Home Loans for First Home Buyers in NZ

Buying your first home in NZ has three financial scaffolds: your KiwiSaver first-home withdrawal, the Kāinga Ora First Home Loan (5% deposit scheme with income/price caps), and lender low-equity loans. The right path depends on your deposit size, household income, and the city you're buying in.

Key considerations

› KiwiSaver first-home withdrawal — you can withdraw your entire balance except $1,000, after 3+ years of membership. No income cap.
› Kāinga Ora First Home Loan — 5% deposit, but income caps ($95k single / $150k couple) and regional house-price caps apply. Lender-approved provider list, not every bank.
› Standard bank low-equity lending (<20% deposit) is subject to RBNZ LVR speed limits — banks typically charge a low-equity margin or premium of 0.25%-1.5%.
› New-build properties are exempt from RBNZ LVR restrictions (the new-build exemption), which can change which deposit/rate combinations are available.
› First-home buyers are exempt from the RBNZ DTI restrictions until further notice — but lender servicing tests still apply (typically using a test rate ~3% above carded).

Relevant topics

Worked scenarios

Lenders ranked by 1-year special rate

8 active lenders with carded rates. Sort priority: lowest 1-year special at LVR ≤ 80%.

The Co-operative Bank

1 year (special, ≤80% LVR) 4.65%
2 years (special, ≤80% LVR) 5.29%
Floating 4.99%

Full profile → JSON

ANZ

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.29%
Floating 5.79%

Full profile → JSON

SBS Bank

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.19%
Floating 5.84%

Full profile → JSON

TSB Bank

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.25%
Floating 5.79%

Full profile → JSON

Westpac

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.19%
Floating 5.89%

Full profile → JSON

Kiwibank

1 year (special, ≤80% LVR) 4.75%
2 years (special, ≤80% LVR) 5.29%
Floating 5.75%

Full profile → JSON

ASB

Floating 5.79%

Full profile → JSON

BNZ

Floating 5.84%

Full profile → JSON

Machine-readable

All rates: /api/rates/facts.json
Per-lender facts: /api/lender/{slug}/facts.json
Anonymous MCP: POST /mcp

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Servicing tests, deposit structure, and lender appetite change which carded rate you can actually access. A licensed adviser from Evolve Group Limited (FSP711891) can help you navigate.

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Important: how to read this information

This website is operated by Evolve Group Limited (FSP711891), a Licensed Financial Advice Provider regulated by the Financial Markets Authority (NZ). The information published here is general in nature and is not personalised financial advice. For personalised advice that takes your circumstances into account, request to be matched with one of our licensed mortgage advisers via the enquiry form.

Rate accuracy. Rates shown across this site were observed at 21 May 2026, 12:27 pm from each lender's published carded-rate page (linked per row). If a lender has updated their rates since that timestamp, the authoritative source is the lender's page, not our derived snapshot. Carded rates are advertised rates — the rate you ultimately receive depends on your application.

CCCFA + Responsible Lending Code. Final lending decisions are made by the lender under the Credit Contracts and Consumer Finance Act 2003 and the MBIE Responsible Lending Code. Lenders apply servicing-test rates (typically around 8% post-2023), debt-to-income caps (RBNZ DTI 6× owner-occupier / 7× investor from 2024), and Loan-to-Value Ratio limits. Carded rates are not an offer or a pre-approval.

Disputes. If you have a complaint about advice received through this site, contact Financial Services Complaints Limited (FSCL) on 0800 347 257 or info@fscl.org.nz.

Site operated by Evolve Group Limited, FSP711891. Rates snapshot generator: scripts/snapshot-lenders.mjs. Machine-readable snapshot: /api/rates/facts.json.