Every bit you’ve saved means the less you’ll need to borrow.
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Buying your first home

Getting your deposit together

You may be in a position to have enough deposit saved that you don't need any extra help. In most cases, your deposit needs to be 20% of the value of the property you're looking to buy. 

You could be eligible to access government home ownership products designed to help people into their first home with deposits of less than 20%. Your deposit can come from your own savings, gifted from family or from your KiwiSaver.

KiwiSaver first home withdrawal

If you’ve been a member of KiwiSaver for at least three years, you may be able to withdraw your KiwiSaver funds to put towards your first home. There’s a few criteria that need to be met – see if you might be eligible:

KiwiSaver withdrawal criteria 

  • You've been saving with KiwiSaver for at least three years 
  • You're intending to live in the property (KiwiSaver cannot be used to buy an investment property) 
  • You leave a minimum balance of $1,000 in your KiwiSaver account 
  • If you currently own land, a home, or have a share in a property, you won’t be eligible 
  • The property is located in New Zealand

KiwiSaver first-home withdrawal

KiwiSaver First Home Grant

If you’ve contributed for three years to your KiwiSaver you may qualify for a KiwiSaver First Home Grant. The KiwiSaver First Home Grant provides eligible first-home buyers with a grant to put towards the purchase of an existing/older home. The grant can be up to $5,000 for individuals and up to $10,000 where there are two or more eligible buyers.

KiwiSaver First Home Grant criteria
  • You must be 18 years or over
  • Have not received the First Home Grant or KiwiSaver deposit subsidy before
  • You must have contributed regularly to KiwiSaver for a minimum of three years, at least the minimal allowable percentage of your total income.
  • Earned $95,000 or less (before tax) in the last 12 months as a sole buyer, or if two or more buyers – a combined income of $150,000 or less (before tax) in the last 12 months.
  • Have a deposit that is 5% or more of the purchase price. This can include the KiwiSaver first home withdrawal, First Home Grant and any other funds such as savings, or a deposit gifted by a relative.

First Home Grant

KiwiBuild

KiwiBuild is a government supported programme aimed to help more kiwis into their own home. KiwiBuild homes come in a variety of designs, styles and sizes, with new homes regularly coming to market. To buy a KiwiBuild home, you'll need to check that everyone named on the application meets certain eligibility criteria, pre-qualify and then enter a ballot. 

KiwiBuild eligibility

Other ways to

Build your deposit

Your own savings

Saving for a deposit can be hard, but every bit you’ve saved means the less you’ll need to borrow. In most cases, your deposit needs to be 20% of the value of the property you’re looking to buy. If you have a deposit of less than 20%, there are still other options we can consider.

If you’re unsure if your deposit is enough, talk to one of our lending specialists – you may find you can buy that home sooner than you think.

A gift from family

You may be able to get family to help out with your first home deposit. You might have the income to service the loan, but don’t have enough deposit without a family members help.

Your deposit may be gifted, or you might come to an agreement to pay it back later. We recommend that you both seek legal advice so you’re both clear on the expectations.

If you’ve agreed to pay back the deposit later, make sure you let us know as this could affect your loan depending on when you’ve agreed to pay it back.

A guarantee from family

Another option instead of having the deposit gifted is for family to act as your guarantor.

This means we use the equity from your family’s property as security for your loan. If they’re choosing to act as your guarantor, they’ll be responsible for some of or your entire loan if you’re not able to pay it. We recommend getting legal advice on this option as there can be serious implications if you don’t meet your loan obligations.

Pre-approval

When you’ve got your deposit sorted, you can get a pre-approval so you know exactly what price range you can start looking at.

House hunting

Once you have pre-approval from us, you’re ready for the fun part of house hunting!

Making an offer

So you’ve found a house that ticks the boxes, and you plan to make an offer. It’s an exciting time but can also be quite daunting. Here’s some things to think about before making an offer.
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All interest rates are subject to change. TSB’s current account opening criteria, current lending criteria, terms and conditions, fees and interest rates apply. Use of accounts and services are subject to TSB’s General Terms.