First Home Loan
Help getting into your first home
Call 0800 872 226
Want to get into your first home and have a 5% deposit? A First Home Loan could be just the foot in the door you’re after.
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100% NZ owned and independent bank
If you’re applying on your own, your income can be up to $85,000
If you’re applying with two or more people, the combined income can be up to $130,000
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
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.
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.
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.
Your new home needs to fit the following criteria
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.
Take a look at the guides below from Kāinga Ora – Homes and Communities, to get all the information you need to know when taking the first step towards owning your first home:
First Home Loan – your first home is within reachBuying your first home made easy with KiwiSaver and First Home Grant
Terms and Conditions – refer to the terms and conditions of your loan. Take a look at our Disclosure Statement or grab a copy from your local branch. TSB’s current assessment lending criteria, lending terms and conditions, interest rates and fees apply. Use of accounts and services are subject to TSB’s General Banking Information.
© TSB BANK LIMITED 2008-2019. Use of this website is subject to our Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.
© TSB BANK LIMITED 2008-2019. Use of this website is subject to our >Website Policy. TSB BANK Limited is in trade for the purposes of the Fair Trading Act 1986.