Government under the Financial Claims Scheme.
* Rates current as at 09 June 2026. Rates and bonus interest criteria are subject to change.
Interest is calculated daily and paid monthly. The base rate of interest is payable on the whole balance held in your Home Saver Account. Bonus interest is applied on top of the base rate on balances up to $100,000 in a calendar month if, prior to the last day of that calendar month:
A. You receive deposits totalling $2,000 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank account into your Everyday Edge Account/s; and
B. At least 5 Visa Debit card purchases have been processed from your Everyday Edge Account/s and are not in pending status (excludes ATM withdrawals, eftpos cash out, balance enquiries and Bank@Post transactions).
Only deposits and purchases performed on Everyday Edge accounts are eligible to meet the bonus interest criteria for Home Saver.
+ A fee rebate will be applied to your Everyday Edge Account on the first day of the next calendar month for all Great Southern Bank Visa Debit International Transaction Fees and Great Southern Bank Overseas ATM Cash Withdrawal Fees debited during the current calendar month if, prior to the last day of that calendar month:
A. You receive deposits totalling $2,000 or more by electronic transfer (excluding telegraphic transfer) from a non-Great Southern Bank account into your Everyday Edge Account; and
B. At least 5 Visa Debit card purchases have been processed from your Everyday Edge Account and are not in pending status (excludes ATM withdrawals, eftpos cash out, balance enquiries and Bank@Post transactions). International non-Great Southern Bank fees may apply.
To view the Target Market Determination for this product, please click here.
| Pre-approval | Pre-qualify |
|---|---|
Pre-approval
You’ll end up with a definitive amount that you can borrow so you can start making offers on properties. | Pre-qualify
|