Home loan comparison

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.


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

To take out a home loan, you generally need to build up at least 5% of the property’s value as a deposit (and 20% if you want to avoid Lenders Mortgage Insurance). This is a lot of money, and based on the $647,414 median house price across all capital cities (CoreLogic, April 2020), 5%-20% of that is $32,370-$130,000.

Data from Bankwest shows it can take ages to save up for deposits of 20% or more. In Sydney, for example, it can take 8.2 years to save up for the average house deposit and six years for a unit.

Of course, you don’t have to save up 20%, and you can buy a property that’s cheaper than the average price, but the fact remains that’s is usually pretty difficult to save for a deposit at the moment.

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 help you work out how long you need to save for a home deposit or how much you need to save regularly to achieve your goals within a certain timeframe.

Say you want to buy a house of a certain value in three years. Our savings calculator will show you how much you’d need to deposit into a savings account weekly/fortnightly/monthly in order to save up a 20% deposit for that house in three years. Alternatively, you can use our calculator to work out how long it’d take to save up that deposit if you’re saving a set amount each month/fortnight/week.

Having an idea of how close to or far away from your goal you are can give you a better idea of whether your property goal is realistic or not.


Home loan news


The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered which includes retail products from at least the big four banks, the top 10 customer-owned institutions and Australia’s larger non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 customer-owned Institutions are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management in November 2020. They are (in descending order): Great Southern Bank, Newcastle Permanent, Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The larger non-bank lenders are those who (in 2020) has more than $9 billion in Australian funded loans and advances. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and you are referred to a Product or Service Provider’s web page, it is highly likely that a commercial relationship exists between that Product or Service Provider and Savings.com.au

Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site.

In the interests of full disclosure, Savings.com.au, Performance Drive and Loans.com.au are part of the Firstmac Group. To read about how Savings.com.au manages potential conflicts of interest, along with how we get paid, please click through onto the web site links.

*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.