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How to save for a home loan deposit
Ideally, you should save as much as possible before buying a home. The more you save for a home loan deposit, the smaller your loan and the higher your chances of getting approved for a home loan.
Make sure your deposit savings plan also takes into account the extra costs associated with buying and moving into your new home. This can include stamp duty, conveyancing and other government and upfront costs.
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Applying online is easy
Submit your application in a few simple steps. You can apply if you are 18 years old or over, an Australian citizen, or a permanent or temporary resident, an Australian tax resident living in Australia, have an Australian mobile number.
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3 minutes
Answer a few simple questions and we’ll provide a tailored quote with your rate and repayments.
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15 minutes
Provide information about you, your property, what you earn and what you owe.
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Once you’ve submitted your application, one of our friendly home loan specialists will review it and get in touch to answer any questions and guide you through the next steps.
Have questions before you apply online?
Our team of home loan experts are here to help. Request a call by completing the form and we’ll typically call you back within 1 business day.
Frequently asked questions
To estimate how much interest you can earn on your deposit savings, use our Deposit savings calculator above.
The assumptions used in our deposit savings calculator are as follows:
- Length of Month: as done in most financial calculators, all months are assumed to be of equal length. In reality, many savings accounts accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.
- Number of Weeks & Fortnights in a Year: one year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
- Deposit and Interest Compounding Frequency: the calculator assumes that deposits and interest crediting occurs at the same frequency. This frequency is an input parameter entered by the user - namely annually, monthly, fortnightly or weekly.
- Rounding of Amounts of Total Accumulation and Interest Earned: the amounts of total accumulation and interest earned are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.
The information contained in the calculator is by way of example only and should not be regarded as a prediction, or as personal advice.
You can apply for a new home loan or Investor loan on our online portal. You can also request a call online or give us a call on 13 62 27 to speak with a Home Loan Specialist (Monday to Friday, 9am - 5pm Sydney time).
The Low Deposit Fee (LDF) is a one-off amount payable by you, in connection with the low deposit being paid by you and/or the low amount of equity you have in your security property. The LDF may be payable when you have a deposit that is less than 20% of the value of the property you’re purchasing or refinancing.
The LDF helps us to recover some of the potential losses that we may encounter if you're unable to repay your home loan.
See the Low Deposit Fee Fact Sheet for further information.
Additional information
This information is provided by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.
The information in this calculator is by way of example only and is not a prediction or professional financial advice. Calculations are not forecasts, but may assist you in making your own projections. Subject to law, Macquarie will not be liable for any loss or damage caused by your use of the calculator. The information in the calculator does not constitute an offer to lend or imply the product is suitable for you.