BFG's Guide on How to Save for a House Deposit


Applying for your first home loan can feel like a daunting process for anyone, but it doesn’t have to be. That’s why we created this 'saving for a home loan guide' to break down this portion of the process to help make saving for a house deposit as easy as possible.  

In this blog, we will cover:

  • How long it takes to save for a home loan
  • Our recommended tips on how to save for a house deposit  

Have any questions we missed or require more detail? Contact us via email or call today!

How long will I be saving for a home loan?

Well for a 20% deposit, the most frequent home loan deposit amount you will need, the short answer is years. The longer answer is a bit more complicated, depending on the following:

  • If you’re looking for a home or an apartment.
  • What state and capital city you’re currently looking to purchase property in.
  • And whether you have a single or dual income.

Based on this criteria and Canstar’s June 2021 property research, we compiled the following information.

Estimated time to save for a 20% Home Deposit in Australia

Capital city 

Average property value

Estimated Time to Save (Single Income)

Estimated Time to Save (Dual Income)



21 years

10 years, 5 months



15 years, 6 months

7 years, 10 months



11 years, 2 months

5 years, 10 months



9 years, 8 months

5 years



8 years, 2 months

4 years, 3 months



11 years, 11 months

6 years, 2 months



9 years, 1 month

4 years, 9 months



13 years, 3 months

6 years, 9 months

Estimated time to save for a 20% Apartment Deposit in Australia

Capital city 

Average property value

Estimated Time to Save (Single Income)

Estimated Time to Save (Dual Income)



12 years, 9 months

6 years, 6 months



9 years, 8 months

5 years, 1 month



6 years, 10 months

3 years, 7 months



6 years, 1 month

3 years, 3 months



5 years, 9 months

3 years, 1 month



8 years, 10 months

4 years, 8 months



5 years, 3 months

2 years, 9 months



7 years, 3 months

3 years, 9 months

So, now that we have our saving estimates, we recommend the following tips to make the most of it and even reduce your time spent saving:

  • Budget. This is one of the most common and practical approaches to saving up for a house deposit. Creating an expense sheet to reduce spending and adopting cheaper transport and shopping options are the most popular and sustainable ways.

    Sustainability and achievability are key as it’s more likely you will benefit more from 12 months of minor to moderate savings over 12 days of massive ones. If possible, we also recommend saving a similar amount to your expected repayments to help with long-term budgeting.

Want to find out your expected home loan repayments? Click here to use our repayment calculator today.

  • Take advantage of government, regional first home loan deposit schemes and discounts. Why not use the system to your advantage?

    We recommend the First Home Owner Grant, which, while varying from state to state, can give up to $20,000 to help pay for your home and reduce how much stamp duty you pay. Likewise, the First Home Loan Deposit Scheme can help eligible first-time buyers purchase with a 5% deposit and save $10,000 in LMI fees.

    We also suggest the Family Home Guarantee for single parents first-time buyers, which allows family home purchases for a 2% deposit.

Though, be careful when opting for a grant, especially if it means purchasing a home in an area you don’t want to be in for the future.

Want to know how much stamp duty you could be paying before and after the schemes? Click to use our stamp duty calculator.

  • Finally, book an appointment with a home loan specialist to get personalised saving advice quickly. We at BFG are always willing to guide you through your mortgage journey, and each time you make a home loan with us, we invest half of all the profits into our partner charities in the names of our customers, which they can claim as a tax-deductible difference.

Disclaimer: The information provided is general in nature and does not constitute financial advice. Please speak to us for recommendations on your individual circumstances and requirements.

Andrea Burazer
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