Savings Calculator — How Long to Save Your Home Deposit?
Savings Calculator
Work out how long it will take to reach your deposit goal — and how much interest your savings will earn along the way.
| Savings Goal | – |
| Current Savings | – |
| Amount Still to Save | – |
| Regular Contribution | – |
| Total Interest Earned | – |
| Time to Reach Your Goal | – |
| Estimated Goal Date | – |
How to Use This Calculator
This calculator works in three simple steps.
Step 1 — Set your savings goal. This is usually your deposit amount. Most lenders require at least 5% of the property’s purchase price, but 20% avoids Lenders Mortgage Insurance (LMI). For a $750,000 property, that’s $37,500 at 5% or $150,000 at 20%.
Step 2 — Enter your current savings and regular contributions. Put in what you’ve already saved and how much you can add each week, fortnight, or month. Don’t forget to include any First Home Super Saver Scheme (FHSS) contributions if you’re using that strategy.
Step 3 — Add your interest rate. Check your savings account for the current rate. High Interest Savings Accounts (HISAs) in Australia are currently paying around 4–5% p.a. The calculator compounds your interest monthly by default, which is how most savings accounts work.
How Much Deposit Do First Home Buyers Need in Australia?
The minimum deposit most lenders will accept is 5% of the purchase price. However, borrowing more than 80% of the property value means you’ll need to pay Lenders Mortgage Insurance (LMI), which can add thousands to your upfront costs.
Here’s a quick guide to common deposit targets in 2025:
| Purchase Price | 5% Deposit | 10% Deposit | 20% Deposit |
|---|---|---|---|
| $500,000 | $25,000 | $50,000 | $100,000 |
| $650,000 | $32,500 | $65,000 | $130,000 |
| $750,000 | $37,500 | $75,000 | $150,000 |
| $900,000 | $45,000 | $90,000 | $180,000 |
| $1,000,000 | $50,000 | $100,000 | $200,000 |
Keep in mind your deposit isn’t the only upfront cost. You’ll also need to budget for stamp duty, conveyancing fees, building and pest inspections, and loan application fees. Use our Stamp Duty Calculator to estimate those costs.
Tips to Save Your Deposit Faster
1. Open a High Interest Savings Account (HISA) Most big bank savings accounts pay very little. A dedicated HISA with a competitive bonus rate — often 4.5–5% p.a. — can meaningfully speed up your timeline. Look for accounts with no monthly fees and easy access.
2. Use the First Home Super Saver Scheme (FHSS) The FHSS lets you make voluntary contributions into your superannuation and withdraw them later (up to $50,000) to use as a home deposit. Because super contributions are taxed at 15% instead of your marginal rate, this can be a tax-effective way to save faster.
3. Look into the First Home Guarantee The Australian Government’s First Home Guarantee (formerly the First Home Loan Deposit Scheme) allows eligible first home buyers to purchase with as little as a 5% deposit — without paying LMI. Places are limited each financial year. Ask us if you might qualify.
4. Consider the Family Home Guarantee Single parents may be able to buy with just a 2% deposit under the Family Home Guarantee. This is one of the most powerful grants available and is a core focus of our Single Parents Home Loans service.
5. Automate your savings Set up an automatic transfer on payday so the money moves before you have a chance to spend it. Even an extra $50 a week adds up to $2,600 a year — and that’s before interest.
6. Track spending and cut unnecessary costs Use a budgeting app to find where your money is actually going. Small changes — like reducing subscriptions, eating at home more often, or refinancing existing debt — can free up hundreds of dollars each month to redirect into savings.
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How an Awesome Mortgage Broker Can Help
Once you’ve got your deposit sorted, the next step is understanding how much you can borrow and which lender is right for you. That’s where we come in.
At Awesome Lending Solutions, we compare home loans from over 40 lenders to find you the right fit — not just the lowest rate, but the right features, flexibility, and structure for your situation. And our service is free to first home buyers.
We can also help you:
- Check if you qualify for the First Home Guarantee or Family Home Guarantee
- Understand how stamp duty concessions apply in your state
- Structure your loan to avoid LMI where possible
- Prepare your application so it’s ready when you hit your savings goal
You don’t need to have your full deposit saved to start the conversation. Many of our clients come to us 6–12 months before they’re ready to buy, so we can help them plan the final stretch.