Savings Goal Calculator
How long will it take to save your deposit?
Enter your savings goal, your current balance, and how much you save each month. We will tell you exactly when you will get there.
How does it work?
This calculator works backwards from your savings goal. You enter the amount you need to save (your deposit target plus upfront costs), your current savings balance, your regular monthly savings contribution, and the interest rate on your savings. It calculates how many months until you reach your goal and lets you see how different contribution amounts or interest rates change your timeline.
The calculator has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.
What affects your savings timeline?
Your monthly savings contribution
This is the biggest lever. Even a modest increase in how much you save each month can bring your goal date forward significantly.
Your current savings balance
Starting with an existing balance means less ground to cover. Every dollar you already have saved is time off your goal date.
The interest rate on your savings
A higher savings rate grows your balance faster. Even a 1% difference in savings rate has a meaningful effect over 2 to 3 years.
Your deposit target
Remember to include upfront costs in your target (stamp duty, legal fees, building inspections) not just the deposit itself.
Reaching your goal faster
• Increase your monthly savings amount by even a small amount and run the calculator again. The impact on your timeline is often surprising.
• Review whether a government scheme like the Australian Government 5% Deposit Scheme could reduce your savings target and bring your goal forward.
• Set a specific goal date and work backward to the monthly savings amount you need rather than saving whatever is left over each month.
• Use a high-interest savings account or term deposit to maximise your savings rate.
Savings timeline questions we get asked a lot.
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Your deposit (typically 5% to 20% of the property price), plus stamp duty, legal/conveyancing fees, building and pest inspection costs, and a buffer for moving and immediate costs. Use our Stamp Duty Calculator to estimate the stamp duty component for your state.
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Possibly. The Australian Government 5% Deposit Scheme can let eligible buyers purchase with a 5% deposit and avoid LMI, which reduces the deposit you need to save. The First Home Owner Grant provides a cash contribution in most states for new builds. Eligibility depends on your circumstances. A discovery call is a good place to start if you want to understand how the schemes work and what they look at.
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It depends on property prices in your target area, your financial stability, and your personal goals. Buying sooner with a smaller deposit means a larger loan and potentially LMI costs. Waiting longer risks property prices rising beyond your reach. There is no universal right answer, which is why a proper conversation about your specific situation matters.
Want to know exactly what you need to save and by when?
Book a discovery call and we will help you determine if you are in a position to enter the property market.