Deposit Savings Goal Calculator
Enter your target deposit, current savings and how much you can save regularly to see how long it will take to reach your goal. This is an estimate only and does not constitute credit advice or an offer of credit.
Is that number right for your situation?
A calculator applies one formula. Lenders apply their own, and they disagree with each other. Send us what you worked out and we will tell you how it looks against real lender policy.
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How this is calculated
The calculator takes your target deposit, subtracts your current savings to find the remaining gap, then works out how many months it will take to close that gap at your chosen monthly savings rate. It compounds the interest on your growing savings balance monthly at the rate you enter, so the interest earned contributes to reaching the goal sooner.
Each month, the model adds your monthly savings to the balance, then applies one-twelfth of the annual interest rate to the new total. It repeats this until the balance reaches or exceeds your target, then reports the number of months and years, along with an estimated date.
The interest earned figure shows how much of the final balance came from compound interest rather than your direct contributions. This gives you a sense of how much the savings account rate is helping — and how much faster you'd get there by saving more or finding a higher rate.
What this doesn't account for
- Tax on interest. Interest earned in a savings account is taxable at your marginal rate. The calculator doesn't deduct tax, so the actual time to goal may be slightly longer if you're a higher-income earner.
- Rate changes. Savings account rates move with the cash rate. The calculator holds the rate constant, but in reality it will fluctuate over the savings period.
- Changing savings capacity. If your income rises, you may be able to save more per month. If your expenses increase, you may save less. The calculator uses a fixed monthly amount.
- Property price growth. If property prices rise while you're saving, your target deposit may need to be larger by the time you reach it. This calculator doesn't adjust the target for price growth.
- First Home Super Saver Scheme. If you're using the FHSSS to save through super, the tax treatment and contribution limits are different and not modelled here.
Common questions
It depends on the lender. Some accept 5% plus costs, others want 10% or 20%. A 20% deposit avoids LMI. Your deposit also needs to cover stamp duty and other purchase costs unless you have savings on top. Use the property purchase costs calculator to work out the total cash you'll need, then enter that figure as your target here.
Three levers: save more per month, earn more on your savings, or start with more. Even a small increase in monthly savings can cut months off your timeline thanks to compounding. Also consider whether you qualify for the First Home Super Saver Scheme, which can be tax-effective for building a deposit faster.
This depends on property price growth in your area. If prices are rising faster than you can save, buying sooner with a smaller deposit and paying LMI may leave you ahead — the capital growth can outweigh the LMI cost. If prices are flat or falling, saving a bigger deposit first may be better. We can help you think through the trade-off for your situation.
No. If you're eligible for the $10,000 FHOG (for new homes), you can factor that in by reducing your target deposit by $10,000. The grant is paid at or after settlement and can be used toward your deposit or costs. It's separate from the stamp duty concessions under FHBAS.
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