Saving Calculator
Forecast exactly how your savings will grow over time, allowing you to plan for a deposit with confidence.
Dreaming of a new home in Perth but not sure how long it will take to save the deposit? Whether you’re eyeing a modern build with Summit Homes Group or looking for an established property in the suburbs, our saving calculator is your first step toward making it a reality.
Our tool helps you forecast exactly how your savings will grow over time, allowing you to plan for a deposit with confidence and precision.
Why Use a Saving Calculator for Your House Deposit?
Saving for a home isn’t just about putting money aside; it’s about understanding the power of consistency and compound interest. In the Western Australian market, having a clear savings goal is essential for:
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Meeting ‘Genuine Savings’ Criteria: Most WA lenders require proof of genuine savings, which is funds accumulated in your account over at least 3 months.
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Reducing LMI Costs: Saving a larger deposit can help you avoid or reduce Lenders Mortgage Insurance (LMI), potentially saving you thousands.
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Accessing Low-Deposit Schemes: If you’re a first home buyer, our calculator can help you target the specific 2% or 5% deposit needed for schemes like Keystart or the First Home Guarantee.
Accelerate Your Journey with Westgate Home Loans
At Westgate, we specialise in helping West Australians bridge the gap between “saving” and “settling.” We don’t just provide a calculator; we provide a strategy.
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Construction Experts: As part of the Summit Homes Group family, we understand the specific timelines and deposit requirements for building your dream home.
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Access to 40+ Lenders: We compare hundreds of products to find loans that match your savings level.
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First Home Buyer Support: We’ll help you factor in the $10,000 First Home Owner Grant (FHOG) and stamp duty concessions to see if you can stop saving and start buying sooner.
Frequently Asked Questions (FAQs)
Q. How much do I need for a home deposit in WA?
A. While 20% is the standard to avoid Lenders Mortgage Insurance (LMI), many West Australians enter the market with as little as 2% to 5% using the First Home Owner Grant or low deposit schemes. This calculator helps you track your progress toward these specific milestones.
Q. What counts as “Genuine Savings” to a lender?
A. Lenders generally look for a consistent pattern of savings held in a bank account for at least 3 to 6 months. Even if you receive a gift or a tax refund, showing regular contributions—like those tracked in this calculator—demonstrates the financial discipline needed for loan approval.
Q. Does this calculator include the $10,000 FHOG?
A. No, this tool calculates your personal savings and interest earned. If you are building a new home in Perth, you can usually add the $10,000 First Home Owner Grant to your final savings total to see your full buying power.
