Typically, you’ll need to save 20% of the property’s
purchase price as a deposit. While it’s possible to buy a home with a smaller
deposit of 10% or even 5%, these options carry greater risks for both the
borrower and the lender, making them more challenging to get approved.
A larger deposit demonstrates financial discipline, increases your equity in the property, and may give you access to more favorable interest rates, ultimately reducing your total borrowing costs over the life of the loan. It's still possible to buy a home with a deposit of 10% or even 5%. You may need to meet extra requirements, but we can guide you through those details to help improve your chances of approval.
You might also be able to access your KiwiSaver to use towards a deposit.
Ultimately, the best deposit for a mortgage balances your
ability to enter the property market without overextending your finances, while
ensuring manageable long-term affordability.
Stuart is a senior Mortgage Adviser with over 25 years in the lending industry. Known for his strategic loan structuring and clear communication, he supports clients from first-home buyers to investors. A member of Financial Advice NZ, Stuart is dedicated to smart, client-focused lending solutions.
Stuart is a highly experienced mortgage adviser with over 25 years in the lending industry. He’s worked with clients ranging from first-home buyers to seasoned investors and is known for his positive approach and expert knowledge.
After running a successful mortgage brokerage, Stuart became a tutor for the NZQA Certificate in Money Management before returning to mortgage advice.
He now helps clients navigate the lending process with clarity and confidence, from initial application through to long-term planning. His focus is on building the right loan structure and achieving the best outcomes, especially in complex or multi-property scenarios.
Stuart’s deep understanding of the lending landscape means he can find smart, personalised solutions to suit a variety of financial goals.
He is a member of Financial Advice New Zealand and remains committed to staying current with industry trends and best practices.
Chevaun is a Mortgage Adviser and Chartered Accountant (CPA), with a Bachelor of Business in Accounting. She combines lending expertise with financial insight to help clients, from first-home buyers to investors, make confident, well-informed decisions that support long-term financial goals.
Chevaun is a qualified Mortgage Adviser and Chartered Accountant (CPA) with a background in property, lending, and accounting. She holds a Bachelor of Business majoring in Accounting and previously worked for a large property investment firm in Brisbane.
Her dual expertise in finance and accounting gives her a broad perspective on how lending decisions impact overall financial strategy.
Chevaun works with a wide range of clients, from first-home buyers to experienced investors, offering clear advice, tailored loan structures, and a strong attention to detail.
She is passionate about helping clients make confident, informed decisions that align with their long-term goals.
Based in Nelson, Chevaun balances her mortgage work with running her own business and raising a busy family with two young children.
Her practical, relatable approach makes her a trusted partner for clients navigating today’s property and lending landscape.
Mel is a Mortgage Adviser holding her New Zealand Certificate in Financial Services and has over a decade of experience in the financial services industry. With a background in business ownership, she helps clients confidently navigate home lending – from first homes to refinancing.
Mel has been part of the Castle Trust team since 2014 and holds her New Zealand Level 5 Certificate in Financial Services. She began her journey with Castle Trust in a client support role, gaining hands-on experience in insurance, investments and mortgages while completing her financial adviser qualifications.
Before moving into financial services, Mel owned and operated a successful retail business in Motueka. This experience gives her a practical understanding of the financial challenges individuals and families face, particularly around home lending and budgeting.
Over the past decade, Mel has supported hundreds of Castle Trust clients through key life stages. As a mortgage broker, she brings deep technical knowledge and a strong client-first approach to every interaction.
Mel helps clients feel confident and informed as they navigate the lending process, whether they’re buying their first home, refinancing, or planning their next move.
“The fact that David and I were able to get the keys to our first home was thanks to the team at Castle Trust. We had a bit of a more difficult situation with our financial set up, having expertise in the industry made it easier for us.”
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.
The Kāinga Ora First Home Loan might also make getting into your first home easier as you only need a 5% deposit. 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.
Yes – you can get a loan with a deposit as low as 5%. Talk to us about the best way to approach the lenders to get your loan approved.
© 2024 Castle Trust Financial planning. All Rights Reserved. Disclosure information. Privacy Statement.