Home Loans Savings Calculator

Home Loan Savings Planner

Saving up for your deposit can give you more home loan options, such as cheaper rates and access to a greater number of home loan products. And with government schemes like the First Home Deposit Saver Account, saving to buy a house has never been easer.

Find out how you can achieve your savings goal if you make an initial contribution and make regular deposits to your savings account.

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Saving to Buy a House?

Find out how much you will need to have as a deposit and how much you can afford to make in monthly home loan repayments by talking to an experienced mortgage broker. Simply fill in the form below for a free home loan assessment.

Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. It is advised that you consult your financial adviser before taking out a loan.

Calculator Assumptions

Length of Month

As done in most financial calculators, all months are assumed to be of equal length. In reality, many savings accounts accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.

Number of Weeks & Fortnights in a Year

One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.

Deposit and Interest Compounding Frequency

The calculator assumes that deposits and interest crediting occurs at the same frequency. This frequency is an input parameter entered by the user – namely monthly, fortnightly or weekly.

Rounding of Time Saved

The time saved is presented as a number of years and months, for all available repayment frequency options, namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.

Rounding of Amounts of Total Accumulation and Interest Earned

The amounts of total accumulation and interest earned are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.

More information and home loan help

For more information on how and where to find a better home loan deal from an extensive panel of Australian banks and secure mortgage lenders, or to speak to your local area mortgage expert, contact us on 13 LOAN (direct +61 2 9249 3739)

Is the upcoming election influencing your decision on when to purchase a property?

Daily Panel Rates Update
fixed rates (from)*	6.49%
variable rates (from)*	6.44%
honeymoon (from)*	6.44%
maximum lend	95%
click here for ratewatch

*Warning: Rates are subject to change without notice. Full terms and conditions and schedule of fees are set out in the lender's relevant loan contracts and comparison schedules. Government charges and taxes may apply. Honeymoon rates are classified as those that last for a minimum of 6 months and then revert to a higher rate. Fixed rates are for a two year term.