Savings goal calculator

Knowing the home you want is one thing. Knowing how long it’ll take to save the deposit for it is another.

Our savings goal calculator takes your target purchase price, what you’ve already saved and what you can put away each month, and estimates when you’ll get there.

It’s a simple way to turn a vague goal into an actual date on the calendar.

Lenders don’t treat every dollar in your savings account the same way. Most want to see genuine savings, money you’ve accumulated yourself over time, rather than a lump sum that appeared the week before you applied.

• Genuine savings typically means regular deposits held over at least three months, sometimes longer.
• Gifted funds from family can usually count, but lenders often want it documented as a genuine gift, not a loan.
• Existing equity in another property can sometimes substitute for cash savings.
• A deposit of 20% or more generally avoids lenders mortgage insurance (LMI), though eligible first home buyers may access government-backed low-deposit schemes, which are worth asking your adviser about.

• Turns a savings target into a realistic timeframe.
• Shows how increasing your monthly savings shortens the wait.
• Highlights whether the 20% LMI threshold is within reach or worth working around.
• Gives you a number to revisit as your income or goals change.

A few practical levers tend to move the needle more than people expect.

• Automating a transfer on payday, rather than saving what’s left over, tends to be more consistent.
• A high-interest savings account or offset structure (if you already have a loan) can add a little extra without any real effort.
• Reviewing recurring subscriptions and expenses every few months often frees up more than people assume.
• Checking your eligibility for first home buyer grants or low-deposit schemes early, since some require you to apply before you buy, not after.

• Buying Power Calculator
• Borrowing Capacity Calculator
• Stamp Duty Calculator