Home Deposit Savings Calculator: Formula, Example and What the Result Means
Works out how long it will take to save a home deposit. This guide walks through what each input means, the formula behind the answer and a worked example using typical Australian figures. You can follow along in the free Home Deposit Savings Calculator.
Why it matters
Buying property in Australia involves a deposit, stamp duty, lender requirements such as the APRA serviceability buffer, and ongoing repayments that move with interest rates. Investors also weigh rental yield, negative gearing and capital gains tax.
What you need to enter
The calculator asks for 4 inputs. The table shows each one with the example value used later in this guide.
| Input | Example value |
|---|---|
| Target property price ($) | 750000 |
| Deposit target (%) | 20 |
| Saved so far ($) | 40000 |
| Monthly savings ($) | 2000 |
The formula
Months = (price × deposit % − savings) ÷ monthly savings.
Worked example
Entering the example values above gives these results:
| Result | Value |
|---|---|
| Time to goal | 4 yrs 7 mths |
| Deposit target | $150,000.00 |
| Still to save | $110,000.00 |
The headline figure is 4 yrs 7 mths (time to goal). Change any input in the calculator and every result updates instantly, so you can test different scenarios side by side.
How the time to goal changes with target property price
The table below keeps every other input at the example value and moves only “Target property price ($)” up and down by 10% and 20%. It shows how sensitive the time to goal is to that one figure.
| Target property price ($) | Time to goal |
|---|---|
| 600,000 | 3 yrs 4 mths |
| 675,000 | 4 yrs 0 mths |
| 750,000 | 4 yrs 7 mths |
| 825,000 | 5 yrs 3 mths |
| 900,000 | 5 yrs 10 mths |
At 600,000 the result is 3 yrs 4 mths; at 900,000 it is 5 yrs 10 mths. If a small change in this input moves the answer a lot, it is worth double-checking that figure before you rely on the result.
A practical tip
The Home Guarantee Scheme lets eligible first home buyers purchase with a 5% deposit without paying LMI.
Keep going
Before relying on the number, read Home Deposit Savings: What to Check Before You Trust the Number. You might also find these guides useful:
- Using a LVR Calculator in Australia: A Step-by-Step Guide
- Extra Mortgage Repayments Calculator Explained for Australians
- How the Offset Account Calculator Works (With a Worked Example)
Frequently asked questions
- Do these calculators match what my bank will say?
- Lenders use their own models, expense benchmarks and policies. Use these results to prepare, then speak to a lender or broker.
- Are stamp duty rates current?
- Duty thresholds are indexed or changed regularly. Always confirm with your state revenue office before relying on a figure.
- Is this financial advice?
- No. The calculators give general estimates only and don’t consider your objectives or financial situation.
Run your own numbers in the Home Deposit Savings Calculator.
Open the calculatorGeneral information only. Rates and thresholds change, usually on 1 July. Confirm current figures with the ATO or the relevant authority, and get personal advice for decisions about your situation.