Savings goal calculator
When will you reach your deposit?
Set a target, your current balance, and what you can put away each week. See the exact date you can buy in Perth. It updates as you type.
Assumes weekly deposits with weekly compounding at the quoted rate. Indicative only. Not credit assistance. Confirm your deposit strategy with a Central Lending Solutions broker.
Why this matters
What this calculator is actually telling you.
A savings goal calculator solves the basic question every Perth first home buyer asks: given a target, a starting balance, and what I can put away each week, when do I hit the number? The answer compounds because your interest earns interest, and every extra $20 a week you scrape together arrives at your goal much sooner than intuition suggests.
On a $80,000 deposit target with $15,000 already saved and $300 per week going in, a 4.5% interest account gets you there in roughly 3 years 2 months. Bumping the weekly deposit to $400 drops the timeline below 2 years 9 months. The compounding gets more powerful the longer the horizon.
Questions
Frequently asked.
How much do I actually need to save for a Perth home deposit?
Most Perth lenders want at least 5% deposit plus stamp duty and settlement costs, though anything below 20% typically triggers Lenders Mortgage Insurance (LMI) which adds thousands to the loan. On a $700,000 Perth median-price home, a 20% deposit is $140,000 plus about $28,000 in transfer duty and $3,000 in settlement, so around $170,000 saved. First home buyers using WA schemes (Keystart, FHOG, exemption thresholds) can sometimes get in with much less.
How does interest compound inside my savings account?
Most Australian savings accounts calculate interest daily and pay monthly. Every deposit earns interest from the day it lands, and next month's interest is calculated on your new higher balance including previous interest. Over a multi-year deposit build, compound interest adds noticeably to what you save, especially at rates above 4% p.a.
Will lenders count what I save through this calculator as genuine savings?
For lending purposes, most banks want to see at least 5% of the property price as "genuine savings" that has sat in an account under your name for 3 months or longer. Deposits that show a regular savings pattern (weekly, fortnightly, monthly) meet this test cleanly. A lump-sum gift generally does not, though some lenders accept parental gifts with a stat dec.
How does the First Home Super Saver scheme fit with this calculator?
FHSS lets first home buyers put up to $50,000 of voluntary super contributions towards a deposit and pull them back out (with earnings) when buying. That is separate from what you save in a normal account, so you can run this calculator on your after-tax savings and treat FHSS as bonus. FHSS money still needs to be released through the ATO before settlement.
Where do I go for help applying this to my actual deposit plan?
Call 0489 082 257 or send your details. A Central Lending Solutions broker will show you the exact deposit threshold you need for the Perth suburb and price bracket you want, including LMI, transfer duty, and eligibility for WA first home buyer schemes.
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