Welcome Home Loans

If you dream of owning your first home but you can’t ever see yourself saving the 20% deposit required (at least in the near future) you’ve got options. Most lenders (major banks) will require you to have 20% deposit but you can get the money from different sources; your savings, a gift from your parents/family/friends, Kiwisaver contributions and the Government’s Welcome Home Loans scheme.

Do you qualify for a Welcome Home Loan?

To qualify for the Welcome Home Loan, you must be a New Zealand citizen or a permanent resident.There are income caps. If you’ve earned over $85,000 (before tax) in the last 12 months or you and your partner/friend/family member have earned over $130,000 then you do not qualify for the Welcome Home Loan

What is the minimum deposit required?

You will need a minimum 10% of the purchase price of the house you are wishing to buy.

What is the maximum you can borrow?

It depends on what region you’re borrowing to buy in. 10% of the following:

  • $600,000 – Auckland.
  • $500,000 – Hamilton City, Tauranga City, Western Bay of Plenty District, 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.
  • $400,000 – Rest of New Zealand.

What if you can’t get to 10% deposit?

Your deposit can be gifted by a relative (usually your parents or grandparents). You can apply for a KiwiSaver Deposit Subsidy or KiwiSaver Savings Withdrawal. Read more abot Kiwisaver Mortgages here. Apply through our online application here

What if I’m building a new house?

Some participating banks allow you to build a new house with the Welcome Home Loan. Please ask us for these options before you start. This again varies on where you decide to build.

  • $650,000 – Auckland
  • $550,000 – Hamilton City, Tauranga City, Western Bay of Plenty District, 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.
  • $450,000 – Rest of New Zealand

This is a Government initiative (read more here). We can help you get the approvals and set up the mortgages and the banks will cover the fees.

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