Savings Goal Calculator Australia

Enter a goal amount, current savings, and monthly contribution to see exactly when you'll get there. Includes interest to model a high-interest savings account.

Savings goal

Your target amount — e.g. a house deposit, emergency fund, or car.

Current savings

How much you have saved already toward this goal.

Monthly contribution

How much you plan to add each month from your income.

Annual interest rate

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

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

Savings progress timeline

Balance over time — hover to inspect each year

Balance

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

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 $780,000 (2024), that's $156,000 — a substantial target. The First Home Guarantee (FHBG) 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. 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 currently offer some of Australia's highest HISA rates at 4.5–5.5% p.a., compounding daily.

Getting the most from your savings rate

Australian HISAs are currently among the highest-paying savings products in years thanks to RBA rate rises. 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 (with monthly deposit condition), 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.

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 (varies by state — around $27,000 in NSW), conveyancing (~$2,000), and inspections (~$600). Total upfront costs can reach 23–25% of the purchase price. If 20% feels out of reach, the First Home Guarantee lets eligible buyers purchase with just 5% deposit with no LMI. 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?: As of mid-2025, the best Australian high-interest savings accounts pay 4.5–5.5% p.a. with conditions. Ubank Save, ING Savings Maximiser, Macquarie Savings Account, and RAMS Saver are consistently competitive. Most compound daily. Check comparison sites like Canstar or Finder for current rates — they change with each RBA decision. 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.