Savings Goal Tracker
Set and track your home-related savings goals. See how regular deposits and interest rates affect your timeline.
Savings Goal Details
Australian Savings Tips for Home Goals
Set a Clear, Specific Goal
Define exactly what you're saving for and research the actual costs involved. For property purchases, include deposit, stamp duty, legal fees, and moving costs.
Use the 50/30/20 Rule
Allocate 50% of your income to needs, 30% to wants, and at least 20% to savings. For accelerated home deposit savings, try increasing the savings portion to 25-30%.
Take Advantage of First Home Benefits
Look into the First Home Super Saver Scheme, which allows you to save within your super fund, and state-specific first home buyer grants and stamp duty concessions.
Create an Emergency Buffer
Even while saving for a home goal, maintain a separate emergency fund of 3-6 months of expenses to avoid derailing your progress when unexpected costs arise.
Be Aware of Interest Rate Changes
Australian savings interest rates fluctuate with the RBA cash rate. Consider locking in some savings in term deposits when rates are high for guaranteed returns.
Regularly Review Your Timeline
Check your progress quarterly and adjust your plan if necessary. Consider whether to increase regular contributions or extend your timeline if falling behind.
Australian Savings Accounts Comparison
Savings Accounts: Offer flexibility but variable rates (currently 3.0-4.5% p.a. for high-interest accounts with conditions).
Term Deposits: Higher fixed rates (currently 4.0-5.0% p.a.) but your money is locked away for the term period.
First Home Super Saver Scheme: Save up to $50,000 for your first home within your super fund, potentially benefiting from the lower tax rate.
Offset Accounts: If you already have a mortgage, using an offset account for savings can reduce interest on your loan while maintaining access to funds.
About This Savings Tool
This calculator helps you plan and visualize your progress toward home-related savings goals. Whether you're saving for a house deposit, renovation project, or emergency fund, our tool provides a realistic timeline based on your current savings, regular contributions, and interest rates.
The projection includes compound interest calculations based on your selected interest rate. For the most accurate results, use rates from your actual savings account or investment vehicle. Remember that interest rates may change over time, and this calculator assumes a fixed rate throughout your savings journey.
This tool is designed for planning purposes only. Actual savings may vary based on changes to interest rates, deposit amounts, or unexpected expenses. We recommend regularly reviewing and adjusting your savings plan as needed.