First Home Loan

First Home Loan could get you into your first home with just a 5% deposit. Some or all of your deposit can be gifted by a family member. You must plan to live in the house you buy - and meet other eligibility criteria such as income limits.

Benefits at a glance

  • A First Home Loan (previously known as a Welcome Home Loan) could get you into your first home with just a 5% deposit.

  • Some or all of your deposit can be gifted by a family member.

  • You can choose how to structure your loan – with a fixed rate, a variable rate an offset mortgage, or a combo of them.

How it works

First Home Loan is an initiative supported by Kāinga Ora - Homes and Communities, designed to help first time buyers onto the property ladder.

It could work for you if you could afford mortgage repayments, but haven't got enough for a deposit.

To be eligible, you must plan to live in the house you buy - the loan can’t be used to buy a rental or investment property.

There are income limits in place to be eligible for a First Home Loan. You can apply if your annual household income is no more than:

  • $95,000 before tax (if you’re the sole borrower without dependants),
  • $150,000 before tax (if you’re the sole borrower with dependants),
  • a combined $150,000 before tax (if you’re buying a house with other people)

You can use money you’ve been gifted by a relative and you may also be able to use your KiwiSaver to put funds towards the purchase.

For full eligibility visit kaingaora.govt.nz.

Fees

There is a Lenders' Mortgage Insurance fee payable to Kāinga Ora - Homes and Communities to insure your First Home Loan. The fee is 0.50% of the loan amount and can be added to the loan.

Starting over?

The First Home Loan is designed for first home buyers, but you might still be eligible if you’ve owned a home before but are in a similar financial position to a typical first home buyer. For example, if you’ve been through a divorce, no longer own a home and are starting from scratch financially.

Let's get you into your first home

Our home loan specialists will work with you to see if a First Home Loan would suit. Our tools can also help you through the journey of buying your first home.

Talk to a specialist

Our home loan specialists can walk you through the process of buying a home and discuss what your options are.

Find a specialist

Home loan standard terms and conditions

Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.