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  1. Money saving tips

Our five-point plans for saving money

Discover all the tips, hacks and tools you need

Whatever you’re saving for, we have a five-point plan that could work for you.

Whether you’re saving for a home deposit or holiday, want to reduce your mortgage payments or simply budget better – our five-point plans could help set you on the right path.

5 ways to help you save money

  1. Set a goal. If you know what you’re saving for, you’re more likely to stick to it.
  2. Make a budget. Use our budget planner to help stay on top of your finances.
  3. Do the math. Figure out what you can afford to live on. We recommend 60% of your income, which leaves you 40% for savings and emergencies.
  4. Keep track. Just to make sure you’re not living beyond your set goal.
  5. Bank it. Choose a high interest savings account and you could watch your money grow.

5 tips that could help you save for a home deposit

  1. Find your number. Work out the total amount you need to save, how long it will take, and how much you’ll need to put away each month to reach your goal. Use our savings plan calculator to help you get started.
  2. Reduce your debts. Because the less you have, the more you can borrow.
  3. Pay yourself. Open a high interest savings account and set up a direct debit – so you can make an automated deposit every payday.
  4. Downsize. Think about finding somewhere smaller or further out to live, or get a flatmate to help out with the rent and bills.
  5. Know your entitlements. Through the First Home Super Saver Scheme (FHSS), you can save for a home deposit within your super. Find all the details you need right here.

5 ways you could save on a mortgage

Whilst every situation is different, here are some common ways you could save on your mortgage.

  1. Set up an offset account. The amount in this account is deducted from the amount you own on your mortgage – so you end up paying interest on a smaller amount. Use our offset calculator to see how much time and interest you could save on your home loan.
  2. Make fortnightly payments. You’ll pay off slightly more than what’s needed each month, which will equate to an extra payment per year. Our extra repayments calculator can help you understand how much you could reduce the time it takes to pay off your loan by making extra repayments.
  3. Round up your payments. Let’s look at an example. If you have a $300,000 mortgage with a 4.00% p.a. interest rate and 30-year term, your monthly payments will be $1,432.251. If you round each payment up to $1,440 – just $7.75 more a month – you’ll save over $2,500 in interest and reduce your term by three months.
  4. Get a redraw facility. You can make extra payments but still withdraw money (in advance extra payments) if you need quick access to it.
  5. Refinance. If there’s a better deal out there, it’s worth looking into. Just make sure you get a breakdown of all the costs and associated fees.

5 ways to budget better in the house

  1. Change one habit. Whether it’s fewer takeout meals a week or cutting down on online shopping – changing one aspect of your spending could make a big impact.
  2. Shop around. See if there’s a better deal out there on your gas, electricity, phone or internet – then either change providers or ask your current provider to match it.
  3. Find a different path. Personal insurances, such as life insurance and income protection insurance, can be paid through your super fund – so it doesn’t impact your cash flow.
  4. Start a lunch club. You’ll save big bucks by making your own lunch, instead of buying it out. Get your colleagues on board and set up a regular lunch club day.
  5. Don’t pay high interest on credit cards. Consider a low interest credit card to reduce your monthly payments – just keep an eye on the rate when interest rates change.

Get in touch

If you’re interested in our range of competitive home loans, ready to open a bank account with us or you’re just after more information about ways you can save, we’re here to help.

Speak with us today

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Call 1800 288 300

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Important information

Fees, charges and lending criteria apply and product terms and conditions available on application. Please refer to Terms of Use before applying for any product.

Any advice does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditions (including Terms of Use), any Product Disclosure Statement (if applicable) and Financial Services Guide before acquiring any product.

Assumptions: This assumes the interest rate does not change, the repayments remain the same, and you do not make additional repayments.

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