first home

Saving for your first home can take years of hard work but it isn’t impossible if you have a plan in place. Today we are introducing Jonathan and Anthea, a young couple, who have set themselves up for success with APS.

Meet Anthea and Jonathan

After kicking the travel bug, Jonathan and Anthea decided to knuckle down and save for their first home. They were both earning enough to save $250 a week meaning they would be saving $26,000 per year. After a few years of saving, they hoped to have enough to put a deposit down for their first home. 

Finding a competitive interest rate

Jonathan and Anthea were determined to save as efficiently as possible and knew that they should shop around before settling with their current bank. They first approach a major bank who advised them to open a Special Saver account which offered a rate of 0.10% p.a. With certain conditions, they could receive up to .50% p. a, however, this was the maximum interest rate that they would ever receive on their investment. Although this was the average rate across most major banks, Jonathan and Anthea were determined to research further. 

Anthea’s uncle suggested they contact APS Savings with an interest rate of 3.50% p.a. The only condition for this savings account is that they need to provide 31 days notice whenever they wish to withdraw funds. 

How much did they save for their first home?

With $26,000 of savings, Jonathan and Anthea calculated their yearly interest earnings with a major bank to be $70. This compared to $500 with an APS Savings account. That’s a 614% increase in potential savings! For Jonathan and Anthea, choosing APS Savings was a clear decision and they haven’t looked back. 

The happy couple is now only earning significant interest in their savings. They are also proud to be a part of a not-for-profit co-operative that has been helping its members for 115 years. Learn more about APS Savings!