How to save for a home loan deposit

Ideally, you should save as much as possible before buying a home. The more you save for a home loan deposit, the smaller your loan and the higher your chances of getting approved for a home loan.

Make sure your deposit savings plan also takes into account the extra costs associated with buying and moving into your new home. This can include stamp duty, conveyancing and other government and upfront costs.


Applying online is easy

Submit your application in a few simple steps. Apply if you are 18 years or older and a permanent resident of Australia.


Get a quick quote

3 minutes

Answer a few simple questions and we’ll provide a tailored quote with your rate and repayments.


Continue to apply online

15 minutes

Provide information about you, your property, what you earn and what you owe.


Get an answer fast

Once you’ve submitted your application, one of our friendly banking specialists will review it and get in touch to answer any questions and guide you through the next steps.


Talk to a home loan specialist


Thanks for your enquiry. We’ll aim to contact you within one business day.

For some enquiries we will contact you via email only.

There has been an error. Please contact us.

If you're refinancing, request a call or contact us on 13 62 27 Monday to Friday 8am - 6pm (Sydney time).

For a faster response on your pre-approval enquiry, try our calculator to estimate your borrowing power and continue to apply online.

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By submitting this form, I acknowledge that I have read Macquarie Bank’s Privacy Statement and understand Macquarie Bank may use my personal information as outlined in the Statement.

Frequently asked questions

To estimate how much interest you can earn on your deposit savings, use our Deposit savings calculator above.

The assumptions used in our deposit savings calculator are as follows:

  • Length of Month: as done in most financial calculators, all months are assumed to be of equal length. In reality, many savings accounts accrue on a daily basis leading to a varying number of days’ interest dependent on the number of days in the particular month.
  • Number of Weeks & Fortnights in a Year: one year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
  • Deposit and Interest Compounding Frequency: the calculator assumes that deposits and interest crediting occurs at the same frequency. This frequency is an input parameter entered by the user - namely annually, monthly, fortnightly or weekly.
  • Rounding of Amounts of Total Accumulation and Interest Earned: the amounts of total accumulation and interest earned are rounded to the nearer cent. In practice, the accuracy in these amounts is dependent on the rounding protocols used for interim amounts of interest credited to the account.

The information contained in the calculator is by way of example only and should not be regarded as a prediction, or as personal advice.

You can apply for a new home loan or Investor loan on our online portal. You can also request a call online or give us a call on 13 62 27 to speak with a Banking Specialist (Monday to Friday, 8am-6pm Sydney time).

The Low Deposit Fee (LDF) is a one-off amount payable by you, in connection with the low deposit being paid by you and/or the low amount of equity you have in your security property. The LDF helps us to recover some of the potential losses that we may encounter if you're unable to repay your home loan.

See the Low Deposit Fee Fact Sheet for further information.

Additional information

This information has been prepared by Macquarie Bank Limited AFSL and Australian Credit Licence 237502 (MBL) and does not take into account your objectives, financial situation or needs. You should consider whether it is appropriate for you. Lending criteria, fees and T&Cs apply.

The information in this calculator is by way of example only and is not a prediction or professional financial advice. Calculations are not forecasts, but may assist you in making your own projections. Subject to law, Macquarie will not be liable for any loss or damage caused by your use of the calculator. The information in the calculator does not constitute an offer to lend or imply the product is suitable for you.