Our Savings Calculator provides a snapshot of how much you have saved and deposited over a given time period alongside the interest accumulated.
The Savings Calculator is a good tool to use when trying to save up a deposit for a property and can indicate whether you will meet your savings goal on time.
You might find that you will have to save more or adjust your timescale if you want to meet your property goals. If that is not impossible, then you may have to adjust your property budget and look for a more affordable property to buy instead.
To use the Savings Calculator, input the details for the initial deposit, periodic payment and interest rate and choose the term length. Click on Calculate and your results will show you the total amount saved, the amount deposited and the total interest made.
You can also view the results in a graph which shows the deposited amount and interest accumulated against your given timeframe.
Saving for a property can be tricky, but with the right guidance and mindset, you can get there sooner. It’s best to speak to a Mortgage Broker first to find out what your maximum borrowing capacity is and then calculate your savings with our Savings Calculator to learn how much you can potentially save.
To learn more about buying a property and how you can improve your saving habits, get in touch with the iBuyNew team today by giving us a call on 1300 123 463.