A bigger deposit can mean a smaller bond, lower repayments and a better chance of approval. Use this calculator to work out how much you need to save each month to reach your deposit goal in the time you have available.
Assumes your savings earn interest monthly at the rate entered, and that you save the same amount every month for the period you choose.
This calculator gives an estimate to help with planning. Actual deposit requirements are set by your bank and may vary depending on the type of property, your credit profile and current lending conditions.
Tips for saving towards your deposit
Saving for a deposit is often the biggest hurdle to buying a first home. A clear plan can help you get there faster.
Automate your savings
Set up an automatic transfer to a dedicated savings account on payday, before you have a chance to spend the money. Treating your deposit savings like a fixed monthly expense makes it far easier to stay consistent.
Use an interest-bearing account
Keep deposit savings in a notice account, money market account or fixed deposit that earns a meaningful interest rate, rather than a low-interest transactional account, so your savings grow faster while staying accessible.
Give yourself more time if needed
If the required monthly amount feels out of reach, try a longer savings period in the calculator. A more realistic timeline is better than an overly ambitious target you cannot stick to.
Keep your deposit separate
Avoid dipping into your deposit savings for everyday expenses. Consider a separate account that is slightly less convenient to access, so the money is there when you are ready to buy.
Frequently asked questions
Do I need a deposit to buy a home in South Africa?
Not always - some banks offer 100% home loans (no deposit) to qualifying applicants, particularly for first-time buyers or lower-value properties. However, having a deposit reduces the amount you need to borrow, lowers your monthly repayments and can improve your chances of approval.
How much deposit should I aim for?
There is no fixed rule, but 10% of the purchase price is a commonly used target, with some buyers aiming for higher amounts to access better interest rates. The calculator defaults to 10%, but you can adjust this to match what your bank or bond originator has indicated.
Where should I keep my deposit savings?
Many buyers use a notice deposit, money market account or fixed-term deposit account, which typically offer higher interest rates than everyday savings accounts while still being relatively low risk and accessible within a short notice period.
Does a bigger deposit improve my chances of approval?
Generally, yes. A larger deposit reduces the loan-to-value ratio, which lowers the bank's risk. This can improve your chances of approval and may help you negotiate a better interest rate, particularly if your credit profile is borderline.
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