Buying your first home in New Zealand
From saving a deposit to the day you get the keys: the steps, the help available today, and calculators for each decision.
The steps
- 01
Work out your budget
Your deposit and income set what you can borrow. Count savings, what KiwiSaver could release and any family gift, then check the range.
How much can I borrow? → - 02
Line up your deposit
Most lending needs 20% of the price; with less, banks ration loans and may charge more. The First Home Loan accepts 5% for incomes under its caps.
KiwiSaver withdrawal calculator → - 03
Get pre-approval
A bank or mortgage adviser checks your finances and says how much they would lend, subject to the property. It tells you what to look at and makes your offer credible.
Pre-approval explained → - 04
Research homes
Look up any address for its estimated value, council valuation, sales history, title, zoning and hazards before you go to an open home.
Look up a property → - 05
Check before you commit
Get the LIM from the council, a building inspection, and read the title for easements and covenants. For a unit title, read the body corporate’s records and levies. At auction you buy unconditionally, so all of this comes first.
Search a title → - 06
Make an offer
Have a property lawyer or conveyancer read the sale and purchase agreement before you sign. A private offer can be conditional on finance, the LIM and a building report; you pay the deposit when it goes unconditional.
- 07
Settle and move in
Your lawyer pays the vendor on settlement day, with the bank’s loan and any KiwiSaver. Do a pre-settlement inspection, and have house insurance in place from settlement: banks require it.
Help for first-home buyers
KiwiSaver first-home withdrawal
After three years in KiwiSaver, withdraw all but $1,000 toward a home you will live in. What could it buy?
First Home Loan (Kāinga Ora)
A 5% deposit through participating lenders, for household incomes up to $95,000 (single, no dependants) or $150,000 (with dependants, or buying together). A lenders’ mortgage insurance fee applies. More
First Home Grant
Closed to new applications in May 2024.
As at 12 October 2026. Eligibility is decided by Kāinga Ora, your KiwiSaver provider and lenders; check with them before relying on it. A change to the First Home Loan income caps has been proposed for after the 7 November 2026 election.
Mortgage repayment calculator
With under a 20% deposit most banks charge a low-equity margin or fee and lend less freely. How low-deposit loans work.
The rate is held for the whole term here, which no New Zealand loan is: fixed terms run out and are refixed at whatever rates are then. Interest is charged each repayment period. A guide, not a lending offer.
If rates rise
| Rate | Repayment, a fortnight | Interest over 30 years |
|---|---|---|
| At 6.00% | $1,618 | $677,048 |
| At 7.00% (+1) | $1,795 | $815,483 |
| At 8.00% (+2) | $1,980 | $959,644 |
Year-by-year balance
| Year | Interest | Principal | Owing at year end |
|---|---|---|---|
| 1 | $34,895 | $7,173 | $577,827 |
| 2 | $34,452 | $7,616 | $570,211 |
| 3 | $33,982 | $8,086 | $562,124 |
| 4 | $33,482 | $8,586 | $553,539 |
| 5 | $32,952 | $9,116 | $544,422 |
| 6 | $32,389 | $9,679 | $534,743 |
| 7 | $31,791 | $10,277 | $524,466 |
| 8 | $31,156 | $10,912 | $513,554 |
| 9 | $30,483 | $11,586 | $501,968 |
| 10 | $29,767 | $12,301 | $489,667 |
| 11 | $29,007 | $13,061 | $476,606 |
| 12 | $28,200 | $13,868 | $462,738 |
| 13 | $27,344 | $14,724 | $448,014 |
| 14 | $26,435 | $15,634 | $432,380 |
| 15 | $25,469 | $16,599 | $415,781 |
| 16 | $24,444 | $17,625 | $398,156 |
| 17 | $23,355 | $18,713 | $379,443 |
| 18 | $22,199 | $19,869 | $359,574 |
| 19 | $20,972 | $21,096 | $338,478 |
| 20 | $19,669 | $22,399 | $316,079 |
| 21 | $18,286 | $23,782 | $292,297 |
| 22 | $16,817 | $25,251 | $267,045 |
| 23 | $15,257 | $26,811 | $240,235 |
| 24 | $13,601 | $28,467 | $211,768 |
| 25 | $11,843 | $30,225 | $181,543 |
| 26 | $9,976 | $32,092 | $149,451 |
| 27 | $7,994 | $34,074 | $115,377 |
| 28 | $5,890 | $36,178 | $79,198 |
| 29 | $3,655 | $38,413 | $40,785 |
| 30 | $1,283 | $40,785 | $0 |
Questions
How much deposit do I need for a first home in NZ?
Usually 20% of the price for standard lending. Banks can lend some loans with less, and the Kāinga Ora First Home Loan accepts 5% if you meet its income caps. New builds are exempt from the Reserve Bank’s deposit restrictions, so some banks lend more freely on them.
Is there a first home grant in NZ?
Not any more. The KiwiSaver First Home Grant closed to new applications in May 2024. The KiwiSaver first-home withdrawal and the First Home Loan continue.
What costs are there besides the deposit?
Legal or conveyancing fees, a LIM from the council, a building inspection, sometimes a registered valuation the bank asks for, insurance, moving, and any low-deposit fee or margin. Budget a few thousand dollars on top of the deposit.
Can I buy with friends or family?
Yes. Co-buyers apply for the loan together and are usually each responsible for all of it. A property-sharing agreement drawn up by a lawyer sets out who paid what and what happens if someone wants out.
More home loan tools
Mortgage repayment calculator
Weekly, fortnightly or monthly repayments and the interest over the loan.
How much can I borrow?
An indicative borrowing limit and a readiness check, from your own figures.
Pay off your mortgage faster
What extra repayments or a lump sum save.
Break fee calculator
A rough cost of breaking a fixed rate early.
Switching banks
Whether moving your mortgage pays, after every cost.
What could your KiwiSaver buy?
Your balance as a price, and homes at it in the suburb you pick.
KiwiSaver first-home withdrawal
What your KiwiSaver could put toward a deposit.
First Home Loan and low deposits
Buying with 5–20% deposit, and what it costs.
Mortgage pre-approval
What it is, what to bring, and how long it lasts.
Today’s mortgage rates
Every lender’s advertised rates, side by side.
Home loan affordability by town
What a median home costs against local incomes, town by town.
Find a mortgage adviser
Advisers and firms near you.
General information, not financial advice. For advice on your situation, talk to a mortgage adviser.