Welcome Home Loan

Kiwibank Welcome Home Loans* are a Government supported scheme to help people on modest incomes buy their own homes.

With a Welcome Home Loan you don't need any deposit for loans of $200,000 or less. You may be able to borrow more in certain areas and you'll still only need a deposit of just 15% of the amount over $200,000. View the pdflist of areas where the increased limit applies (PDF 331 KB). Outside of these areas the standard limit of $280,000 still applies. Home loan deposits usually can't be gifted, but with a Welcome Home Loan they can.

We'll also consider more than two sources of household income when looking at whether you'll be able to meet repayments. This means, if you're living in an extended family, you can repay the loan together.

Eligibility

To be eligible to apply for a Kiwibank Welcome Home Loan*, you must:

  • have a total household income of no more than $85,000 a year for individual or joint applicants
  • have a total household income of no more than $120,000 a year if there are three or more main sources of household income and all income earners are co-borrowers. We'll consider up to six co-borrowers (multi-borrower fee applies)
  • have an acceptable credit history
  • be able to meet the loan repayments
  • buy the house to live in yourself
  • not already own a home
  • meet Kiwibank's lending criteria.

You can't use a Welcome Home Loan to refinance an existing home loan.

Conditions

* A Kiwibank Welcome Home Loan is only available for owner occupied properties and may not be used to purchase an investment property, for refinancing or for construction purposes. You must not already own a home. No deposit is needed if the home you want to buy is worth $200,000 or less, or a deposit of 15% of the amount over $200,000 is needed (which may be gifted) if the home you want to buy is worth between $200,000 and $280,000, based on a registered valuation or the purchase price, whichever is lower. To apply you need a total household income of less than $85,000 a year as an individual or joint borrower, or a total household income of less than $120,000 a year for three or more people as co-borrowers. Lender's mortgage insurance applies.