How to Get a First Home Loan

The First Home Loans product has been put in place to help first home buyers purchase a property for themselves.

For many home buyers, the problem with getting a normal home loan is finding the deposit. Most lenders currently require a minimum 20 percent deposit. 

With a First Home Loan you only need a 5% percent deposit.

Help with your deposit is available.

There are several deposit assistance options available:

  • Your deposit can be gifted by a relative (Please contact us for clarification around gifting rules).
  • You can apply for a KiwiSaver Deposit Subsidy or KiwiSaver Savings Withdrawal.
  • Team up and you can with other borrowers put together your deposit and purchase a home.

Maximum amount you can borrow:

The maximum amount you can borrow with a First Home Loan depends on how much you earn (see below a table on limits). The minimum deposit for all property purchases is a 5 percent deposit.

There are two income caps that apply for a First Home Loan.

  • For one borrower you must have earned no more than $95,000.00 (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 $150,000 or less (before tax) in the last 12 months.

Are you eligible for a First Home Loan?

You will need to meet the specific lending criteria below.

  • You must be a New Zealand citizen, have a Permanent New Zealand Residence Visa or have a Residence 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 purchase property over capped limits
  • Cannot currently own property anywhere in the world (If you have owned property in the past there a couple of circumstances where the First Home Loans product can be used).

Other things you need to know:

  • The First 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.


Freephone 0508 466 356 for free advice from our helpful Christchurch mortgage brokers.

Latest News

Miller, Scott
27 May 2024

Published by Scott Miller

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