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When you set yourself a home deposit savings goal it’s important to get a savings plan together so you can make your dream a reality. After all, a goal without a plan is just a wish.
An important step to achieving your savings goal is to work out how much money you need to save and how long it will take you to save that amount.
If you know where to buy or know how much you want to spend on your first home it is a good idea to set a goal with a plan to achieve it. For example if the median in your preferred suburb is $500,000 you will need to save a minimum of $25,000 (for a 5% deposit) or $100,000 (for a 20% deposit). You will need to work out what kind of deposit you want to buy your first home with so you can start planning and saving accordingly.
Do you want to know how much you need for your first home and which deposit level is most appropriate?
Try our ‘Do I have enough?’ tool to determine how much deposit you will require to purchase your first home in your desired area.