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
More details
4.6 Star Customer Ratings
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan P&I <90%

  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
Variable
More details
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.
Disclosure
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.
Disclosure
Variable
More details
  • Easy application. Fast approval. No annual fee.
  • Unlimited additional repayments free of charge.
  • Redraw freely - Access your additional payments.
Disclosure

Ubank (part of NAB) – Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)

  • Easy application. Fast approval. No annual fee.
  • Unlimited additional repayments free of charge.
  • Redraw freely - Access your additional payments.
Disclosure
Fixed
More details
Disclosure

Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max LVR 70%) (2 years)

    Disclosure
    Variable
    More details
    Disclosure

    Ubank (part of NAB) – Neat home loan - max. 80% LVR (Owner occupied, Principal and interest)

      Disclosure
      Variable
      More details
      Disclosure

      Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max 60% LVR)

        Disclosure
        Variable
        More details

        AMP – Essential Home Loan (Owner Occupied, Principal and Interest, $750,000+, <= LVR 60%)

          Variable
          More details

          Great Southern Bank – Offset Variable - Owner Occupier Principal & Interest (LVR is 70%)

            Variable
            More details

            Bank of Queensland – Owner Occupied Economy Discount Rate (max 80% LVR)

              Variable
              More details

              Bendigo Bank – Complete Home Loan (OO P&I 60% - 80%)

                Variable
                More details
                Disclosure

                Macquarie Bank – Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 60%)

                  Disclosure
                  Variable
                  More details
                  Disclosure

                  ANZ – Simplicity PLUS Home Loan (Principal and Interest) (LVR < 70%) (New Customer) Special offer

                    Disclosure
                    VariableN/A
                    More details
                    Disclosure

                    Commonwealth Bank – Extra Home Loan (Principal and Interest) (LVR 60%-70%)

                      Disclosure
                      VariableN/AN/A
                      More details
                      Disclosure

                      Westpac – Flexi First Option Home Loan (Promo) - Principal & Interest (LVR 70-80%)

                        Disclosure
                        Variable
                        More details

                        ING – Mortgage Simplifier ($150k+ where LVR >90% - O/Occ) P&I

                          Variable
                          More details
                          Disclosure

                          NAB – Tailored Home Loan Variable Rate - Principal and Interest LVR 60% or less

                            Disclosure
                            Fixed
                            More details
                            Disclosure

                            Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max LVR 70%) (3 years)

                              Disclosure
                              Variable
                              More details
                              • No application, ongoing monthly or annual fees.
                              • Available for refinance or purchases. Quick and easy online application process.
                              • Dedicated loan specialist throughout the loan application.
                              • Discounted interest rate for 5 years for homes with an eligible solar system
                              Disclosure

                              loans.com.au – Solar Home Loan P&I <90%

                              • No application, ongoing monthly or annual fees.
                              • Available for refinance or purchases. Quick and easy online application process.
                              • Dedicated loan specialist throughout the loan application.
                              • Discounted interest rate for 5 years for homes with an eligible solar system
                              Disclosure
                              Variable
                              More details

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

                                Variable
                                More details

                                Athena Home Loans – Straight Up Owner Occupied - Obliterate (LVR < 50%) (Principal and Interest)

                                  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 February 11, 2025. View disclaimer.

                                  Important Information and Comparison Rate Warning