Savings Goal Calculator
How Long to Save a Deposit
Calculate exactly how much you need to deposit monthly to reach your home deposit savings goal.
Setting a goal to buy a home in Perth is the first step, but knowing exactly how much to set aside each pay cycle is what gets you the keys. Whether you are aiming for a deposit to build with Summit Homes Group or purchasing your first established property, the Westgate Home Loans Savings Goal Calculator does the heavy lifting for you.
Instead of guessing, our tool calculates the precise monthly deposit required to reach your savings target by your chosen deadline.
Reverse-Engineer Your Path to Home Ownership
Planning your budget around a specific home deposit goal is the most effective way to stay disciplined. Our calculator helps you visualise the monthly “commitment” needed to make your dream a reality.
To find your monthly deposit amount, enter:
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Your Savings Goal: The total deposit you need (e.g., $30,000).
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Current Savings: What you have in the bank today.
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Your Timeline: How many months or years until you want to buy?
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Interest Rate: Your savings account’s annual interest rate.
The calculator will reveal your Required Monthly Deposit, showing you exactly what to automate in your banking to stay on track.
How Westgate Helps You Reach Your Goal Sooner
If your required monthly deposit feels out of reach, don’t lower your expectations—change your strategy. At Westgate Homeloans, we specialize in “bridging the gap” for WA home buyers:
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Low Deposit Targets: We can help you target a 2% or 5% deposit instead of 20%, significantly lowering your required monthly savings.
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The $10,000 FHOG: If you’re building new, we factor in the First Home Owner Grant, which can reduce your total savings goal and your monthly contribution.
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Budgeting Expertise: Our brokers can review your expenses to help find that extra monthly “buffer” to accelerate your timeline.
Frequently Asked Questions (FAQs)
Q. How do I know what my total savings goal should be?
A. Your goal should include your deposit (usually 5%–20% of the property price) plus roughly $5,000–$10,000 for settlement costs like solicitor fees and government charges. Our brokers can assist by giving you a precise target based on current Perth market prices.
Q. Is it better to save a large lump sum or a regular monthly amount?
A. Lenders prefer to see regular monthly deposits. This proves “Genuine Savings” and demonstrates to the bank that you have the financial discipline to handle a monthly mortgage repayment.
Q. What if the monthly deposit is more than I can afford?
A. If the calculated amount is too high, you can either extend your timeline or look into low-deposit home loan options. Westgate has access to over 40 lenders, many of whom offer products specifically designed for those with smaller deposits.
