First home loans
Ready to step onto the property ladder?
A home loan for people buying their first property. Most lenders ask for a 20% deposit, but there are ways in with less: new builds can need as little as 10%, and the Kāinga Ora First Home Loan lets eligible buyers start with 5%.
Who it suits
- First-time buyers saving towards a deposit
- Buyers using a KiwiSaver first-home withdrawal
- Couples or friends buying together
- Buyers with help from family
What lenders look at
- How big your deposit is and where it came from
- Your income and how stable it is
- Living costs, existing debts and credit card limits
- Your credit file and repayment history
What to prepare
Tick them off as you go.
Questions to ask
- What deposit will this property need?
- Is there a low-deposit fee or higher rate?
- How long will a pre-approval last?
- What happens if the valuation comes in low?
Everyone's situation is different. Lenders weigh things differently and small details change the answer. An adviser can tell you where you stand with first home loans and what to do next.
Talk to an adviserRun the numbers
Calculators for this
Deposit and LVR
Check your loan-to-value ratio against the deposit lenders usually want.
Calculate nowHome buyingBorrowing power
Estimate how much you could borrow, the way lenders test it.
Calculate nowHome buyingBuying costs
Add up the cash you'll need on top of the deposit.
Calculate nowLearn more
Guides
From offer to settlement: what happens when
Pre-approval: a lender agrees in principle how much it will lend, subject to conditions. It gives you a budget and the confidence to make…
Read the guideRules · 1 min readLVR and DTI: the two rules behind every home loan
Loan-to-value ratio (LVR) is your loan divided by the property's value. Borrow $640,000 on an $800,000 home and your LVR is 80%, meaning a 20%…
Read the guideBorrowing · 1 min readHow lenders work out how much you can borrow
Lenders start with your income, take off tax, living costs and the repayments on any other debts, and see what's left. Then they work out the largest…
Read the guideEvery situation is different
Tell us what you're planning and an adviser will work through your options with you.