House Deposit Savings Goal Calculator
Work out how long it takes to save a deposit when the target is moving. Most deposit calculators assume prices stand still; this one grows the purchase price while you save, which is the difference between a plan that works and one that never quite gets there.
Your details
Stamp duty, conveyancing, inspections, loan fees.
Your savings
Market
| Target purchase price | $850,000 |
| Deposit at 20% | $170,000 |
| Purchase costs Stamp duty, legals, inspections | $40,000 |
| Total required | $210,000 |
| Already saved | $60,000 |
| Still to save | $188,956 |
| Monthly saving | $2,500 |
| Months at this rate, ignoring price growth | 76 |
| Price when you get there Grew $194,778 while you saved | $1,044,778 |
| Deposit actually required then | $248,956 |
| Year | Saved | Property price | Deposit needed | Shortfall |
|---|---|---|---|---|
| Year 1 | $93,383 | $884,630 | $216,926 | $123,543 |
| Year 2 | $128,299 | $920,672 | $224,134 | $95,835 |
| Year 3 | $164,820 | $958,181 | $231,636 | $66,816 |
| Year 4 | $203,018 | $997,219 | $239,444 | $36,425 |
| Year 5 | $242,972 | $1,037,847 | $247,569 | $4,598 |
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Frequently asked questions
Is it better to wait for a 20% deposit or buy earlier with LMI?
It depends entirely on whether prices grow faster than you save. If prices rise 5% a year on an $850,000 property, the target grows by more than $8,000 a year just on the deposit - often more than the one-off LMI premium. The honest answer needs both numbers: run this calculator, then price the premium in the LVR & LMI calculator.
Do I need to save the stamp duty as well?
Yes. Lenders will not lend against purchase costs, so stamp duty, conveyancing and inspections all come from your own funds on top of the deposit. In most states this is the difference between having a deposit and being able to settle. First home buyer concessions can reduce or remove duty - check your state.
General advice warning: This calculator provides general information only. It does not take into account your objectives, financial situation or needs, and it is not personal credit or financial advice.
Results are estimates based on the inputs and assumptions shown. Any interest rate used is an example and is not an offer of credit. Speak to a licensed credit representative before acting on these figures.