Deposit Save Time Calculator
Work out how long it will take to save your home deposit at your current savings rate.
- Total you'll have contributed
- $89,872
This calculator provides estimates only. It is general information, not financial or taxation advice, and doesn't account for your full personal circumstances. Confirm figures with your lender or a licensed adviser before making a decision.
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How this calculator works
Saving a home deposit is a race between how much you put away each month and how fast your target grows out of reach (property prices rising faster than your savings). This calculator only handles the savings side: given your current savings, a fixed monthly contribution, and the interest rate your savings account or offset pays, it works out how many months until you hit your deposit target.
Enter your target deposit amount, what you've already saved, how much you can put away each month, and the interest rate on your savings. The calculation compounds monthly, so interest earned along the way also contributes toward the goal.
Worked example: starting with $20,000 saved, adding $1,500 a month at 4.5% p.a. interest reaches a $100,000 deposit in about 46.6 months — just under 3 years 11 months.
This doesn't account for the property market moving while you save — if prices rise faster than your deposit grows, the deposit you actually need (usually a percentage of the purchase price) can climb away from you. It's often worth reviewing your target periodically rather than treating it as fixed.
Frequently asked questions
- Should my deposit target include stamp duty and other costs?
- It's worth including them, or budgeting for them separately — lenders generally want the deposit itself (commonly 10–20% of the purchase price) plus enough on top to cover stamp duty, legal fees and other settlement costs.
- What if property prices rise while I'm saving?
- Since your deposit is usually a percentage of the purchase price, a rising market moves the target further away even as your savings grow. Revisit your target amount periodically rather than treating it as fixed for years.
- Does a high-interest savings account or offset account work better here?
- Either works for this calculation — what matters is the effective interest rate you're earning. An offset account against an existing loan, or a market-leading savings account, can both be modelled by entering their rate.