Savings Plan Calculator
What do you need to do to get your first home?
If you aren't quite ready to purchase your first home yet, this savings calculator is a great tool to grow your deposit. The savings plan is based on what the weekly costs are for owning a home. Enter your desired loan amount and current rent payments to see how much you should be saving each week.
Benefits of the Deposit Savings Plan
This tool can be useful for increasing your savings to put towards a deposit and gives an indication into the cost of owning your own home. The weekly savings figure shows the extra costs you will face in your own home compared to your current rent payment.
Saving this per week into a separate account will help grow your deposit and get you used to a new budget. When the time comes to put your application together this savings plan shows your ability to meet the cost of owning a home which can strengthen your application
Weekly Deposit Savings Plan
How it works
Rent Cost
Enter in your weekly rent cost. When you purchase a home your rent payments will be replaced with repayments towards your mortgage and some extra home ownership costs​
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House Price and Deposit Goal
Include the house price you wish to purchase and input your current deposit. In order to purchase your first home lenders require a deposit to be paid. This can be made up of different sources including Kiwisaver, savings, or gifts from family and friends. Check with one of our advisers to see what your deposit goal should be.​​
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Cost of the Mortgage
Once you have entered in your loan details, figures will be produced showing the cost of your mortgage.
Owning your own home gives you the freedom of your own space and gets you on the property ladder. With this freedom comes other necessary costs associated with owning a house. These costs have been added on a weekly basis. The annual costs can be seen below and are based on current industry averages.
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$3,000 - Rates Cost Per Year
$2,200 - Home Insurance Per Year​
Disclaimer
This calculator is for information purposes only and does not provide financial advice. We recommend seeking financial advice about your situation and goals before getting a financial product. Get in touch with one of our specialists through our contact page.
This calculator provides an estimated amount and is for illustrative purposes only. The figures produced are for illustrative purposes and may differ from real life figures. It is based on the accuracy of the limited financial information provided by you and assumptions made by us. Results are based on amortised scheduled repayments with a constant interest rate for the term of the loan which will likely not reflect a real situation. This is not an offer of finance or demonstration of approval with any of our partnered lenders. Approval is subject to a successful lending application and financial situation. Costs are estimates and the savings plan doesn't guarantee an approval from a lender. It may not align with your position but is a potential strategy to be utilised. The information collected in this calculator will not be saved to our systems and is only seen by you.