Question 1

How does this calculator work out how long it will take me to save a deposit?

Accepted Answer

You enter your current savings balance, how much you save each month, a savings account interest rate, and your target purchase price. The calculator then runs a month-by-month simulation - adding your monthly saving and compounding interest each month - until you hit four deposit milestones: 2%, 5%, 10%, and 20% of the purchase price. It shows you the estimated month and calendar date you could reach each milestone based on the figures you enter.

Question 2

Why does the tool show four different deposit targets instead of just one?

Accepted Answer

Different deposit sizes open up different options, so the tool tracks 2%, 5%, 10%, and 20% of your target price simultaneously. A 2% deposit is the minimum under the Help to Buy shared-equity scheme (where available). A 5% deposit may allow access to the 5% Deposit Scheme, which could let you avoid Lenders Mortgage Insurance (LMI) entirely. At 10%, LMI is generally lower than at 5%, and some lenders waive it altogether for certain professions. Reaching 20% typically means no LMI and access to the widest range of lenders and rates.

Question 3

What is the First Home Super Saver (FHSS) scheme and why does it affect my timeline?

Accepted Answer

The FHSS scheme allows eligible first home buyers to make voluntary contributions into their superannuation fund and later withdraw those funds (plus deemed earnings) for a home deposit. Because eligible contributions are taxed at 15% inside super rather than at your full income tax rate, redirecting part of your pay this way can leave you with a smaller tax bill than saving the same amount in a regular account - so the after-tax value going toward your deposit can be higher, even though you are putting money into super rather than your bank account. The calculator shows a side-by-side comparison of how quickly your deposit could grow with and without FHSS, and an estimate of the total tax you could save over the saving period.

Question 4

What are the FHSS contribution limits?

Accepted Answer

Under 2026-27 rules, you can contribute up to $15,000 per financial year toward the FHSS scheme, with a lifetime cap of $50,000 per person. If you are buying as a couple and both partners are eligible, each person has their own $50,000 cap, meaning up to $100,000 in total FHSS contributions could potentially be accessed between you. When you withdraw, only 85% of your eligible concessional contributions count toward the releasable amount, plus any deemed earnings that have accumulated. The ATO determines your final eligibility and the exact release amount.

Question 5

Does the FHSS scheme work for everyone, or are there situations where it provides no benefit?

Accepted Answer

FHSS salary sacrifice only reduces tax when your marginal income tax rate is above the 15% contributions tax charged inside super. The calculator will flag if your income is at or below the $18,200 tax-free threshold, because no income tax reduction occurs at that level and the salary-sacrifice tax benefit does not apply. It also warns you if your Super Guarantee contributions from your employer already fill the $32,500 (2026-27) annual concessional cap, leaving no room for additional FHSS salary sacrifice. At incomes below around $45,000, the tax saving is very small - only around 1 cent per dollar contributed - so there may be little or no benefit depending on your situation.

Question 6

How do rising property prices affect my deposit target in this tool?

Accepted Answer

The tool calculates your deposit targets as fixed percentages of the purchase price you enter - it does not automatically escalate the target price over time. This means the timeline shown assumes today's price holds. In practice, if property prices rise while you save, your required deposit in dollar terms grows too, which can extend the real-world timeline beyond what the calculator shows. To explore this scenario, you can manually increase the target price and re-run the calculator to see how a higher purchase price shifts each milestone date.

Question 7

What should I do with the results from this calculator?

Accepted Answer

The results are estimates based purely on the figures you enter and are intended to help you understand roughly how different savings rates, FHSS contributions, and deposit targets interact. They are not a guarantee of when you will have enough saved or whether you will qualify for any particular scheme - the relevant authority (the ATO for FHSS, Housing Australia for federal schemes, and your state revenue office for grants) makes the final determination on eligibility. A mortgage broker or financial adviser can help you map a personalised plan once you have a sense of the timeline the numbers suggest.

Milestone	Deposit needed	Regular saving	With FHSS	FHSS saves
2% depositHelp to Buy	$14,000	Reached	Reached	-
5% deposit5% Deposit Scheme	$35,000	10 mo (August 2027)	9 mo (July 2027)	1 mo faster
10% depositReduced LMI	$70,000	30 mo (April 2029)	27 mo (January 2029)	3 mo faster
20% depositNo LMI, best rates	$140,000	67 mo (May 2032)	60 mo (October 2031)	7 mo faster

Deposit Savings Timeline

You

Your savings

The home

Time to a 5% deposit

Deposit milestones

Savings growth projection

FHSS comparison

Without FHSS (regular savings)

With FHSS (salary sacrifice)

Withdrawal breakdown

Scheme eligibility at each milestone

Queensland grants and concessions

Key insights

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Frequently asked questions