If you’ve been contributing for over 3 years, you may be able to use some of your KiwiSaver money towards your deposit (in some situations, you can even use it if you’ve previously owned a home). You can use employee and employer contributions and tax credits but you can’t use the $1,000 kickstart. Using your KiwiSaver is a great option to get your deposit together – it’s something we do all the time and can help you with, regardless of where your KiwiSaver is.
If you’re planning on buying your first home as an investment property and don’t intend to live in it, then you won’t be able to use your KiwiSaver savings. You might want to look at the mortgages for investment properties page.
Kāinga Ora The Kāinga Ora First Home Grant, First Home Loan and First Home Partner might also provide some help. Certain criteria apply (including maximum household income and minimum deposit amounts). You can read more info here.
There are three main ways family can help:
First Home Loans are offered by selected banks and are underwritten by Kāinga Ora. This means you might need as little as 5% deposit. However the criteria are quite restrictive and we’d encourage you to read more here.
We’ll then have a phone discussion, zoom call or in person meeting in our Richmond or Motueka office to talk you through your options and answer any questions you might have.
Once you're ready, we'll submit your application for pre-approval to the bank. We also have a range of non-bank lenders we can use when the mainstream banks say 'no'.
Choosing the right structure for your mortgage is really important. Fixed or Floating? Revolving Credit or Table Loan? And what even is an Offset Loan? We know it’s confusing which is why we’ve got a whole page dedicated to answering these questions – but more importantly, we’ll help work out what’s right for you.