First Home Loans

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 Loans 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:

Maximum amount you can borrow:

The maximum amount you can borrow with a First Home Loans depends on the region you are buying in. Each region has a maximum house price cap. The maximum loan for that region is the house price cap less your 5 percent deposit.

Find out your regional purchase price cap below.

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



House price cap for existing/older properties

House price cap for new properties




Queenstown - Lake District



Wellington City, Hutt City, Upper Hutt City, Porirua City, Kāpiti Coast District



Nelson City, Tasman District, Tauranga City, Western Bay of Plenty District, Hamilton City, Waipā District, Hastings District, Napier City



Christchurch City, Selwyn District, Waimakariri District



Waikato District, Dunedin City



Rest of New Zealand



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

  • 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 Loans?

You will need to meet the specific lending criteria below.

  • You must be a New Zealand citizen or a permanent New Zealand resident  (There are some exclusions to this).
  • 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 Loans 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.



Latest News

Miller, Scott
24 March 2020

Published by Scott Miller

Today's announcement on Mortgage Holidays

With today’s announcement by the Finance Minister about 6-month mortgage holidays, we have been inundated by enquiries from our clients.

  • Scott and Jo demystified the whole process and helped us buy our first investment property.
    Neil and Brigitte Glasson - 17 January 2017
  • Scott was very helpful throughout the entire process from preapproval to finalising the loan structure.
    Carolyn Grise - 15 August 2017
  • I have had dealings with Scott over about three years now and his service to my clients has always been excellent. He achieves great results in a timely fashion and he is personable and friendly to deal with. I have no hesitation in recommending him to any of my clients.
    Brent Selwyn - Senior Partner Harman Lawyers - 6th November 2010 - 06 November 2010

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