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Budgeting tools

Learn how to better manage the impact of home loan repayments with our helpful budgeting guide and tools.

For a stress - free mortgage, it's really important that you stay on top of your finances and spending so that you know you will always have enough to cover your home loan repayments.

Budget for your peace of mind

Just as you budgeted to save for a home loan deposit (or anything else), you should budget for your home loan. You can use an existing budget and update it to include your living costs or start afresh.

With a new home comes new bills - which can be a little overwhelming at times. By creating a budget, regularly checking in on it, and sticking to it - you will find it all much easier to keep up with and know what money you have to play with or save for your next treat. It's a great way to keep your spending under control because you become clear on how much is being spent and where.

At conditional approval stage?

If you have just got to conditional approval stage, then now is a great time to get organised and set up your budget. You may wish to start saving for any moving expenses, new furniture or maybe just prepare for when your home loan repayments start. This is also an opportunity to consider the affordability of the loan based on your expected households' expenses. An honest budget can be a real eye-opener - and now is a great time to do that.

Already moved in?

Congratulations! It's not too late to start budgeting (in fact - it never is). Avoid bill shock and get clear and what your outgoings are going to be. If you've bought your new home with a partner or as a family, it's good to get everyone on board so that you can commit to your goals together.

Top 12 costs to prepare for home ownership

Bill smoothing

What goes into a budget?

While it varies from person to person, it should include all of your cost-of-living expenses, this can include (but is not limited to):

  • Home loan repayments (or housing costs)
  • Food
  • Transportation
  • Child care
  • Health care
  • Insurances
  • Education
  • Pets
  • Utilities
  • Repairs and maintenance
  • Entertainment
  • Leisure spending
  • Savings, and 
  • anything else that comes from your bank accounts.

Some costs will be fixed, while others are variable - it's important to prepare for increases (and a bonus when there are decreases). You'll soon find that it quickly adds up!

Free budgeting tools

There are some great budget tools and apps available to help you get into shape. A good budget tool can help you spend and save sensibly while saving you time and effort. Thanks to modern tech - a lot of apps will automate part of the process for you and can sync with your bank accounts for a true measure of your spending.

Not into apps or concerned about privacy? There are still great tools that don't involve providing your personal information to a third party.

You might find it useful to research these and find one that works for you. We suggest some of the following links to get started:

Some useful links

6 savings & budgeting apps worth checking out in 2020 (Canstar)

How to choose the best budgeting apps (Choice)

How to save money with budgeting software (Finder)

Budget Planner - find out where your money is going (Moneysmart)

Budget Planning Tool (Moneyhelp)