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House Deposit Savings Calculator Australia
Calculate how much to save weekly, fortnightly or monthly for a house deposit and buying costs. Build your savings target in 30 seconds—no sign-up required.
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%
year(s)
Weekly
Fortnightly
Monthly
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$
Weekly target savings
$ 0
Total saving
$0
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Please note that the results provided by this calculator are for informational purposes only and should not be considered as financial advice. We recommend seeking the advice of a professional mortgage broker or financial advisor for a more accurate assessment of your financial situation.
Assumptions
Length of Month - It is assumed that every month has the equal number of days.
The amount of weeks and fortnights in a year is 52 and 26 respectively.
Amounts that have been calculated in dollars are adjusted to the closest whole cent.
House deposit guide
How to build a realistic house deposit savings plan
A deposit savings calculator helps convert a property goal into a weekly, fortnightly or monthly target. It can show whether your current timeline is realistic and how a different purchase price, deposit percentage or starting balance changes the plan. Your target should include more than the deposit, so use the guide below to identify the main upfront costs.
How much deposit might you need?
A 20% deposit is a common planning benchmark because it may avoid lenders mortgage insurance, but it is not a universal minimum. Some eligible buyers may purchase with a smaller deposit, while particular properties, postcodes, income types or loan purposes can require more. The lender also needs the funds to meet its genuine-savings and source-of-funds rules.
A larger deposit reduces the loan-to-value ratio and the amount borrowed. That can widen the range of available products and reduce repayments, but waiting longer also has trade-offs. Compare a few deposit percentages instead of assuming one target is right for every buyer.
Include purchase costs beyond the deposit
Your savings goal may need to cover transfer duty, title and mortgage registration, conveyancing or legal work, building and pest inspections, loan fees, moving expenses and initial repairs. First-home buyer concessions can reduce some government charges, but eligibility and thresholds depend on the state, property and intended use.
Keep these costs separate from the deposit when testing scenarios. The optional fees field can hold your current estimate, and the property fees calculator can provide a more detailed starting point for government charges.
What happens with a deposit below 20%?
A loan above 80% of the property's value may involve lenders mortgage insurance or a lender risk fee. This protects the lender rather than the borrower. The premium may be paid upfront or added to the loan, subject to policy, which can increase both the balance and total interest.
Some government guarantee schemes and profession-based policies can reduce or remove this cost for eligible applicants. Places, income caps and property limits may apply, so scheme eligibility should be checked close to the time you plan to buy.
Turn the target into a repeatable system
Choose a frequency that matches your pay cycle and automate the transfer soon after income arrives. Hold the deposit in an account that keeps it visible and separate from everyday spending. Review the target when your income, rent, purchase price or expected buying date changes.
Your statements may also help demonstrate a pattern of genuine savings. Avoid unexplained transfers and retain records for gifts, asset sales or other lump sums because a lender may ask where the funds came from.
Leave room for settlement and emergencies
Using every available dollar at settlement can create unnecessary pressure. Consider a buffer for valuation differences, rate changes, urgent maintenance and the first months of ownership. A pre-approval is also conditional and does not remove the need to confirm the property is acceptable security.
Before making an offer, update the target with current costs and request an assessment of your likely borrowing capacity. A broker can test different deposit and lender scenarios without treating the calculator result as an approval.
No. A 20% deposit is a common benchmark because it may avoid lenders mortgage insurance, but some buyers can qualify with less. The minimum can depend on the property, location, loan purpose, income type, genuine-savings history and lender policy. Government guarantee schemes may help eligible buyers, while other scenarios may require a larger contribution. A broker can compare the total cost rather than looking only at the minimum deposit.Learn about first-home buyer loan options
Should stamp duty be included in my savings goal?
Usually yes, unless you have confirmed that an exemption applies to your transaction. Your target should also allow for title and mortgage registration, conveyancing, inspections, loan fees, moving expenses and a settlement buffer. Concessions depend on the state, price, property type and occupancy, so update the estimate shortly before making an offer.Estimate stamp duty and government fees
Does a savings target guarantee loan approval?
No. Reaching a deposit target is only one part of a loan application. A lender will also review income and employment, living expenses, debts and credit limits, credit history, genuine savings, the source of funds and whether the selected property is acceptable security. Seek an assessment before committing to a property, especially if you are self-employed, using a small deposit or relying on a government scheme.Discuss your deposit and borrowing position
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Having worked with Angela for over 10 years, she has always been very professional and always puts my needs and interests first. Her work ethic is excellent and I trust in her abilities to always provide me with honest advice to help me reach my financial goals. My husband and I have several home and commercial properties with Smart Mortgage and I would highly recommend them to anyone who is looking for a company who truly puts your interests first.
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I have dealt with Smart Mortgage for many years. There have been a few properties I have bought and sold over this period. Angela Duong is the person I have dealt with for my home loans. I have known Angela for over 10 years and have always found her and the staff at Smart Mortgage to provide outstanding services. Buying and selling houses are some of the most stressful things a person can go through in life. Knowing that Smart Mortgage are very professional and committed to the complete process from start to finish is a great relief.
