See how regular savings grow over time.
Saving a deposit is the longest stage of a first purchase, and the variable that shortens it most is the regular contribution rather than the interest rate. This projects a balance forward from what you have now plus what you add each period, which is the honest way to see whether a target date is achievable or whether the contribution needs to change.
Many lenders want to see part of the deposit accumulated over time rather than gifted or borrowed — commonly a track record of several months of consistent saving. If part of your deposit will come from family, ask early how the lender treats it, because a gift may need to be evidenced and may change the assessment. Requirements vary by lender.
A deposit target that ignores stamp duty, conveyancing and inspections will leave you short at the wrong moment. Run the property buying cost calculator and add that figure to your savings goal so the target reflects what you actually need at settlement.
A calculator gives you a starting figure. What a lender will actually approve depends on your income, expenses, credit history and the property, and it varies between lenders. We compare more than 40 lenders on our panel and will tell you where you genuinely stand — see our home loan, refinancing and car loan services, or the suburb pages for Werribee, Tarneit and Point Cook.
It depends far more on your regular contribution and the price you are targeting than on the interest rate. Model your own numbers rather than relying on an average.
Typically funds accumulated over time in your own name. Lender definitions differ, and gifted funds are treated separately — check with the lender before relying on them.
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