Saving a deposit

Saving a deposit while renting and still trying to have a life is a bit of a juggle. We’re here to help, with savings accounts, specialists, calculators and guides. This is helping you on your home loan journey.

Get your deposit together

Generally, you need a 20% deposit to qualify for a home loan, but don't be put off by the thought of pulling together all that money. Every little bit helps, so start putting aside some money each time you're paid. If you choose a Notice Saver, to put your savings into, you could be eligible for First Home Saver. You can set up an automatic payment to a savings account, so the money disappears from your everyday account before you have a chance to spend it. As well as building up a nest egg, you'll be building a good savings history - which is something we'll look at when you apply for a home loan.

If you're a KiwiSaver member and are looking to buy your first home, congratulations, you're already saving. First time buyers who've been contributing to the scheme for for at least three years, can dip into their KiwiSaver with a first home withdrawal. You might also be eligible for a First Home Grant of up to $10,000. You could also look for help closer to home - if your family is in a position to help out, they can gift you money towards your home loan.

And if a 20% target is too daunting, there are also ways you might be able to get into a house with a lower deposit. There are options that mean you may only need 5%, but the more deposit you have, the better.

First Home Saver

If you choose a Notice Saver, after six months of regular saving you could be eligible for First Home Saver.

We'll contribute $2,000 towards your first home expenses when you draw down your home loan and give you a 0.25% discount off our standard fixed home loan rates.

More on First Home Saver

Find the right savings account

Steps towards your savings goals

  1. 1
    Tahi

    Create a budget

    Think of a budget as a money plan, rather than something that's going to stop you from ever spending money on fun things again. A budget will help you see where you're spending money and where you can save money.

  2. 2
    Rua

    Get on top of your debt

    Before starting to save, deal with any consumer debt you have - like credit cards, personal loans, store cards or hire purchases.

  3. 3
    Toru

    Build a buffer

    An emergency fund can stop your finances from going backwards when life throws you a curve ball. Put a bit of money aside so you can deal with unexpected bills or expenses.

  4. 4
    Whā

    Become a saver

    Fear of missing out (FOMO) is real, but don't let it derail your savings plan. Set yourself clear targets and keep your eye on the prize - a decent deposit.

Other options to get you there

Family assistance

Couple with kid on windowseat

You might be lucky enough to have family who are willing (and able) to pitch in some money to help you onto the property ladder. They could use some of the equity they've built up in an investment property or they could guarantee your loan.

Our home loan specialists can help you understand your options, but it’s important to us that families receive independent advice before making a big decision like this. You want to make sure that helping you out won’t leave your loved ones worse off.

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Using your KiwiSaver savings

If you’ve been contributing to KiwiSaver for at least three years, you could do a first home withdrawal to help you into your first home.

KiwiSaver and your first home

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Low deposit help

If you don’t yet have a 20% deposit, there are options that could get you into your first home with a smaller deposit.

Low deposit options

Home loan calculator & tools

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Let's get you into your first home

Our home loan specialists and tools can help you through the journey of buying your first home.

Talk to a specialist

Our home loan specialists can walk you through the process of buying a home and discuss what your options are.

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Use our calculator

Our first home buyer calculator allows you to work out how much you may be able to borrow and compare different repayment scenarios.

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Standard terms and conditions

Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.

The repayment calculator should be used as a guide only. It doesn't take into account all of your individual circumstances and isn't intended as financial advice.