How Long to Save a House Deposit? Years at $300, $500 and $800 a Week
Years to save a 20% or 5% deposit on $600k to $1m homes, and the first home schemes that can shorten the wait.
By the MoneyBackKit AU team · Updated 28 October 2026 · 2 min read
A 20% deposit avoids lenders mortgage insurance, but on today's prices it's a lot of money. Here's how long it takes at different weekly savings, before stamp duty and other buying costs.
Years to save a deposit
| Home price | 20% deposit | $300 a week | $500 a week | $800 a week | 5% deposit at $500 a week |
|---|---|---|---|---|---|
| $600,000 | $120,000 | 6.7 yrs | 4.3 yrs | 2.8 yrs | 1.2 yrs |
| $800,000 | $160,000 | 8.5 yrs | 5.5 yrs | 3.6 yrs | 1.5 yrs |
| $1,000,000 | $200,000 | 10.2 yrs | 6.7 yrs | 4.4 yrs | 1.9 yrs |
Ways to get there faster
- First Home Super Saver scheme: you can make voluntary contributions to super (up to $15,000 a year, $50,000 in total) and later withdraw them, with earnings, for a first home. Before-tax contributions are taxed at 15% going in, which can beat saving from after-tax pay.
- Australian Government 5% Deposit Scheme: eligible first home buyers can buy with a 5% deposit (2% for single parents) without LMI.
- First home buyer stamp duty concessions: most states and territories cut or waive stamp duty for first homes below a price limit.
- Keep the deposit in an offset later: once you buy, savings in an offset keep "earning" at your loan rate.