Calculator
Household Budget
Build a complete monthly household picture. Surplus drives both serviceability and what you can throw at the next deposit.
Monthly surplus / (deficit)
$4,690
Annualised: $56,280
Total income
$12,700
Total expenses
$8,010
Savings rate
36.9%
Target 20%
Status
On track
Spend by category
- Housing$3,880 · 48%
- Utilities & Comms$560 · 7%
- Transport$700 · 9%
- Living$2,170 · 27%
- Debt & Savings$700 · 9%
General information only. Calculations are indicative, based on simplified rules current at FY2024–25, and exclude items such as foreign buyer surcharges, off-the-plan concessions, principal-place-of-residence rules and lender policy variation. Always verify with your accountant, broker and the relevant State Revenue Office calculator before transacting.
About this calculator
Household Budget Calculator (Australia)
Your household surplus is the single most important number in your financial life. It funds your deposit, services your loan and determines what a bank thinks you can afford. This calculator builds the budget the same way a bank's serviceability model does — by category, against HEM benchmarks, with explicit space for discretionary spending. The output is two numbers: your monthly surplus (what's left after every line item) and your savings rate (surplus ÷ income), which is the metric we use to track deposit progress with clients.
When to use it
- Saving for a first home deposit
- Pre-approval stress-testing before submitting a loan application
- Quarterly financial reviews
- Modelling the impact of a salary change or career break
- Building a buffer before purchasing an investment property
How to use it
- 1
Enter take-home income
Use the actual amount that lands in your bank — after tax, super and HECS. Include both partners and any rental income.
- 2
Fill housing costs
Mortgage or rent, council rates, strata, building & contents insurance, repairs and maintenance.
- 3
Fill utilities, transport, living
Be honest. Underestimating doesn't reduce your bank assessment — it only fools yourself.
- 4
Add debt and savings lines
Investments and emergency-fund top-ups count as 'savings' not 'spending', but they still need to be funded out of surplus.
- 5
Set a target savings rate
20%+ is a strong target; 30%+ is excellent. Sub-10% suggests the budget needs surgery before adding more debt.
Methodology & assumptions
All values are monthly. Annual figures (rates, insurance, rego) should be divided by 12 to land in the correct row.
Savings rate = (income − expenses) ÷ income. A 20% savings rate on $12,000 monthly take-home produces $2,400/month or $28,800/year toward deposit, debt reduction or investment.
We compare your category totals against a typical Australian benchmark so you can see which line items are running hot.
The calculator deliberately does not enforce HEM minimums — but understand that lenders will if your declared figure looks unrealistic for your household size and postcode.
Common pitfalls we see
- Forgetting irregular costs. Car servicing, rego, insurance renewals and Christmas all hit hard if not annualised.
- Treating credit card minimums as the real cost. The interest cost is what's actually leaving your pocket.
- Padding 'groceries' below HEM. Lenders back-test against your bank statements.
- Counting investment contributions as expenses. They're savings — the money still exists, it's just allocated.
Frequently asked questions
What is a good household savings rate in Australia?
10% is the average; 20% is healthy; 30%+ is strong and typical of households actively building wealth. Below 5% suggests cashflow stress that should be addressed before adding new debt.
Why does my bank ask about expenses if they use HEM?
Banks use the higher of your declared expenses or the HEM benchmark for your household. Declaring honestly avoids back-end revisions during assessment.
How much should I budget for property holding costs?
Budget 1–1.5% of property value annually for rates, insurance, repairs and maintenance on a house. Apartments add strata on top, typically $3,000–8,000/year.