Deposit Savings Goal
Calculate how long it will take to save your deposit — including interest earned on your savings.
Your savings plan
Time to reach your deposit
2y 9m
approx. 33 months
Breakdown
Estimates only. Does not account for inflation or changes in savings rate.
How this calculator works
The calculator uses monthly compound interest to model how your savings grow over time. Each month, your current balance earns interest at the rate you specify, then your monthly contribution is added. This continues until the balance reaches your deposit target.
The deposit target is a percentage of the purchase price you choose. A 20% deposit avoids Lenders Mortgage Insurance (LMI). A 10% deposit is the minimum for most lenders (some allow 5% with LMI). The calculator also highlights an estimated stamp duty amount to remind you to budget for this on top of your deposit.
Worked example
Target: 20% deposit on an $800,000 property ($160,000). Current savings: $60,000. Saving $2,500/month at 4.5% p.a.
Add stamp duty (~$32,000 in NSW) to this target to arrive at your true cash requirement before settlement.
Tips for saving faster
- • High-interest savings accounts: Look for accounts offering bonus interest rates (currently 4%–5.5% p.a. for qualifying balances). The difference between 2% and 5% on $80,000 is roughly $2,400 per year.
- • First Home Super Saver Scheme (FHSS): Eligible first home buyers can make voluntary super contributions and withdraw up to $50,000 (combined) at the concessional tax rate — potentially saving thousands in tax.
- • Guarantor loans: Some lenders allow a parent or close relative to act as guarantor, enabling you to borrow with a smaller deposit while avoiding LMI.
- • Government schemes: The First Home Guarantee (FHBG) allows eligible buyers to purchase with as little as 5% deposit without paying LMI — the government guarantees 15% of the loan. Places are limited and income-tested.
Frequently asked questions
How much deposit do I actually need?
Most lenders require a minimum 10% deposit. To avoid paying Lenders Mortgage Insurance, you need at least 20%. First home buyers on government schemes can purchase with 5%. For off-the-plan purchases, the deposit is typically 10% paid at contract exchange, with the remainder due at settlement.
Does my deposit include stamp duty?
No. Stamp duty is a separate government charge due at or around settlement (or within 3 months of exchange for established properties). You need to save for stamp duty in addition to your deposit — this calculator provides an indicative stamp duty estimate as a reminder.
What is the First Home Super Saver Scheme?
The FHSS allows eligible first home buyers to make voluntary contributions to their super fund and then withdraw up to $15,000 per year (up to $50,000 total) to put toward a first home deposit. Contributions are taxed at 15% rather than your marginal rate, providing a meaningful tax saving on the way in.
Related calculators
Mortgage Repayment Calculator
Work out monthly repayments once you have your deposit
Borrowing Capacity Estimator
Find out how much a lender might approve
Stamp Duty Calculator
Calculate the stamp duty you'll need to budget for
First Home Buyer Grant Checker
Check if you're eligible for a grant or duty exemption
Ready to manage your pipeline?
Real Estate Viewers gives Australian agents a complete off-the-plan buyer pipeline — free to start.