Home Deposit Timeline Calculator
See exactly how long it will take to save your deposit — including stamp duty and LMI — based on your savings rate and investment return.
Your situation
Time to deposit
2.4 years
Ready to buy by September 2028
Upfront costs breakdown
Deposit required
$160,000
20% of purchase
Monthly savings needed
$3,000
at current rate
Year-by-year savings projection
How your savings grow over time vs the deposit target.
| Year | Savings | Still need | Status |
|---|---|---|---|
| Year 1 | $104,738 | $55,262 | 65% |
| Year 2 | $146,301 | $13,699 | 91% |
| Year 3 | $189,774 | — | Ready |
| Year 4 | $235,244 | — | Ready |
| Year 5 | $282,803 | — | Ready |
| Year 6 | $332,547 | — | Ready |
| Year 7 | $384,576 | — | Ready |
| Year 8 | $438,995 | — | Ready |
| Year 9 | $495,915 | — | Ready |
| Year 10 | $555,449 | — | Ready |
| Year 11 | $617,718 | — | Ready |
| Year 12 | $682,848 | — | Ready |
| Year 13 | $750,969 | — | Ready |
| Year 14 | $822,221 | — | Ready |
| Year 15 | $896,745 | — | Ready |
Stamp duty calculations use NSW rates as an illustrative example — rates differ significantly by state and territory. LMI estimates are indicative only; actual premiums depend on your lender, loan amount, and insurer. FHSS benefits are subject to ATO eligibility rules and annual contribution caps. General information only — not financial advice. Consult a licensed financial adviser, mortgage broker, and conveyancer before purchasing property. ASIC MoneySmart
Frequently asked questions
How much deposit do I need to buy a home in Australia?
The minimum deposit most lenders accept is 5–10% (plus Lenders Mortgage Insurance if below 20%). A 20% deposit eliminates LMI and gives you access to better interest rates. For a $800,000 property, that means $160,000 deposit plus stamp duty and conveyancing costs. First home buyers in NSW pay no stamp duty on properties up to $800,000, which is a significant saving.
What is Lenders Mortgage Insurance (LMI) and how much does it cost?
LMI protects the lender (not you) if you default with less than 20% deposit. It can be added to your loan (capitalised) or paid upfront. For a $800k property with 10% deposit, LMI is typically $15,000–$30,000 depending on the lender and LMI insurer. LMI cost rises sharply above 90% LVR — avoid borrowing more than 90% if possible.
What is the First Home Super Saver (FHSS) scheme?
The FHSS lets you make voluntary contributions to superannuation (up to $15,000/year, $50,000 total) and withdraw them for a first home deposit. The tax saving is significant: contributions go in at 15% tax (vs your marginal rate), and withdrawals are taxed at your marginal rate less a 30% offset — typically saving 15–30% versus saving outside super. Apply through the ATO before signing a contract.
Does stamp duty differ by state?
Yes — significantly. This calculator shows NSW rates as an example. Victoria has different thresholds and concessions. Queensland has no stamp duty at all for FHBs on properties under $550k. Western Australia, South Australia, ACT, and Northern Territory each have unique rate structures. Use your state revenue office calculator for accurate figures: NSW Revenue, SRO Victoria, OSR Queensland, RevenueSA, DFAT WA.