Is a First Home Loan right for you?

  • If you’re applying on your own, your income can be up to $95,000

  • If you’re applying with two or more people, the combined income can be up to $150,000

  • You’ll need to be a New Zealand resident or citizen

  • You’ll be asked to show an acceptable credit history

  • You’ll be required to live in the house you’re looking to buy for the length of the loan

  • If you already own a home, you’re not eligible for this type of loan

How much could you borrow?

With a First Home Loan, the amount you can borrow depends on where you buy your new home. See below to find out how much you could borrow in your area.


TSB Home Loan Calculator




Region House price cap for existing/older properties House price cap for new properties
Auckland $625,000 $700,000
Queenstown Lakes District $600,000 $650,000
Kāpiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City $550,000 $650,000
Hamilton City, Waipa District, Tauranga City, Western Bay of Plenty District, Hastings District, Napier City, Nelson City, Tasman District $525,000 $600,000
Christchurch City, Selwyn District, Waimakariri District $500,000 $550,000
Waikato District, Dunedin City $425,000 $550,000
Rest of New Zealand $400,000 $500,000



How much deposit will you need?

You’ll need a deposit of at least 5% or more of the purchase price. This can be from your own savings, gifted, or from a KiwiSaver First Home 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 might have the option to withdraw your KiwiSaver savings, including government tax credits (this doesn’t include the initial $1,000 government kick starter payment).
  • You could also qualify for the government KiwiSaver First Home Grant of $1,000 for each year you have saved. You could get up to $5,000 for existing houses or $10,000 for buying or building a new house. Couples may be eligible for up to $20,000. Kāinga Ora – Homes and Communities conditions apply.

What type of home can you buy? 

Your new home 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 that’s perpetually renewable, and reviewed not more than five years from the approval date of your loan
  • A minimum floor size of 50 square meters. (That doesn’t include the balcony, car park and any external stairs or common areas.)
  • An existing property that has previously been occupied
  • A house purpose built for home living – not a conversion
  • Common area is limited to driveways and grounds 
  • Self-contained, having no shared kitchen, laundry or other facilities
  • Own individual entry, stairs, or other access


What type of home can’t you buy?

  • Commercial or industrial property
  • Special rural property like farms or vineyards
  • Units in a hotel or motel, retirement complex or a serviced complex
  • Mobile homes
  • Hotel/motel conversions
  • Flat-owning company share properties
  • Maori Land
  • Houses for relocation
  • Moveable leisure homes

About repaying your First Home Loan

If you choose to apply for a First Home Loan, you’ll be able to make easy repayments that stay the same throughout the length of the loan, which is great for budgeting. This type of home loan structure is sometimes called a ‘Table Loan’. The proportion of interest you repay gradually decreases (subject to changes in interest rates) as the principal you repay increases, all while your repayment amount stays the same. You can choose to mix n’ match a range of interest rates, terms and repayment options to a home loan that suits you best.

Note: A Kāinga Ora – Homes and Communities (Lenders Mortgage Insurance) premium applies to First Home Loans at 1% of total borrowings.

Getting started