Savings planner

Ready to buy a home with OwnHome? Use this savings goal calculator to calculate how much you need to be saving each month, week and day to purchase your home. This includes the option to factor in a growing house market, so you know what it might cost in future.
Don’t have a full deposit?
With OwnHome, you can avoid LMI and higher interest rates without needing a 20% deposit. Check your eligibility for OwnHome and talk to one of our experts to find out more.
Disclaimer: Important information about our calculators

The calculator on this website is provided for your information only and is to illustrate scenarios. The calculator results are intended as a guide only and are an estimate or approximate guide only, based on the information you input. The calculator should not be relied upon for the purposes of entering into any legal or financial commitments.

The results should not be taken as a substitute for professional advice, and do not constitute professional advice. You should consider seeking independent legal, financial, taxation or other advice for your unique circumstances.

All reasonable care has been taken in preparing and designing the calculator; however, OwnHome Services Pty Ltd provides no warranties and makes no representation that the information provided by the calculator is correct, appropriate for your particular circumstances, or indicates you should follow a particular course of action. Calculations are for buying owner-occupied homes, and do not apply to land nor to investment properties. Other fees and charges may also apply.

OwnHome Technologies Pty Ltd is a related body corporate of OwnHome Services Pty Ltd ACN 664 492 059, ABN 77 648 597 184, which is a corporate authorised representative (#547794) of Allied Financial Consulting Pty Ltd, ACL 393845.


How can I increase my savings?

Increasing your savings involves several strategic steps:

  • Set clear savings goals: Establishing specific savings objectives is essential for staying motivated and focused. Whether it’s saving for a deposit on a house, building an emergency fund, or planning for retirement, defining your financial goals is the key to sticking to them.
  • Develop a detailed savings plan: Once you’ve identified your savings goals, create a comprehensive plan outlining how much you need to save regularly and the timeline for achieving each objective. Consider factors such as your current income, expenses, and any potential fluctuations in financial circumstances to know how best to attack your target.
  • Automate savings: Take advantage of online banking tools available in your bank account to set up scheduled transfers from your checking account to your savings account. This ensures consistency in your savings efforts and reduces the temptation to spend money impulsively.
  • Optimise savings accounts: Explore different savings account options to find ones offering competitive high interest rates and favourable terms. High-yield savings accounts or fixed-term deposit accounts may provide higher returns on your savings compared to traditional savings accounts. Compound interest is your friend, so make sure it’s working for you (and don’t forget to check the t&cs!).
  • Manage debt effectively: Prioritise paying off high-interest debt, such as credit card balances or personal loans, as it can eat into your savings potential. Consider strategies such as debt consolidation or refinancing to lower interest rates and accelerate debt repayment.
  • Review expenses and lifestyle choices: Being a good saver means you’re a good spender. Regularly assess your expenses and identify areas where you can cut back or eliminate unnecessary spending. This could include reducing dining out, canceling subscription services you don’t use, or finding more cost-effective transportation options. Increasing your savings without increasing cost-of-living pressures is important to remaining consistent with regular savings.
  • Reconsider high-interest debt. Do you really need the personal loans, credit cards or other high-interest personal debt? Not only can they affect your credit score, but the high repayments may hinder your capacity to save money. A refinance to consolidate your repayments to a lower-interest provider may help you reduce your interest rates. Did you know that $10,000 in credit card debt can reduce your home loan borrowing power by as much as $40,000?
  • Make better informed financial decisions. Your financial situation is unique to you, and you could benefit from seeking independent financial advice from an Australian independent advisor to help you with your savings plan and selecting financial products that are right for you.

By implementing these steps, you can gradually increase your savings and work towards achieving your financial goals.

How do I know if I’m eligible for first-home buyer concessions?

Each Australian Territory or State has eligibility criteria that qualifies new home buyers for concessions. Find out if you qualify and where to find more information in the Guide.