TSB $1,500 Deposit Booster
After 12 months of membership in the Fisher Funds KiwiSaver Scheme, you could be rewarded with a $1500 deposit booster1 when you buy your first home through us. Conditions apply, so talk to the team to see if you’ll qualify.
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, it’s best to talk to one of the team – 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 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.