Your complete guide to buying your first home in NZ. Get pre-approved with as little as 5% deposit.
Get Pre-Approved NowGet a home loan with as little as 5% deposit through the First Home Loan scheme. Learn more about low deposit loans →
Access up to $10,000 for existing homes or $20,000 for new builds to help with your deposit.
Withdraw your KiwiSaver savings (minus $1,000) for your first home deposit.
Government-backed loans for low-to-middle income earners with competitive rates.
Most banks require a 20% deposit for standard home loans. This avoids low equity premiums and gives you access to the best interest rates.
Example: $700,000 home = $140,000 deposit required
Some banks offer low deposit loans with 10-15% deposit, but you'll pay a low equity margin (typically 0.25-1.00% extra).
Example: $700,000 home = $70,000-$105,000 deposit
Through Kainga Ora's First Home Loan scheme, eligible buyers can purchase with just 5% deposit.
Example: $700,000 home = $35,000 deposit
Eligibility: Must meet income caps, be buying your first home, and meet price caps in your region.
The First Home Grant (formerly HomeStart Grant) provides financial assistance to first home buyers who meet specific criteria.
$10,000
For houses that already exist
$20,000
For new or off-the-plan properties
As a first home buyer, you can withdraw your KiwiSaver savings to use as a deposit (you must leave at least $1,000 in your account).
Important: You must have been in KiwiSaver for at least 3 years to make a first home withdrawal.
Aim for at least 5-20% of the property value. Use KiwiSaver and the First Home Grant to boost your deposit.
Know exactly how much you can borrow before you start house hunting. Pre-approval shows sellers you're serious.
Get pre-approved nowWork with a real estate agent, attend open homes, and make offers within your pre-approved budget.
Once your offer is accepted, complete your formal mortgage application and arrange a building inspection.
Complete the legal paperwork, pay the deposit, and get the keys to your new home!
It's very difficult to buy a house in NZ with no deposit. The minimum is typically 5% through the First Home Loan scheme, though most lenders require 10-20%. Some guarantor loans may allow lower deposits if a family member guarantees part of the loan.
There's no set minimum income, but lenders typically want your mortgage payments to be less than 30% of your gross income. For a $600,000 loan, you'd typically need a household income of at least $100,000.
Yes! Mortgage brokers are usually free (paid by the bank) and can compare rates from multiple lenders, saving you time and potentially thousands of dollars. They also help with paperwork and can access better deals than going directly to a bank. Read our complete mortgage broker guide →
Pre-approval typically lasts 3-6 months, depending on the lender. Your circumstances must remain the same (same income, no new debts, etc.) for the pre-approval to stay valid.
Get pre-approved in 24 hours and start your home buying journey today
Start Your ApplicationLast updated: March 24, 2026 | Rates and information verified with RBNZ, Kāinga Ora