Few things in life are as exciting as buying a new house or apartment. For most of us, it’s the biggest single purchase we’ll ever make. But unless you’re the lucky winner of a big jackpot, buying a new home will require you to save up plenty in advance. 

Why it Pays to Save!

  • Better interest rate. The bigger your deposit the better your loan to value ratio (LTV). So, if your deposit is more than 20%, you could get a 0.5% discounted rate for the first year with our First Time Buyer Mortgage.
  • Shows consistency. Mortgage providers usually want you to show between 6 and 12 months' continuous regular savings. This means no dipping in and no little breaks!

Simple tips to help you reach your savings goal

Taking the first steps towards saving can sometimes be difficult. Here are a few easy tips to get you saving for your new home.

  1. Reduce your outgoings. It’s hard to save if you have big monthly outgoings. See where you stand by using Consumer Help's handy budget planner to write down all your income and outgoings.
  2. Set a time frame. Set a realistic time frame for how much you need to save and work out what you need to put away each month. Use our handy calculator on the right to help work out how long it will take.
  3. Open a separate savings account. As well as offering you a competitive interest rate, having a separate account to save for your deposit reduces the temptation to dip into your savings for day-to-day expenses. For lump sums, think of using a fixed term account, otherwise a regular savings account could work for you.
  4. Monitor your savings. Keep an eye on your savings and evaluate if you can afford to put away a bit extra each month. With Open24 online banking and our mobile app, you can easily move funds between accounts when logged in.
  5. Personalise your account. A great way to stay motivated is giving your account its own nickname. To do this: Log in to Open24, click on your savings account and select the 'Do more' tab. Think of using something like 'House Deposit' or 'Dream Home' to really get yourself inspired.
  6. Start early. A deposit for a house can usually take 3 to 5 years to save for, so start saving as early as you can.
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Average asking
price in Ireland
€227,954
We can lend
First Time Buyers:
90%
€205,159
You'll need a
deposit of:
10%
€22,795
First Time Buyers, a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price.
Average time to save a deposit
3 to 5 years
Pay yourself first!
Try to make sure your first transfer on payday is to your savings account.
Average time to save a deposit
3 to 5 years
Average age of first time buyer
34 years old
Pin icon for background map image
€363,808
Average asking price in Dublin
€36,381
Deposit
€327,427
Loan
90%
LTV
Save as a couple
Get motivated together

Source of average home loan:
MyHome Property Report Q3 2017

Source of average asking price:
Daft house price report Q3 2017

Source of average age:
REA FTB report 2016

What else should I save for?

Don't forget, you'll also need to keep some of your savings aside for other expenses related to buying your home. Things like:

  • Stamp duty. 1% on properties up to €1m. 2% on anything €1m or above.
  • Legal and solicitor’s fees. Many solicitors charge a percentage amount (normally around 1% of the mortgage) to look after the legal aspects of buying a house.
  • Structural survey. Before committing to the purchase, it's a good idea to have a professional carry out a structural survey of the property. A seller is under no obligation to tell you about any defects.
  • Insurance. Most banks require you to take out mortgage protection insurance (a type of life insurance) and building insurance before they’ll approve your mortgage.   

Contact us

Make your dream home a reality.

Start a savings plan with us today and take your first steps towards buying your new home.

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