We’ve Helped Over 150+ First Home Buyers
We’ve Helped Over 150+ First Home Buyers
Set a deposit target and work out how long it will take to get there based on your current savings rate.
Set a deposit target and work out how long it will take to get there based on your current savings rate. Whether you are saving for your first home or building towards your next purchase, this calculator helps you set a realistic timeline.
* Update version: January 2025
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product.
The information contained in this website is of a general nature and does not take in to account your personal needs and requirements. The figures shown in the calculators do not constitute an offer for finance. Lender policy and conditions, fees and charges will apply.
The information provided by the calculator is intended to provide illustrative examples based on the stated assumptions of your input. Results are a guide only and do not constitute financial advice or a guarantee of an outcome. You should always discuss your individual circumstances with a representative of Houses For Heroes.
A standard deposit is 20% of the purchase price, which allows you to avoid paying lenders mortgage insurance (LMI). However, many buyers enter the market with less.
Eligible first home buyers may be able to purchase with as little as a 5% deposit through government schemes. If you’re buying an investment property, you may also be able to use equity in your existing home instead of cash savings.
The right deposit will depend on your individual situation, including your goals, income, and any existing property. Speaking with Dan or one of our team can help you understand exactly what you need and the most effective way to move forward.
It depends on your income, expenses, savings rate, and the property price you are targeting. The calculator above lets you model different scenarios based on your current savings position and monthly contributions.
Yes. Lenders want to see genuine savings, typically held over a period of three months or more. Consistent saving history demonstrates financial discipline and supports a stronger loan application.
Yes. The First Home Super Saver Scheme (FHSS) allows eligible first home buyers to make additional contributions into their superannuation and later withdraw those funds to use towards a home deposit.
It can be a tax-effective way to build your deposit faster, depending on your circumstances. We’ve helped many first home buyers access their super to get into the property market sooner.
Speaking with Dan or one of our team can help point you in the right direction and determine whether this strategy may suit your situation.
Beyond your deposit, you will also need funds to cover stamp duty, legal fees, building and pest inspections, and other upfront costs. The property buying cost calculator on this page can help you estimate the full amount you need to save.
Many buyers are surprised by how achievable their deposit target actually is. Book a free call with Dan and find out exactly how far you are from your first home.
Free. No credit check. No pressure to proceed.
