Home deposit savings

See how long a home deposit takes to save, or what to put aside each month, while the price you are aiming for grows.

Time to reach your deposit

52months

About 4 years and 4 months. Savings then reach $167,543 against a target of $166,940, or $150,541 and $150,000 in today's dollars.

Deposit target today: $150,00020% of $750,000
Target at goal month: $166,940$150,000 in today's dollars
Total contributions: $130,000$2,500 × 52 months
Interest earned: $17,543before tax

Savings against a growing target

Target grows at 2.5% a year; savings earn 4.5% before tax

SavingsTarget

Savings and target by year

Savings and target by year
Month	Savings	Target	Savings, today's $	Target, today's $
Now	$20,000.00	$150,000.00	$20,000.00	$150,000.00
Month 12	$51,545.35	$153,750.00	$50,288.14	$150,000.00
Month 24	$84,539.88	$157,593.75	$80,466.28	$150,000.00
Month 36	$119,050.18	$161,533.59	$110,549.93	$150,000.00
Month 48	$155,145.87	$165,571.93	$140,554.50	$150,000.00
Month 52 (goal)	$167,542.57	$166,940.36	$150,541.11	$150,000.00

Once you have the deposit

The home loan repayment calculator works out the repayments on the loan for the rest of the price.

Assumptions

Savings interest4.5% a year ÷ 12, compounded monthly, before tax
ContributionsFixed dollar amount at the end of each month
TargetDeposit plus upfront costs at today's price, growing with property price growth compounded monthly
Property price growth2.5%, an assumption rather than a forecast
Today's dollarsNominal ÷ (1 + inflation)^(months ÷ 12), with inflation at 2.5% RG 167
Monthly saving neededThe smallest amount, to the cent, that reaches the target in the projection
Reaching the targetSavings and the target are compared to the cent

About this estimate

This calculator projects savings from a fixed monthly amount against a deposit target that grows with the property price growth you enter. Tax on interest is not included, which overstates savings growth and understates the time needed. Stamp duty and lenders mortgage insurance are not included and would increase the amount needed unless you enter them as upfront costs. First home buyer schemes are not included and may reduce the amount needed for eligible buyers. Property price growth is an assumption, not a forecast: faster growth lengthens the time needed and slower growth shortens it.

Where the goal is two years or more away, amounts are shown in future dollars and in today's dollars, using inflation of 2.5% per annum unless you change it. This calculator is for general information only and is not intended to be relied on for the purposes of making a decision about a financial product. Before making any financial decisions, consider obtaining advice from an Australian Financial Services licensee.