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AussieCalc

Savings Goal Calculator Australia

Enter a goal, your current savings, and monthly contribution to see exactly when you'll get there, or how much to save per month to hit a target date.

When to use

When you have a savings target (e.g. a house deposit, car, holiday, or emergency fund) and want to know exactly when you'll reach it, or how much to save per month.

Who it's for

Savers with a specific dollar goal who want to track progress, model inflation, and see the effect of saving more each month.

What you'll need

Your savings goal, current balance, monthly savings amount or target date, and the interest rate on your savings account.

Choose a goal type to pre-fill suggested amounts, adjust any field after selecting.

Calculation mode

$

Your target amount in today's dollars (e.g. a house deposit, emergency fund, or car).

$

How much you have saved already toward this goal.

$

How much you plan to add each month. The result shows when you'll reach your goal.

%

Savings account rate, Australian HISAs currently pay 4.5–5.5% p.a. Use 0% to see contributions only.

Adjust goal for inflation

Applies 2.75% p.a. CPI to your target amount

Interest compounds monthly. General guidance only — not financial advice. Actual HISA rates change with each RBA decision.

Saved scenarios

No saved scenarios yet. Adjust inputs and click “Save current” to compare later.

Savings progress timeline

Balance over time — hover to inspect each year

Balance
Area chart showing savings balance growing toward goal of $30,000
PeriodBalance
Now$5K
Yr 1$18K
Yr 2$31K

Orange dashed line shows your savings goal. The curve accelerates as compound interest grows on a larger balance.

Share this savings plan with a friend or partner

Make your savings automatic

Set up an automatic transfer on payday to a dedicated high-interest savings account. Consistent monthly contributions matter far more than chasing the highest interest rate. Even small increases, such as $50 extra per month, make a meaningful difference over multi-year savings goals.

What to do next

Savings goals in Australia

Saving for a house deposit in Australia

A 20% deposit avoids Lenders Mortgage Insurance (LMI) and gives you more borrowing options. On the Australian median dwelling price of around $800,000, that's $160,000, a substantial target. The Australian Government 5% Deposit Scheme (formerly the First Home Guarantee) allows eligible first home buyers to purchase with as little as a 5% deposit with the government guaranteeing the remaining 15%, potentially saving tens of thousands in LMI. Income caps were removed from October 2025, broadening eligibility. The First Home Super Saver Scheme (FHSS) lets you save up to $50,000 inside super, withdrawing it for a first home deposit and benefiting from the 15% super tax rate on the way in.

How much emergency savings do you need?

Most financial planners recommend an emergency fund covering 3–6 months of essential living expenses. For the average Australian household spending around $4,500/month on essentials, that's $13,500–$27,000 kept in a liquid, accessible high-interest savings account. An emergency fund should not be invested in shares or ETFs; it needs to be accessible without market timing risk. Ubank, ING, Macquarie, and RAMS are consistently among the higher-rate options, check Canstar or Finder for current rates, which move with each RBA decision.

Getting the most from your savings rate

HISA rates move with the RBA cash rate, compare regularly to ensure you're earning a competitive return. Look for accounts with genuine ongoing rates (not just a 3-month honeymoon rate), no balance caps, and no hoops like minimum monthly deposits or transaction limits. Ubank Save, ING Savings Maximiser, and Macquarie Savings Account are consistently near the top. Even a 0.5% difference on $30,000 is $150/year, worth switching for.

The 50/30/20 rule for Australian budgets

A popular budgeting framework: allocate 50% of after-tax income to needs (rent, groceries, utilities), 30% to wants (dining, entertainment, subscriptions), and 20% to savings and debt repayment. On a $70,000 after-tax income (~$90,000 gross), that's $14,000/year or $1,167/month into savings. Adjust for Sydney or Melbourne rents, which often push the needs category above 50%; in that case, trimming wants first and building savings second is the pragmatic approach.

Worked examples

House deposit: $160,000 target
Aisha is saving a 20% deposit on an $800,000 property. Target: $160,000. She already has $25,000 saved and contributes $2,500 per month to a HISA earning 5% per annum. Without interest the remaining $135,000 would take 54 months. With monthly compounding at 5%, the calculator projects reaching $160,000 in approximately 48 months, saving 6 months compared to saving without interest. Interest earned over the period: around $17,000. Tip: a 1% rate difference on this balance and contribution rate shaves roughly 2 months off the timeline.
Emergency fund: 3 months of expenses
Ben wants a $15,000 emergency fund covering 3 months of $5,000 in expenses. He has $4,000 set aside and can save $500 per month into a high-interest account at 5.5% per annum. The calculator projects reaching $15,000 in approximately 20 months. Without interest the same savings rate would take 22 months, the interest effectively saves about 2 months of contributions. For short-term goals like this, the interest impact is modest; consistent monthly contributions matter far more than chasing a marginally higher rate.
Saving a lump sum to start investing in ETFs
Mei wants to accumulate $20,000 as a starting lump sum before investing in a diversified ETF portfolio. She has no existing savings and can set aside $800 per month. At 4.5% per annum in a HISA, the calculator projects reaching $20,000 in approximately 24 months, with around $800 earned in interest. Once the lump sum is deployed into an ETF at a long-term historical return of 7–9%, compounding potential increases substantially. Brokerage platforms also allow regular contributions from well under $20,000, so she could start investing earlier while continuing to build the lump sum in parallel.

Frequently asked questions

How much do I need for a house deposit in Australia?
Ideally 20% of the purchase price to avoid LMI. On a $700,000 property that's $140,000, plus stamp duty (around $27,000 in NSW, varying by state), conveyancing (~$2,000), and inspections (~$600). Total upfront costs can reach 23–25% of the purchase price. If 20% feels out of reach, the Australian Government 5% Deposit Scheme (formerly the First Home Guarantee) lets eligible buyers purchase with just 5% deposit with no LMI, income caps were removed from October 2025. The First Home Super Saver Scheme lets you withdraw up to $50,000 from super for a deposit, taxed at a concessional rate.
How much emergency savings should I have in Australia?
3–6 months of essential living expenses is the standard recommendation. If you lose your job or face an unexpected expense (car repair, medical bill, appliance breakdown), this buffer lets you cover costs without going into debt. For most Australian households, that means $15,000–$30,000 in a high-interest savings account. Keep emergency savings separate from investment accounts; the point is instant access, not growth.
What savings account rate should I use in Australia?
The best Australian high-interest savings accounts are consistently offered by Ubank Save, ING Savings Maximiser, Macquarie Savings Account, and RAMS Saver. Most compound daily. Rates change with each RBA decision, check Canstar or Finder for current rates before opening an account. For long-term goals beyond 3–5 years, consider whether a diversified ETF portfolio might outperform a savings account net of tax.
How much faster does a HISA get me to my goal?
On a $30,000 goal starting from $5,000 and saving $1,000/month: without interest you reach the goal in 25 months. At 5% p.a. in a HISA, you reach it in about 24 months, saving roughly one month's contribution. The difference is modest over short horizons but grows with larger amounts and longer timelines. A $100,000 goal at $2,000/month, at 5% vs 0%, saves you about 4 months.
Should I save or invest to reach my goal?
It depends on the time horizon. For goals within 1–3 years (emergency fund, house deposit, holiday), keep savings in a HISA; you can't afford a 20% sharemarket drop right before you need the money. For goals 5+ years away, investing in a diversified ETF portfolio (like VAS + VGS) has historically produced much better after-tax returns than savings accounts. For 10+ years, the gap between ~5% HISA and ~9% sharemarket total return becomes very large in dollar terms.
What is the First Home Super Saver Scheme (FHSS)?
The FHSS lets first home buyers make voluntary contributions to their super fund and then withdraw them (up to $50,000) for a first home deposit. Contributions are taxed at 15% going in (instead of your marginal rate), and withdrawals are taxed at your marginal rate less a 30% offset. The benefit is greatest for higher-income earners. Applications are made through myGov and there are eligibility conditions including never having owned property in Australia. Speak to a financial adviser before using FHSS alongside a savings strategy.
Are my savings protected if my bank fails?
Yes, up to $250,000 per account holder per institution. The Australian Government's Financial Claims Scheme (FCS), administered by APRA, guarantees deposits at licensed authorised deposit-taking institutions (ADIs), covering banks, credit unions, mutual banks, and building societies. If you hold more than $250,000 in savings, spreading funds across multiple ADIs ensures full coverage. Term deposits and savings accounts are both covered. The FCS has been in place since 2008.
What is the difference between a HISA and a term deposit?
A High Interest Savings Account (HISA) pays a higher rate than a standard transaction account while keeping your money accessible, though some HISAs require a monthly deposit or ban withdrawals to qualify for the bonus rate. A term deposit locks funds away for a fixed period (from 1 month to 5 years) in exchange for a guaranteed fixed rate; early withdrawal usually incurs a penalty and a reduced rate. For a savings goal with a fixed deadline and no need to access the funds early, a term deposit can be suitable if the rate is competitive and the maturity date aligns with when you need the money. For flexible goals or emergency-use savings, a HISA is more appropriate.

How this calculator works

Enter your savings goal, starting balance, monthly contribution, and interest rate. Each month, the calculator adds your contribution to the running balance, applies the monthly interest rate (annual rate divided by twelve), and checks whether the goal has been reached. The result is the number of months to reach your target and the total interest earned along the way.

For short-to-medium-term goals, the interest earned is real but modest compared to the effect of your monthly contributions. On a $50,000 house deposit goal starting from $10,000 and saving $1,500 per month, switching from a 4% HISA to a 5.5% HISA saves roughly two months off the timeline. The contribution amount matters much more than chasing the top interest rate, though both are worth optimising.

This calculator is particularly useful for reverse-engineering your required savings rate: enter your goal and deadline, leave the monthly contribution blank, and adjust the contribution until the projected date matches when you need the money. This tells you exactly how much you need to set aside each month to hit the target on time.

Methodology

  • Assumptions: Fixed annual interest rate applied monthly; contributions made at the start of each month; interest credited monthly to the account.
  • Calculation: Balance = (balance + monthly contribution) × (1 + monthly rate) each month until the goal is reached; monthly rate = annual rate ÷ 12.
  • Limitations: Does not model tax on interest income, account fees, or changing interest rates; results are in nominal (not inflation-adjusted) terms.

Sources

Last updated: June 2026

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