Savings .com.au

How long does it take to save for a home deposit?

Saving for a house deposit can be challenging but certainly not impossible. Recent data shows it takes around five and a half years for an average Australian income earner to save 20% of their income for a 20% deposit on a median-priced home.

Of course, you can obtain a home loan with less than a 20% deposit. Many home lenders will give you a home loan with a minimum deposit of 5% (although you will have to pay Lenders Mortgage Insurance). It also depends on the market you’re looking at buying into, your income, and how much you are able to put aside into a savings account on a regular basis. The first step is setting your goal and understanding what it will take to get there.

That’s why you should use our saving for a house deposit calculator.

Saving for a house deposit calculator

Our saving for a house deposit calculator can tell you how long you’ll need to save for a home deposit – or how much you’ll need to put away on regular basis to achieve your deposit goal within a timeframe.

Say, for example, you set a goal of buying a home in three years. Our savings calculator will show you how much you’ll need to put into a savings account either weekly, fortnightly, or monthly to save a 20% deposit in that time. Alternatively, you can calculate how long it will take you to save that deposit if you are able to put aside a set amount each month/fortnight/week.

To use our calculator, enter the property amount then your current savings (excluding any First Home Owner Grant provision). On the next line, include any First Home Owner Grant you’re eligible for. Then nominate the amount of regular savings you’re able to put aside. Finally, choose which option you’d like calculated: either a timeframe or how much you’d need to put aside regularly to save the deposit amount. That option will also ask you to nominate your own timeframe target.

Having a clear idea of what’s required to save for a deposit can help you make plans for how to achieve it. As the saying goes, knowledge is power.


Looking for a home loan?

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
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4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan (LVR < 90%)

  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
Variable
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Apply In Minutes
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Apply In Minutes

Unloan – Variable Rate Home Loan LVR < 80%

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Variable
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loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR < 60%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR ≤ 80%)

    • Home loan specialists available today
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR 70%-80%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 70% - 80%)

      Variable
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      NAB – Base Variable Home Loan (Principal and Interest) (New Customer)

        Variable
        More details

        Westpac – Flexi First Option Home Loan (New Customer) (LVR > 80%)

          Variable
          More details

          ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

            Variable
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            Heritage Bank – Discount Variable Home Loan ($150k+) (LVR < 70%)

              Variable
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              People's Choice – Package Variable Home Loan (Principal and Interest) (New Customer) ($100k+) (LVR < 70%)

                Variable
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                Bendigo Bank – Express Home Loan (Principal and Interest)

                  Variable
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                  HSBC – Home Value Home Loan (Principal and Interest) (LVR < 70%)

                    Variable
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                    MOVE Bank – Everyday Home Loan (Principal & Interest) LVR < 80%

                      Variable
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                      Suncorp Bank – Personal Purpose Back to Basics Special (Principal and Interest) (LVR ≤ 60%) (New Customer)

                        Variable
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                        ING – Mortgage Simplifier Home Loan (Principal and Interest) ($150k-$500k, LVR < 80%)

                          Variable
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                          Great Southern Bank – Basic Variable Owner Occupier Construction (LVR ≤ 70%)

                            Variable
                            More details

                            Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR 60%-70%)

                              Important Information and Comparison Rate Warning

                              Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of August 21, 2024. View disclaimer.

                              Important Information and Comparison Rate Warning