Budget Planner for Home Buyers

That depends on the property you’re buying, where it is and which loan you’re applying for. As a general rule, most lenders want to see a 20% deposit to avoid Lenders Mortgage Insurance. But there are schemes that let eligible buyers get in with as little as 5% – and in some cases, with no LMI at all.

This budget planner helps you work out where your money is going right now, where you can free some up and how long it’ll realistically take you to get there.

How to use the budget planner

Enter your income and your regular expenses – rent, groceries, subscriptions, loan repayments, nights out, the lot. The more honest you are with the numbers, the more useful the output. The planner will show you what’s left over each month and give you a clearer picture of how long it’ll take to reach your savings target.

If you’re not sure what your target should be, our Borrowing Power Calculator is a good place to start. It’ll give you an estimate of how much you might be able to borrow, which tells you roughly what deposit you’ll need.

What to look for in your results

Most people are surprised by one of two things when they do this properly. Either their surplus is higher than they thought – meaning they could be saving more aggressively – or their expenses are higher than they realised, which explains why the savings account hasn’t been moving.

Either way, seeing it laid out clearly is more useful than a vague sense that you should probably be saving more. Small recurring expenses add up faster than most people expect. A few subscription services, a gym membership you barely use and a couple of takeaway meals a week can easily account for $400 or $500 a month that could be going towards a deposit instead.

The deposit isn’t the only cost

This is where a lot of first home buyers get caught short. Saving your deposit is the main job, but there are other costs that need to be sitting in your account on settlement day.

Stamp duty is the big one. In Victoria, first home buyers are exempt on properties up to $600,000 and receive a concession on properties up to $750,000 – but above that, stamp duty applies in full and can run to tens of thousands of dollars. You can check what applies to your situation on our home loan grants and schemes page.

Beyond stamp duty, budget for conveyancing fees (typically $1,500 to $2,500), building and pest inspections ($400 to $700) and any lender fees. Our Buying and Selling Costs Calculator gives you a detailed breakdown of all of these in one place.

Ways to build your deposit faster

A few things genuinely accelerate the process beyond just cutting expenses.

The First Home Guarantee lets eligible buyers purchase with a 5% deposit and no LMI, which can save you years of saving time. The First Home Owner Grant provides a $10,000 cash payment for eligible buyers purchasing a new home. And the Victorian Homebuyer Fund offers a shared equity arrangement that reduces how much you need to borrow. These schemes have specific eligibility criteria and property price caps, so it’s worth understanding them properly before you start house hunting. Our grants and schemes page covers all of them.

The First Home Super Saver Scheme (FHSS) is also worth looking into if you’re employed. It allows you to make voluntary contributions into your superannuation – either before tax through salary sacrifice or after tax as personal contributions – up to $15,000 per year and $50,000 in total. When you’re ready to buy, you can apply to withdraw those savings plus associated earnings and put them towards your deposit. The tax treatment of super contributions means your money effectively grows faster than it would sitting in a regular savings account. Full details are on the ATO website.

What happens after you’ve saved enough?

The next step is understanding how much you can borrow and what your repayments will look like. Our Borrowing Power Calculator gives you a starting estimate, and the Mortgage Repayment Calculator lets you see what different loan amounts and rates will cost you each month.

When you’re ready to take the next step, a Free Lending Strategy Session with one of our Geelong brokers costs you nothing. We’ll look at your full financial picture, confirm what you can borrow, walk you through the grants you’re eligible for and map out a clear path to getting into your home.

Other tools that might help

Borrowing Power Calculator – find out how much you might be able to borrow based on your income and expenses
Mortgage Repayment Calculator – estimate what your monthly repayments would look like at different loan amounts and rates
Buying and Selling Costs Calculator – understand the full cost of buying, including stamp duty and legal fees
Home Loan Guide – a practical walkthrough of the home buying process from start to finish

This calculator provides general estimates only and does not constitute financial advice. Please speak with a licensed mortgage broker before making any borrowing decisions.