Low Deposit Home Loans NZ (5%–20% Deposit)
Borrowing with less than 20% deposit puts you above the standard LVR threshold. Three pathways apply: the Kāinga Ora First Home Loan (5% deposit, eligibility-capped), lender low-equity margins (typically 0.25%–1.5% above carded), and the RBNZ new-build LVR exemption (no minimum LVR for new builds).
Key considerations
- › RBNZ speed limits restrict each bank to a small share (typically 15%) of new lending above 80% LVR for owner-occupiers. Banks must ration this allocation — applications can be declined on speed-limit grounds even when servicing passes.
- › Low-equity margins are NOT in the carded rate — they are added on top, typically applied for the life of the loan or until LVR drops below 80%.
- › Kāinga Ora First Home Loan (FHL): 5% minimum deposit, no low-equity margin, income caps ($95k single / $150k couple), regional house-price caps (e.g. ~$895k Auckland / ~$650k Wellington / lower elsewhere). Limited bank panel.
- › New-build exemption: properties bought off-the-plan or within 6 months of CCC are exempt from LVR restrictions. Useful for low-deposit borrowers.
- › KiwiSaver first-home withdrawal: counts towards your deposit but does not change LVR — a $100k house deposit funded from KiwiSaver still leaves you at 90% LVR on a $1m purchase.
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%
ANZ
- 1 year (special, ≤80% LVR) 4.69%
- 2 years (special, ≤80% LVR) 5.29%
- Floating 5.79%
SBS Bank
- 1 year (special, ≤80% LVR) 4.69%
- 2 years (special, ≤80% LVR) 5.19%
- Floating 5.84%
TSB Bank
- 1 year (special, ≤80% LVR) 4.69%
- 2 years (special, ≤80% LVR) 5.25%
- Floating 5.79%
Westpac
- 1 year (special, ≤80% LVR) 4.69%
- 2 years (special, ≤80% LVR) 5.19%
- Floating 5.89%
Kiwibank
- 1 year (special, ≤80% LVR) 4.75%
- 2 years (special, ≤80% LVR) 5.29%
- Floating 5.75%
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.
Get MatchedImportant: 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.
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Rates snapshot generator: scripts/snapshot-lenders.mjs.
Machine-readable snapshot: /api/rates/facts.json.