How long your deposit takes
The deposit on a first home, the gap between that and what you have saved, and the month you get there. Four figures, all of them yours.
$600,000
10%
The figure your lender or broker has given you
$20,000
$1,000
Deposit ready by
December 2029
That is 3 years and 4 months at $1,000 a month.
Saved $20,000
Still to save $40,000
Deposit needed
$60,000
Still to save
$40,000
An estimate from the four figures above and nothing else. The gap is the deposit less what you have saved, and the date is that gap divided by what goes in each month. It counts no interest on your savings and no change in the price, so every step of it checks out by hand. Buying costs more than the deposit, and none of this is financial advice.
Disclaimer: This tool returns an estimate. It is arithmetic on the figures you type and nothing else. It saves nothing, sends nothing to us and reaches no lender. The result is not a quote, not an approval and not an offer of credit, and it takes no account of your objectives, your financial situation or your needs. Top Sellers Realty holds no Australian financial services licence and no Australian credit licence. We give no financial product advice and no credit assistance. Before you act on a figure from this page, talk to a licensed broker or credit provider about the loan, to your accountant about tax, and to a licensed financial adviser about the investment.
Other costs that come out of the same savings
The deposit is one part of what has to be in the bank on settlement day. Each of these depends on the property, the lender, or a state rule that changes, so the amounts sit with the people who set them.
Government transfer charges
Queensland charges duty when a property changes hands, with concessions for first home buyers. The rates and the thresholds are set by the state and they move, so the Queensland Revenue Office is the only current source.
Legal and conveyancing
A conveyancer or solicitor reads the contract, runs the searches and handles settlement. They quote before any of it starts.
Building and pest inspection
An independent report on the condition of the house, ordered while your contract is still conditional.
Loan setup costs
Lenders charge for the application, the valuation and the paperwork. What applies depends on the lender and the product, so your broker or the lender itself can list them.
Insurance from settlement
Building insurance has to be in place by settlement. Your lender or broker confirms the date it has to start, which is usually before you move in.
Moving and connections
Removalists, the overlap with whatever you are paying now, and getting power, water and internet on at the new address.
Frequently asked questions
How the numbers work
How much deposit do I need for a first home?
A share of the purchase price, and the share is yours to set with your lender or your broker. The calculator above works out that amount at the percentage you set, the gap between it and what you have saved, and how many months of your monthly amount close the gap.
How long does it take to save a house deposit?
The gap divided by what you put away each month. The figures above do that and nothing else, so they count no interest on your savings, and any interest you earn brings the date forward.
Do first home grants and concessions change the deposit?
They can, and none of them is in the figures above. First home concessions and guarantee schemes change with each budget and each carries its own rules. The Queensland Revenue Office covers the state concessions and a broker covers the federal schemes.
About the deposit
What deposit percentage should I use?
The percentage belongs to you, your lender and your broker, and it is not something an agent can set for you.
Is this the same as the deposit paid when a contract is signed?
No. This is the total you put toward the purchase price. What changes hands when a contract is signed is written into the contract itself, so your conveyancer is the one to ask.
What if house prices rise while I save?
A higher price means a larger deposit and a later date, so the price above is yours to change. We publish no view on where prices go.
What people say
“After listing our property with another agency for a long time without success, we engaged Sukhbir Sodhi and his team at Top Sellers Realty, and the difference was immediate. They sold the property within a short period and achieved the price we were looking for.”
Verified on RateMyAgent“His communication was clear, timely, and honest, which made the entire process smooth and stress-free. Mr Nav Singh demonstrated strong market knowledge, great attention to detail, and a genuine commitment to achieving the best possible outcome.”
Verified on RateMyAgent“From start to finish, the entire process was smooth, professional, and stress-free. Sukhbir was transparent, responsive, and always available to answer my questions and provide guidance.”
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