Safely Paying Your House Deposit Online: A Step-by-Step Guide   

Safely Paying Your House Deposit Online: A Step-by-Step Guide 


As the world becomes increasingly digital, online transactions have become a common practice, especially in the real estate market. Paying your house deposit online offers convenience and efficiency, but it’s important to prioritise security to protect your financial information. This article aims to guide you through the process of safely paying your house deposit online, ensuring a smooth and secure transaction. 

After some quick tips and advice for your house deposit? Scroll down to the end of the article for some helpful tips about mortgage insurance, calculating how much deposit you need, and other nuggets of advice for your future home loan.

What this article covers

  • Safely Paying Your House Deposit Online: A Step-by-Step Guide
    • Verify the legitimacy of the transaction 
    • Use a secure and trusted payment method 
    • Ensure a secure internet connection 
    • Keep your devices secure
    • Double-check the website’s security
    • Be cautious of phishing attempts 
    • Double-check payment details 
    • Confirm receipt of payment 
    • Monitor your accounts
    • Seek professional advice
  • House deposit tips and advice
    • Consider if you’ll have to pay Lenders Mortgage Insurance (LMI)
    • What portion of the purchase price should your deposit be?
    • Eligible first home buyers: what schemes are available to you?
    • Think about your future home loan repayments
    • Don’t forget about the future registration fees and stamp duty
    • Create a solid savings plan


Safely Paying Your House Deposit Online: A Step-by-Step Guide

Verify the Legitimacy of the Transaction 

Before proceeding with any online payment, confirm the legitimacy of the transaction. Ensure you are dealing with reputable parties, such as the seller’s authorised real estate agent or a trusted mortgage broker service. 

Beware of any suspicious requests or unfamiliar platforms, as they may indicate fraudulent activity. When you receive your instructions from Matthews Real Estate to pay your deposit, we always recommend that you call us to confirm the email has come from our Annerley office and that the account details are correct. 

Use a Secure and Trusted Payment Method 

Opt for secure and trusted payment methods to minimise the risk of fraud or unauthorised access to your financial information. Commonly used and reliable options include bank transfers, online payment platforms (such as SecureExchange), or secure payment gateways provided by reputable mortgage broker services. At Matthews, we bank with NAB and bank transfers are our preferred payment option. We also provide EFTPOS in our office at 678 Ipswich Road Annerley. 


Ensure a Secure Internet Connection 

Prioritise the use of a secure and private internet connection when making your deposit payment online. Avoid using public Wi-Fi networks, as they are more susceptible to hacking attempts. Use a password-protected home network or a trusted virtual private network (VPN) to encrypt your connection and protect your data. 


Keep Your Devices Secure  

Maintain the security of your devices to prevent unauthorised access to your sensitive information. Regularly update your operating system, web browser, and security software. Install reliable antivirus and anti-malware software to safeguard against potential threats.  


Double-Check Website Security 

When making an online payment, verify that the website you are using is secure. Look for the padlock symbol in the website address bar, indicating a secure connection. Additionally, check if the website’s URL begins with https:// instead of http://—the “s” stands for “secure” and signifies that the website encrypts data transmission. 


Be Cautious of Phishing Attempts 

Phishing is a common tactic used by cybercriminals to trick individuals into revealing sensitive information. Be vigilant when receiving emails or messages requesting payment details or login credentials. Verify the authenticity of the communication by contacting Mathews Real Estate directly using our verified contact information. Don’t respond to links inside an email if you are unsure. 


Double-Check Payment Details 

Before making the payment, triple-check the payment details, including the recipient’s name, account number, and payment amount. Ensure that you have entered the correct information to avoid any potential errors or discrepancies. Mistakes in payment details can lead to complications and delays in the transaction. You are most welcome to call our office on 07 3848 0655 to confirm our payment details. 


Confirm Receipt of Payment 

After making the payment, request confirmation from the Matthews Real Estate office that the payment has been received. Retain copies of all transaction records, including payment confirmations, receipts, and any correspondence related to the transaction. We will provide you with a receipt as soon as the payment has cleared. 


Monitor Your Accounts 

Keep an eye on your financial accounts after making the payment. Regularly review your bank statements and online transaction histories to ensure that no unauthorised charges or suspicious activities have occurred. Report any suspicious transactions immediately to your bank or payment provider. 


Seek Professional Advice 

If you have any concerns or uncertainties about paying your house deposit online, consider seeking professional advice from a trusted financial advisor or your Matthews Real Estate agent. They can provide guidance tailored to your specific situation and help ensure a secure and smooth payment process. 


Safely paying your house deposit online requires a proactive approach to security and a watchful eye for potential risks. By following the steps outlined in this guide and remaining vigilant throughout the transaction, you can protect your financial information and complete your deposit payment securely and in a timely manner. 

House deposit tips & advice

When preparing to buy a house, it’s important you can get your head around the finer details. This includes paying for your deposit and saving for it, too. To understand how much deposit you need, though, you’ll need to take a few steps back and understand the other payments and considerations involved. This initial payment is not just a financial commitment but a strategic step in your home-buying journey.


Here’s what you need to consider.

Consider if you’ll have to pay Lenders Mortgage Insurance (LMI)

Lenders Mortgage Insurance (LMI) protects the lender, not you, in the case that you default on your home loan. 


Generally, if your deposit is less than 20% of your property’s value, you may be required to pay Lenders Mortgage Insurance (LMI). This can add a significant amount to your borrowing costs and future repayments.


It’s essential to factor this into your budget when you’re in the stages of calculating your deposit. If you’re unsure, your lender or mortgage broker will be able to help you calculate it.

What portion of the purchase price should your deposit be?

How much deposit do you need for a house? The size of your deposit can have a significant impact on your mortgage terms. If you have a larger deposit, you’ll be borrowing less of your property’s value and will generally be able to nab a better interest rate. This means lower monthly repayments throughout your home loan term.


A 20% deposit is ideal to avoid Lenders Mortgage Insurance (LMI), but lower deposits are often accepted. Just remember that a smaller deposit may mean higher long-term costs due to that interest.

Eligible first home buyers: what schemes are available to you?

There are many offers and schemes available to help first home buyers in Queensland. These include grants, stamp duty concessions, and other savings schemes where the government will supplement your deposit or save you money in your home buying process. 


Make sure to research and take advantage of any programs that are available to you. Your mortgage broker will be able to help you understand what’s available to you and what you’re eligible for. These grants and initiatives can significantly reduce your costs, both at the start of your loan and over its duration.

Think about your future home loan repayments

Often, your house deposit can be thought of as the big hurdle in purchasing a home. But your home loan comes with long-term implications. When you’re saving for your house deposit —and then transferring it over— you need to be able to ensure that your repayments are manageable without that safety net.


Think about how your home loan will affect you now and into the future. We recommend you factor in potential changes in interest rates, your income, and life circumstances. A mortgage calculator can be a valuable tool to estimate future payments.

Don’t forget about the future registration fees and stamp duty

It’s not just the deposit you need to think about. Additional costs, such as registration fees and stamp duty, can be really substantial costs in the home buying process. These are often overlooked but absolutely must be budgeted for. These costs will vary depending on your location and property value, so get a precise estimate early on in your planning to be best prepared.

Create a solid savings plan

Being able to save a solid house deposit will only help you in the long run. A savings plan is such an important part of the home buying process. 


Start by setting a realistic timeline and goal — a realistic goal allows you to stick with it, rather than getting off track or discouraged by an unrealistic goal that sees you let yourself down. The first thing you should ask here is, “How much do you need for a house deposit?”


Then, work backwards from there, determining how much you can save with incremental goals.


Cut unnecessary expenses, consider high-interest savings accounts, and explore automatic savings plans. Remember, the bigger portion of your property’s purchase price you save for a deposit, the less you’ll need to borrow and pay in interest over time.

Trust Matthews Real Estate, with over 90 years
experience in the Brisbane property market.