- Auckland – $600,000.00
- Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District All – $500,000.00
- Rest of New Zealand – $400,000.00
Additionally, to incentivise the supply of new builds, the Minister has established a second tier of house price caps. For new builds, each house price cap is $50,000 greater than the cap for existing homes.
Region |
House price cap for existing/older properties |
House price cap for new properties |
Auckland |
$600,000 |
$650,000 |
Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District |
$500,000 |
$550,000 |
Rest of New Zealand |
$400,000 |
$450,000 |
- For one borrower you must have earned no more than $85,000.00 (before tax) in the
last 12 months.
- If you are borrowing with one or more other people you must have a combined
household income of $130,000 or less (before tax) in the last 12 months.
- You must be a New Zealand citizen or a permanent New Zealand resident (holding
a 'Permanent Resident Visa').
- Have worked with the same employer for 12 months (there are some cases where
this can be 6 months)
- Cannot earn over the limits put in place- Cannot currently own property (If you have owned property in the past there a couple of
circumstances where the Welcome Home Loan product can be used).
- The Welcome Home Loan is for owner occupied properties only and cannot be used for
rental or investment properties.
- You must not own any other property.- You may need to pay fees such as application fees or Lenders Mortgage Insurance
fees.