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If you’re still thinking about what to buy, your first option is deciding between buying a new car or opting for a used one. There are pros and cons for each, so ensure you do your research.  

When figuring how much you’ll need to save, there are a few things to consider aside from just the initial purchase price (make sure you find out exactly what’s included).

Don’t forget ongoing costs such as vehicle registration, car insurance, servicing and mechanical repairs, roadside assistance, petrol and even motorway toll costs. These costs will vary between cars. Foreign designed cars may require imported parts or specialty servicing, which may be costly. Also keep in mind insurance premiums on cars will differ depending on your personal circumstances. 

Now you know how much you need, try our savings calculator to see how much you’ll each need to save regularly. Next, assess your financial situation, by looking at your incoming and outgoing expenses to see how much you can realistically afford to save. You can also try a budget calculator, to give you a more detailed insight into your cashflow. You’ll quickly see where your money is going and where you can save. 

Next, open a high interest savings account so you can regularly deposit your savings (and any extra when you can). If you already have money saved towards your new car, you might want to think about a term deposit - you’ll get a fixed rate of return for the nominated term, so you know exactly what your investment's worth. If you find that you’re unable to save as much as you need in time, look at how you can cut day-to-day costs with our everyday savings tips.

Watch your balance grow and see how much interest you've earnt by regularly checking your savings account – it's a great way to motivate you to keep saving. Try naming your savings account something to remind you about your goal – you can do this in NetBank.

Once you've bought the car of your dreams, don't forget to adjust your budget to factor in the range of ongoing costs associated with keeping it on the road. 

Assess your situation
Seemingly small spending habits can have long-term effects on your financial health. See where your money goes, by creating a budget.

Why do you need a savings account? 
Watch your money grow and reach your savings goals sooner. Learn more about how savings accounts help you save.

Something to aim for
Whatever it is you’re saving for, creating a savings goal and having a plan to get there is a great way to keep you motivated and get there sooner.  

Ways to save with us

GoalSaver

An account that can help you reach your savings goal sooner by rewarding regular savers with a variable bonus rate and no monthly account fees.

Learn more

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

NetBank Saver

An online savings account that links to your CommBank transaction account and provides instant access to your money whenever you need it.

Learn more

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

YouthSaver

An account for under 18s that rewards regular savers with bonus interest. To qualify, make just one deposit and no withdrawals each month. 

Learn more

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

Term Deposits

If you’ve already saved over $5,000, a term deposit will give you a fixed rate of return for the nominated term, so you know exactly what your investment's worth.

Learn more

or

Already a customer banking online with us?

Save time by using your NetBank details.

Open in NetBank

New customer or don't bank online with us?

Open now

or

Savings basics, calculators and advice

Academy of saving

Become a better saver

Academy of Saving provides help and advice to get the basics of budgeting and saving right.

Learn more
Savings calculator

Savings calculator

Find out how long it would take and how much you'll need to save every month to reach your savings goal.

Learn more
Speak to a Specialist

Speak to a Specialist

Our Savings Specialists can provide valuable face-to-face support to help you achieve your goals.

Learn more

The advice on this website has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness to your circumstances. Please view our Financial Services Guide. Terms and conditions for the transaction, savings, Term Deposit and investment accounts mentioned are available online or from any branch of the Commonwealth Bank.

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