Last Updated: 22nd May, 2024

Savings Calculator

Use this calculator to work out how much you’re currently putting away and how quickly you’ll be able to reach your deposit goal.

Saving just a little more every week or month can make a huge difference and help you buy a home sooner.

If you need help with getting a home loan, call 1300 889 743 or complete our free assessment form to speak with one of our mortgage brokers.

How Much Do You Need For A House Deposit?

Generally, lenders require a deposit of at least 20% of the purchase price of the house, along with additional earnings to cover transaction costs such as stamp duty and government taxes.

Lenders also do offer home loans if you have less than a 20% deposit. However, you will have to pay Lenders Mortgage Insurance (LMI) and you may have a harder time demonstrating that you can afford to service the loan. You should aim to save at least 5% of the purchase price as a deposit for your home. Depending on the state you’re buying in, you may need to save a little more to cover expenses such as stamp duty and conveyancing costs.

A 5% deposit is a great target, as it meets most lenders’ requirements for genuine savings and it’s the minimum deposit required to apply for a 95% home loan. Use our How Much Deposit Do I Need Calculator to determine the amount required for your deposit.

Tips For Saving Up A House Deposit

So you’ve figured out how much you need for a house deposit. Now comes the crucial part: saving the money. It might seem like a daunting task, but with the right approach, you can achieve your dream much faster than you think.

Here are some simple and effective tips to make saving for a deposit easier.

Set A Clear Savings Goal

Figure out the average house price in your desired location. You can check out real-estate platforms online to see the selling prices of houses in the areas you are interested in or visit auctions. Knowing exactly how much you need for your house deposit is crucial.

A typical deposit can range from 5-20% of the house price. Once you have this figure in mind, break it down into smaller, manageable targets, such as monthly or yearly savings goals. This makes the process less overwhelming and provides clear milestones to celebrate along the way.

Open A Dedicated Savings Account

Create a specific savings account for your house deposit. Look for one with a high-interest rate and no fees, which will help your savings grow faster. This separation from your everyday funds reduces the temptation to dip into your savings for non-essential spending, and you can even set up automatic transfers from your checking account to grow your savings effortlessly. Another option is to set up automatic payroll deductions, diverting a portion of your paycheck directly into your house deposit savings. This ‘out of sight, out of mind’ approach can further accelerate your savings growth.

Track Your Income And Expenditure

Awareness is key to managing your finances. By tracking your income and where every dollar is spent, you can identify areas where you can cut back. Plenty of budgeting apps and tools are available to help you monitor your spending patterns and adjust accordingly.

Creating a budget that allocates funds not just for bills and essentials but also some pleasures helps you avoid feeling deprived and stay motivated throughout your savings journey.

Take Advantage Of Government Schemes

Cut Unnecessary Expenses

Review your spending habits and identify areas where you can cut back. Small changes, like dining out less frequently or cancelling unused subscriptions, can add up to savings over time. Redirect these savings directly into your house deposit fund.

Manage Your Debts

High levels of debt can impede your ability to save. Focus on paying down high-interest debts first, such as credit-card balances.

Consolidating multiple debts into a single loan with a lower interest rate can also make managing and repaying your debts easier and cheaper.

Increase Your Income

If possible, look for ways to increase your income. This could involve asking for a raise at your job, taking on extra work or freelancing, or turning a hobby into a side hustle. Additional income streams can greatly accelerate your savings progress.

Seek Financial Advice

Professional financial advice can be invaluable, especially for those with complex financial situations or specific goals. A financial adviser can help you create a personalised saving strategy, taking into account your unique circumstances and maximising your saving potential.

What Can I Use As A House Deposit?

While genuine savings are ideal, there are various house deposit options to consider:


Dreaming Of Your Own Home? It’s Closer Than You Think!

We share your passion for homeownership, and we’re here to help you achieve your dream. Whether you’re saving for a deposit or searching for the right loan, let’s simplify the process together. Just call us at 1300 889 743 or complete our free online enquiry form, and we’ll get back to you shortly. Don’t wait – begin your journey today!


This information is general advice only. Should you require specific financial advice, please speak to a qualified financial planner who can assess your situation.

Whilst we have made every effort to ensure that the information on this page is accurate, you should not rely on this information, as it may be out of date or contain errors.