Saving a deposit to buy a house

This is a helpful tool to work out how long it will take you to save a house deposit.

It's worth trying to get as large a deposit saved as possible because not only will that save you large amounts of interest over the life of your mortgage, banks charge borrowers extra when you have a low deposit (and a low deposit is usually anything less than 15% of the value of the house you want to buy).

Having a plan helps in a number of ways, not the least being it helps you focus of what you really need to do.

A plan also lets you assess the impact of any changes you may come up with later - "will it make the boat go faster?" - that is, will it get you closer to your house?

In this tool, enter your details in the yellow boxes, and select from the dropdown boxes.

For your income, enter your take-home pay (after tax, after KiwiSaver deductions, etc.). Make sure you include your take-home pay for you and your partner, because the bank will want to know that for both of you.

Be realistic about how much you can save. This is a key number in this tool.

And when you come to putting in the interest rate for your savings, it should go in here on an after-tax basis. (For example, if the bank is paying you 4.0% p.a., your after-tax return will probably be about 3.0%.)

Time to get started ...

We hope you found this tool helpful.

Feel free to leave a comment below, or if you are not signed in, you can email us at with any feedback.

For information on how you can use your KiwiSaver account to help buy your first home, see this link »

(Also, did you know that the IRD can give you quite a lot of information about your KiwiSaver contributions? You will need to register, but this link » will get you to the right place.)


We're are saving for a farm. Had enough of the city life even if it pays well. Farm lenders require a min 40% deposit. Can you increase the deposit level to this and 50%?

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I know right! Thanks for showing us how to do it. Such a helpful tips. The thought of me continuing to pay another persons' mortgage is crazy. I’m in the situation right now and I’m super focused on saving.
April @

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Very informative piece. This will help my first home-buying experience as easy as possible.

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