What you see to your left is the minimum deposit you would need when buying a property in Australia. Lenders can allow a deposit as low as 5%, however you still have buying associated costs e.g. Stamp Duty, Conveyancing, Building & Pest Reports Etc. Based on our data for doing lending over 12 years, to own a home in Australia you need at least 10% of the purchase value to buy a property.
What Is a Deposit Calculator?
A Deposit Calculator is an online tool that calculates the future value of your deposit, taking into account the deposit amount, interest rate, compounding frequency, and investment period.
How Does a Deposit Calculator Work?
The Deposit Calculator uses the principles of compound interest to calculate the future value of your deposit. You input the deposit amount, interest rate, compounding frequency, and investment period, and the calculator does the rest.
Why Use a Deposit Calculator?
The Deposit Calculator provides insight into how your deposit grows over time. It allows you to experiment with different scenarios, thereby aiding in strategic financial planning and decision-making.
Leveraging the Deposit Calculator
Setting Financial Goals with the Deposit Calculator
The Deposit Calculator can help you set and achieve your financial goals. By adjusting the deposit amount, interest rate, or term, you can calculate the path to your desired future value.
Deposit Calculator: A Tool for Informed Decision-Making
The Deposit Calculator allows you to compare different savings scenarios. This comparison can guide your decision-making, helping you select the most suitable deposit account or term for your needs.
Tracking Progress with the Deposit Calculator
By regularly updating your deposit balance and term in the Deposit Calculator, you can track your savings progress and adjust your strategy as necessary.
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From buying your first home to refinancing, commercial or construction loans – our free service takes the stress out of getting finance. We offer our services Australia wide so why not reach out to us today. We’d love to hear from you.
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