How long does it take to save a house deposit?

It depends on your savings rate and target. Saving $1,500 per month, it takes about 6–7 years to reach $120,000. Use this calculator to see your personalised timeline.

Should I wait until I have 20% deposit?

It depends on your circumstances. Waiting for 20% avoids LMI but property prices may rise. Buying sooner with a smaller deposit gets you into the market earlier.

Does interest on my savings help?

Yes. A high-interest savings account can add thousands to your deposit over time, shortening your timeline.

Home Deposit Calculator

How long until you save enough for your deposit?

Enter your target deposit (or property price and deposit %), current savings and monthly contributions. We’ll show you how many years or months it will take, with interest.

Your Deposit Goal

Enter your target deposit (or work it out from your target property price and deposit %). Then add your current savings and how much you can save each month.

Target deposit ($)

— or work out from property price —

Property price ($)

Deposit (%)

Current savings ($)

Monthly savings ($)

How much you can save each month

Savings interest rate (% per year)

Time to Reach Your Deposit

How long until you reach your deposit goal

Time to deposit

4.5 years

(54 months)

Balance at goal

$120,534

Total you’ll contribute

$106,000

Interest earned

$14,534

Progress by year

Year 1$44,593

Year 2$65,087

Year 3$86,522

Year 4$108,941

Goal reached$120,534

Deposit Savings Timeline

Track how your savings and interest grow toward your deposit goal

How to Use This Calculator

1Enter your target deposit amount or set a property price and deposit percentage
2Add your current savings balance
3Enter how much you can save each month
4Adjust the savings interest rate if your account earns a different rate
5See how long until you reach your deposit goal

What Is a Home Deposit?

A home deposit is the upfront amount you pay when buying a property. The rest is covered by your home loan. Most lenders require at least 5% of the property price, but saving 20% lets you avoid Lenders Mortgage Insurance (LMI).

The bigger your deposit, the less you need to borrow and the lower your repayments will be. A larger deposit may also help you secure a better interest rate.

How Much Deposit Do You Need?

5% deposit: The minimum most lenders accept, but you'll pay LMI and have higher repayments.
10% deposit: Reduces LMI costs compared to 5%, but you'll still pay some insurance.
20% deposit: Avoids LMI entirely and gives you access to better interest rates.
First Home Buyer schemes: Some government schemes let first home buyers purchase with as little as 2–5% without paying LMI.

Tips to Save Your Deposit Faster

•Set up automatic transfers to a high-interest savings account on pay day
•Use a separate account so you're not tempted to dip into your deposit fund
•Consider the First Home Super Saver Scheme to save via your super with tax benefits
•Cut discretionary spending and redirect the savings to your deposit goal

Frequently Asked Questions

Official Sources

First Home Super Saver Scheme (ATO)

Estimates only. Not financial or tax advice. Full disclaimer for your rights and our limitations of liability.

Rates and thresholds last updated for the 2024–25 financial year.

Related Tools

LMI Calculator

Estimate LMI when deposit is under 20%

Borrowing Power

See how much you can borrow

Mortgage Calculator

Estimate repayments

Loading calculator…