Time to save calculator

Ready to buy a home? Calculate how long it will take for you to save the upfront costs you need. This includes the essential upfront costs including your deposit contribution, stamp duty, mortgage and registration fees, OwnHome’s starter fee and more.
Last updated May 2024
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?
  1. Set a important goal. You’re only going to commit to your financial goals if you’re really invested in the outcome. If homeownership is the dream, keep reminding yourself why you’re committed to your savings plan.
  2. Define a clear savings plan with clear savings goals. If you’re saving to buy a home, you’ll need to calculate the upfront costs (deposit, stamp duty and government fees, upfront or starter fees, conveyancing and more). It’s also important to know how much you need to set aside each week, more and year to hit your savings goal.
  3. Automate Your Savings - Most bank accounts allow you to set up scheduled and recurring transfers in your online banking to move your money from your everyday or transactions accounts into your high interest or high yield savings accounts. This means you can set and forget and your savings can benefit from compound interest over-time without much effort.
  4. Check if you’re receiving a high interest rate. A good saver knows that not every provider is created equal. The interest rate offered on savings accounts can vary wildly. Use an interest calculator to see if there’s a better option out there for you to increase your total interest earned. Some fixed-term deposit accounts may offer super high-interest rates, but in return they might lock up your money for longer. The trade-off might be worth it if you’re clear on your financial plan, but always check the t&cs.
  5. Pay down high-interest debt. Personal loans, credit cards and other high-interest personal debt may affect your credit score and hinder your ability to save money. You may also be able to refinance or consolidate your repayments by refinancing to a provider with lower 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?
  6. Hack your lifestyle. If the cost-of-living is making regular savings difficult, consider reviewing your regular outgoings: are there any unnecessary subscriptions, Uber fares (when you can get public transport) or expensive compounding lifestyle habits that you can do without?
  7. Get independent financial advice. If you’re looking for help with your financial decisions, speaking to an Australian financial advisor may help you explore the best savings plans or financial products for you. While this article is a guide (and a good one!), don’t forget to get independent advice and your financial situation will be different to everyone else’s.
How do I know if I’m eligible for first-home buyer concessions?

Each Australian State or Territory has specific eligibility criteria to qualify for home buying concessions. See this guide to find out if you qualify and where to find more information.