When will you have your house deposit ready?
The short answer
A 20% deposit on a $700k AUD property is $140k. At $500/week into a high-interest savings account, that's about 5–6 years. The exact date depends on what you can save and your interest rate.
On this page
The honest version of the deposit math
Property price × deposit % = target. Target ÷ weekly contribution ≈ weeks to go. Adjust for the high-interest savings rate, and you've got a date you can plan a life around.
Why 20% (and what changes at 10% or 5%)
In Australia, 20% avoids Lenders Mortgage Insurance — often $10k–$30k saved. At 10%, you can buy sooner but pay LMI. At 5%, schemes like the First Home Guarantee can help. Each path has a different date.
How to calculate your deposit date (worked example)
$140k AUD target, $500/week, 4% high-interest savings. About 5 years and 2 months. Bring it down to 4 years by adding $50/week to the transfer.
The lever that moves your date the most (it's not what you think)
It's not earning more. It's automating the transfer the day your pay lands. People who manually transfer save 30–40% less over a year than people who set up an auto-transfer.
The lever that moves your deposit date the most isn't earning more. It's automating the transfer.
Where to park your house-deposit savings
High-interest savings account with bonus rates (ING, Macquarie, ME, AMP) usually beats term deposits for this goal — you keep liquidity for offers. Avoid investing it in shares if you'll buy within 3 years.
Try the calculator
Plug in your target and weekly amount. The date is yours.
