Who can apply?

  • 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.

How much could you borrow?

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.


Region Maximum house price threshold
Auckland $600,000
Hamilton, Tauranga, Western Bay of Plenty, Kapiti Coast, Hutt City, Upper Hutt, Porirua, Wellington, Tasman, Nelson, Christchurch, Selwyn District, Waimakariri District, Queenstown $500,000
All other regions $400,000


Deposit needed

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.

Get a head start with KiwiSaver

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.

  • You may be able to withdraw your KiwiSaver savings to help buy your first home, including government tax credits. Please note, the $1,000 the government initially paid to kick start your account cannot be withdrawn.
  • You may also qualify for a government KiwiSaver HomeStart grant of $1,000 for each year you have saved, up to a maximum of $5,000 for existing homes or $10,000 for buying or building a new home. Couples may be eligible for a maximum of up to $20,000. Housing New Zealand Corporation conditions apply.

About the home you can buy 

The home you buy needs to fit the following criteria

  • In a residential or rural zone
  • Established house on a single section less than 1 hectare, serviced by road, power and water
  • A freehold property including cross lease and unit titles; or, a leasehold property which is perpetually renewable. The next right of renewal and the date upon which the lease rent is reviewed should be at least 5 years from the date of approval
  • A minimum floor size of 50 square meters (excluding balcony, car park and external stairs and any common areas)
  • Be an existing property that has previously been occupied
  • Purpose built for residential occupation (not a conversion)
  • Common area is limited to driveways and grounds
  • Self contained (no shared facilities such as kitchens, bathrooms and laundry)
  • Own individual entry/stairs/access
  • Not in a multi-level building (but being able to be in:
    1. a two level complex, or
    2. a three level complex if a single unit title is all three levels)
  • Registered valuation report required for all properties


Types of homes not eligible

  • Commercial or industrial property
  • Special rural property - i.e. farms or vineyards
  • Units in a hotel/motel, a retirement complex, or a serviced complex
  • Mobile homes
  • Hotel/motel conversions
  • Flat-owning company share properties
  • Maori land
  • Houses for relocation
  • Multi-level complexes with shared access
  • Moveable leisure homes

About the loan

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*.