Home Deposit Calculator
Work out the deposit you need and how long it will take to save it.
Deposit needed
$140,000
20%+ — typically avoids Lenders Mortgage Insurance
Deposit needed
$140,000
Still to save
$100,000
Time to reach it
5 yr 7 mo
| Property price | $700,000 |
| Deposit needed | $140,000 |
| Already saved | -$40,000 |
| Still to save | $100,000 |
This calculator provides estimates for general information only and should not be considered financial, tax or legal advice. Check official Australian Government sources for current rates and rules.
How the Home deposit calculator works
This calculator works out your target deposit by multiplying the property price by your deposit percentage, then subtracts what you’ve already saved to find your remaining shortfall. If you enter a monthly savings amount, it also estimates how long it will take to close that gap.
Most lenders prefer a 20% deposit, since anything less usually means paying Lenders Mortgage Insurance (LMI) — a one-off cost that protects the lender, not you, if you default. Some lenders will still approve loans with a smaller deposit, commonly from 5–10%, but LMI can add thousands to your upfront costs.
Frequently asked questions
Lenders typically want a 20% deposit to avoid Lenders Mortgage Insurance (LMI). Many lenders will still lend with a smaller deposit — commonly from 5–10% — but you'll usually pay LMI on top.