Deposit Savings Planner
Plan your path to a home deposit. Enter your target property price, desired deposit percentage, current savings, and monthly contribution to see how long it will take to reach your goal and when you'll be ready to buy.
How this calculator works
Enter your target property price
Enter the price of the property type you want to buy. Use realistic prices for the suburbs you're considering — check recent sales on a property portal.
Choose your target deposit percentage
Pick 20% to avoid LMI, or a smaller percentage (5–10%) if you're using a government scheme or willing to pay LMI to buy sooner.
Enter your current savings
Add your existing deposit savings, including any First Home Super Saver Scheme balance you can withdraw.
Enter your monthly contribution
Add how much you can realistically save each month after rent, expenses, and other commitments. Be honest — overestimating delays the goal.
Review your timeline
See how many months until you reach your deposit target. Adjust the property price, deposit percentage, or monthly contribution to compare scenarios.
Frequently asked questions
How much deposit do I really need to buy a home?
The standard goal is 20% of the property price, which avoids Lenders Mortgage Insurance (LMI). However, you can buy with as little as 5% deposit if you pay LMI, or with no deposit at all using a guarantor or government schemes like the First Home Guarantee. The right deposit depends on whether you'd rather wait and save more, or buy sooner and pay LMI.
What is a 20% deposit and why does it matter?
A 20% deposit means you've saved 20% of the property purchase price upfront. It matters because it brings your loan-to-value ratio (LVR) down to 80%, which is the threshold below which lenders no longer require Lenders Mortgage Insurance. LMI can add tens of thousands of dollars to the cost of a home loan.
What is Lenders Mortgage Insurance (LMI)?
LMI is a one-off insurance premium that protects the lender (not you) if you default on the loan and the sale doesn't recover the full amount owed. It's required when your deposit is less than 20%. The premium is typically capitalised into your loan, meaning you pay interest on it for the life of the loan.
How does the First Home Guarantee help me?
The First Home Guarantee (formerly FHLDS) is a federal government scheme that lets eligible first home buyers purchase with a 5% deposit and avoid LMI — the government effectively guarantees the difference. There are annual place limits and income / property price caps, so check your eligibility before relying on it.
Should I buy with a smaller deposit or wait to save more?
It depends on your local market. If property prices are growing faster than you can save, waiting may push affordability further out of reach. If prices are flat or falling, saving longer reduces your loan size and avoids LMI. Compare your savings rate to the local growth rate when deciding.