How much deposit do you need? Calculate your savings timeline.
Available after 3+ years contribution
You may qualify for the First Home Grant:
Most banks require a 20% deposit for standard lending. First home buyers may qualify for 10% through First Home Loans. For a $800,000 home, that's $80,000-$160,000.
Yes, first home buyers can access First Home Loans with 10% deposit. Some buyers use family guarantees. However, you'll typically pay a Low Equity Premium (LEP) of 0.25-0.75% on rates.
Yes, after contributing for 3+ years you can withdraw your KiwiSaver (minus $1,000) for a first home. You can also apply for the First Home Grant of up to $10,000 for new builds or $5,000 for existing homes.
The First Home Grant provides $5,000 for existing homes or $10,000 for new builds per person (doubled for couples). You need 3+ years of KiwiSaver contributions and must meet income and house price caps.
Saving $160,000 (20% of $800,000) at $2,000/month takes about 6.5 years. Using KiwiSaver and grants can reduce this significantly. Many first home buyers take 3-5 years.