About the First Home Buyer Deposit Calculator
This works out how big a deposit you need for a target property price, how far your current savings are from that goal, and how long it'll take to close the gap at your current savings rate.
How it works
Deposit target = property price × deposit percentage. Shortfall = target minus what you've already saved. Months needed = shortfall divided by how much you save each month, rounded up to the next whole month.
Assumptions and behaviour
- 20% is the common target to avoid Lenders Mortgage Insurance, but you can enter any percentage — some lenders accept deposits as low as 5–10%.
- Assumes a constant monthly saving amount — it doesn't model irregular contributions or interest earned on savings.
- Doesn't include buying costs (stamp duty, legal fees, inspections) on top of the deposit — budget separately for those.
Limitations
- Real savings often earn interest in a high-interest account, which would shorten the timeline slightly — this calculator doesn't model that.
- Property prices can change while you save, which this doesn't account for.
- Doesn't include government first home buyer grants or schemes, which can reduce how much deposit you need.
Privacy
The calculation runs entirely in your browser. Nothing is uploaded or stored.
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