Before you move into that new home, you’ll need to pay a deposit for it. And that deposit can be very expensive, often $100,000 plus.

Our home loan deposit calculator can help you work out how much you’ll need, and what you can afford.

What is a house deposit?

A house deposit is the initial down payment made to the seller of the house before you take out a home loan. This is the first portion of the property that you pay for, and you gradually pay for the rest as you pay off your home loan.

Deposits are important lenders because they provide a buffer against potential losses should the borrower default on the loan. Lenders can also look at the size of the deposit to assess your reliability as a borrower. Someone who can afford to save a large amount for a deposit is also more likely to be able to afford to keep meeting their repayments.

How much do you need for a house deposit?

That’s where the loan-to-value ratio (LVR) comes into it.

In a lot of cases, you can take out a home loan with a deposit as small as 5% of the property's value. A 5% deposit means you still have to borrow 95% of the home’s value from the lender, meaning you have an LVR of 95%.

In order to avoid the expensive Lenders Mortgage Insurance (LMI), you’ll typically require a deposit of at least 20%, or an 80% LVR. This can be quite a lot of money. On a $500,000 home, a 20% deposit is $100,000 in savings.

You’ll also need to factor in the other upfront costs associated with purchasing property, like conveyancing fees, stamp duty costs, bank fees and more. Together these can easily cost $10,000+ at a conservative estimate, which is why it can be useful to use a house deposit calculator to find out how much you’ll need in savings.

Home loan deposit calculator

A home loan deposit calculator, such as the one on our website, can work out how much of your existing savings can be put towards a home of a certain value after all the upfront costs have been considered.

Savings.com.au’s house deposit calculator lets you input the following bits of info to find out the kind of deposit you’d need to have:

  • The estimated value of the property you want to buy
  • Your current savings
  • Which state the property is located in
  • Whether you’re buying the property to live in or as an investor
  • Whether you’re a first home buyer and buying through a scheme
  • Whether the home is established or new

Let’s say for example you’re looking to buy a $650,000 established property in NSW, and have built up $80,000 in savings. After factoring in upfront costs, you’d have around $35,000 left for a deposit, which would give you an LVR of 95%.

If you wanted to have a lower LVR, then this house deposit calculator could help you figure out just how much more savings you need.

Compare Home Loans

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
More details
GREAT INTEREST RATE
  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
GREAT INTEREST RATE

Smart Booster Investor Bundle (Principal and Interest)

  • Option to add an offset for 0.10%
  • No monthly or ongoing fees
  • Unlimited redraws
Variable
More details
NO UPFRONT OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Unlimited extra repayments
NO UPFRONT OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Investment) (LVR < 80%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Unlimited extra repayments
Variable
More details
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS
  • No upfront or ongoing fees
  • 100% full offset account
  • Unlimited extra repayments
BUNDLE YOUR HOME LOAN AND YOUR INVESTMENT LOAN FOR MORE SAVINGS

Yard Investor Bundle Loan (Bundled with Home Loan)

  • No upfront or ongoing fees
  • 100% full offset account
  • Unlimited extra repayments
Variable
More details
REFINANCE ONLY
  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Investment Loan – Refinance Only

  • A low-rate variable investment home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
FREE REDRAW FACILITY
  • Pay more to reduce the amount of interest you pay
  • Easily access additional funds in your redraw
  • Great rates and low fees
FREE REDRAW FACILITY

Basic Investment Loan (Principal and Interest) (LVR < 60%)

  • Pay more to reduce the amount of interest you pay
  • Easily access additional funds in your redraw
  • Great rates and low fees
Variable
More details
100% FULL OFFSET ACCOUNT
  • Free redraw facility
  • Split account option
  • Unlimited extra repayments
100% FULL OFFSET ACCOUNT

Ocean Investment (Amounts < $1m, LVR < 60%)

  • Free redraw facility
  • Split account option
  • Unlimited extra repayments
Variable
More details
FAST TURNAROUND TIMES AND FLEXIBLE LOAN OPTIONS
FAST TURNAROUND TIMES AND FLEXIBLE LOAN OPTIONS

Basic Investment Loan (Principal and Interest) (LVR 60%-70%)

    Variable
    More details

    Budget Investment Loan (Principal and Interest) (LVR ≤ 80%)

      Variable
      More details

      Ocean Investment (Amounts < $1m, LVR < 70%)

        Variable
        More details
        GET A FULL OFFSET ACCOUNT FOR NO EXTRA COST
        • No upfront or ongoing fees
        • 100% full offset account
        • Extra repayments + redraw services
        GET A FULL OFFSET ACCOUNT FOR NO EXTRA COST

        Low Rate Home Loan - Prime (Principal and Interest) (Investment) (LVR < 60%)

        • No upfront or ongoing fees
        • 100% full offset account
        • Extra repayments + redraw services
        Variable
        More details
        UNLIMITED EXTRA REPAYMENTS
        UNLIMITED EXTRA REPAYMENTS

        Budget Investment Loan (Principal and Interest) (LVR 80%-90%)

          Variable
          More details

          Yard Investment Loan (Principal and Interest) (LVR > 80%)

            Variable
            More details

            Basic Investment Loan (Principal and Interest) (LVR 70%-80%)

              Variable
              More details

              Ocean SMSF (No Offset) (Metro) (Principal and Interest) (LVR < 60%)

                Variable
                More details

                Base Variable Investment Loan Special Offer (Principal and Interest) (LVR > 80%)

                  Variable
                  More details

                  Extra Investment Loan (Principal and Interest) (LVR 80%-90%)

                    Variable
                    More details

                    Standard Variable Investment Loan (Principal and Interest) (LVR < 80%)

                      Variable
                      More details

                      Base Variable Investment Loan (Principal and Interest)

                        Variable
                        More details

                        Ocean SMSF (With Offset) (Metro) (Principal and Interest) (LVR 60%-65%)

                          Variable
                          More details
                          SELF MANAGED SUPER FUND LOAN
                          • Easy refinance process
                          • No application fee and no settlement fee
                          • No monthly, annual or ongoing fees
                          SELF MANAGED SUPER FUND LOAN

                          SMSF 80

                          • Easy refinance process
                          • No application fee and no settlement fee
                          • No monthly, annual or ongoing fees

                          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. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. 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 June 25, 2022. View disclaimer.

                           

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