First Home Loans

Sometimes the hardest part of buying a home can be saving the deposit. If you are able to get together 5% then the 95% LVR (loan-to-value ratio) First Home Loan may be your answer to the deposit struggle.

From 1 October 2019 the government has introduced changes to the Welcome Home Loan scheme, including reducing the deposit required to 5% and renaming it First Home Loan.

With a First Home Loan, your dream of owning your own home could be one step closer.

The maximum amount you can borrow with a First Home Loan depends on the region you are buying in. Each region has a house price cap. The maximum loan for that region is the house price cap less your 5% deposit.

The deposit can be entirely gifted!

Also three or more people, who are living together, can join their resources and apply for the First Home Loan together.

House price caps

Region New Build Existing House
Auckland $650,000 $600,000
Hamilton City, Tauranga City, Western Bay of Plenty, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District $550,000 $500,000
All other areas $500,000 $400,000


There is other criteria (may not be a complete list) that must be met to be eligible for this type of loan:

  • You will need to meet the specific lending criteria of the participating lenders.
  • Applicants must be New Zealand Citizens or Permanent New Zealand Residents (holding a ‘Permanent Resident Visa’).


Maximum Income:

  • For 1 borrower you can have a maximum yearly income of $85,000 (before tax).
  • For 2 or more borrowers you can have a maximum household yearly income of $130,000 (before tax).


Please watch our video below for more information, or contact us for a chat about your various options. We have access to a range of First Home Loan banks/lenders, and each differs subtly.

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