Welcome Home/First Home Loan

If you are finding it hard to save the deposit for a home loan then maybe a Welcome Home/First Home Loan is what you need to apply for. From 1 October 2019 the government introduced changes to the Welcome Home Loan scheme including reducing the deposit required to 5% and renaming it the First Home Loan. These loans are designed for people who can make regular payments on a home loan but are finding it hard to save a large deposit. We have access to many banks and lenders who offer First Home Loans, they can each differ subtly and we can help coordinate the best fit.

You can:

• In selected areas, borrow up to $600,000. This requires a deposit of 5% of the purchase price

• The deposit can be gifted

• 3 or more friends or family members, who will be living together, can team up to purchase a home.

Are you eligible for a First Home Loan?

First Home Loan has the following standard criteria. You will also need to meet the specific lending criteria of the participating lenders.

Applicants must be New Zealand citizens or permanent New Zealand residents (holding a ‘Permanent Resident Visa’).

Maximum Income thresholds:

• For 1 borrower you can have a maximum yearly income of $85,000 (before tax).

• For 2 or more borrowers you can have a maximum household yearly income of $130,000 (before tax).

Maximum amount of a First Home Loan:

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

There is a maximum amount on how much your home can cost:


New Build: Existing House:

Auckland $650,000 $600,000

Hamilton City, Tauranga City, Western Bay of Plenty, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District

$550,000 $500,000
All other areas

$500,000 $400,000

First home buyers with KiwiSaver accounts may qualify for a KiwiSaver First Home Grant (formerly KiwiSaver Home Start Grant) of up to $20,000 or make a KiwiSaver withdrawal from their KiwiSaver account. Learn more here.

For more information or to discuss your options please contact us.

Apply Now

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