Welcome Home Loan.
Buying your first home made easy.
Call 0800 872 226
When it comes to buying your first home it’s not unusual to need a helping hand. The Welcome Home Loan, supported by Housing New Zealand Corporation, could be just the foot in the door that you’re after.
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If you’re borrowing on your own, your income can be up to $85,000.
If there are two or more of you borrowing, your household income can be up to $130,000.
You need to be a permanent New Zealand resident or citizen.
You must not already own a home.
You’ll need to have an acceptable credit history.
You’ll need to live in the house you buy for the life of the loan.
With a Welcome Home Loan, the amount you can borrow is dependent on where you purchase your new home. See the table below to find out how much you could borrow in your area.
You’ll also need a deposit of 10% or more of the purchase price, this can be from your savings, gifted or from your KiwiSaver HomeStart grant.
If you have been a member of KiwiSaver for at least three years, you may be able to get a head start buying your first home.
The loan will be a table loan, which means each payment you make is the same, helping to make budgeting easy. The proportion of interest paid back gradually decreases as the principal paid back increases (proportion of interest is subject to changes in interest rates). You’re free to mix and match from a range of interest rates, term and repayment options to create a home loan that suits your individual needs.
Please note: A Housing Corporation New Zealand premium (Lenders Mortgage Insurance) is applicable for a Welcome Home Loan at 1% of total borrowings*.
Here a few helpful guides provided by Housing New Zealand Corporation to help make the first steps towards owning your first home.
Welcome Home Loan – your first home is within reach
Buying your first home made easy with KiwiSaver and Welcome Home Loan
*For personal loan cover please see TSB Bank for details.
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