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
  • 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

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
Built and funded by CommBank
  • 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
Built and funded by CommBank

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
  • 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
  • Check your eligibility in as little as one minute
  • Apply online in as little as 15 minutes
  • Dedicated home loan experts are available to help
Disclosure

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

  • Check your eligibility in as little as one minute
  • Apply online in as little as 15 minutes
  • Dedicated home loan experts are available to help
Disclosure
Variable
More details
Disclosure

Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max LVR 80%)

    Disclosure
    Variable
    More details

    Greater Bank – Ultimate Discount Home Loan Package

      Variable
      More details

      AMP – Essential Home Loan (Owner Occupied, Principal and Interest, $750,000+, <= LVR 90%)

        Variable
        More details

        Bank of Queensland – Owner Occupied Economy Discount Rate (max 90% LVR)

          Variable
          More details

          BCU Bank – OMG! Home Loan - LVR of >80% and <=95%

            VariableN/A
            More details

            Regional Australia Bank – Home Loan without Offset - OO,PI LVR 90% or less

              Variable
              More details

              BankSA – Standard Variable Rate Home Loan P&I with Advantage Package (LVR below 70%)

                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

                      IMB Bank – Budget Home Loan (Principal and Interest) (LVR 90%-95%)

                        Variable
                        More details
                        Disclosure

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

                          Disclosure
                          VariableN/A
                          More details

                          P&N Bank – Basic Variable Home Loan >90% and =<95%

                            Variable
                            More details
                            • 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

                            loans.com.au – Variable Home Loan with Offset 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

                            Great Southern Bank – Basic Variable - Owner Occupier Principal & Interest (LVR is above 80% and less than or equal to 90%)

                              Variable
                              More details

                              Suncorp Bank – Personal Purpose Back to Basics Special (Principal and Interest) (LVR 70%-80%) (New Customer)

                                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 May 21, 2025. View disclaimer.

                                Important Information and Comparison Rate Warning