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House Deposit Savings Plan (Australia)
Plan your house deposit in A$: target, savings per pay and time to goal, plus the extra costs to save for.
A house deposit is a big goal, so it helps to break it into pays. Work out a target, divide it into fortnights and track progress so you can see it growing.
Work out your target
Start with the price range you're looking at, the deposit percentage your lender needs, plus costs like stamp duty (which varies by state and may have first home buyer concessions), legal fees, inspections and moving.
Example: time to goal
Saving A$500 a fortnight reaches A$40,000 in 80 fortnights, about 3 years. Example figures only.
Check the official schemes
Look up current first home buyer schemes on your state revenue office site and housingaustralia.gov.au, as rules and caps change.
Related guides
- Fortnightly Budget App (Australia)
- Envelope Budgeting (Australia): The Digital Way
- Work From Home Expenses Tracker (Australia)
- Secret Santa and Kris Kringle Budget (Australia)
General information only, not financial or tax advice.
FAQ
How much deposit do I need?
It depends on the lender and scheme. Ask a lender or broker for your situation.
Where should I keep my deposit savings?
Many people use a separate high-interest savings account. Compare on Moneysmart.
Is this financial advice?
No. General information only.
Try it in an app
Savings Challenge (A$19, one-off): Fun tick-off savings challenges: 52-week, reverse, 26-fortnight, 100 envelopes, Christmas and more, with badges.
Money HQ (A$59, one-off): Your whole money life in one browser app: payday-aware budget, bills calendar, savings goals, debt payoff and net worth.
Sinking Funds (A$19, one-off): Save a little each pay for the big bills you know are coming: rego, insurance, Christmas, school fees, holidays.