Whether you prefer to lock your money away for a set time or still have immediate access to funds, choose a savings account that will help you achieve your goal sooner.
Getting your home loan deposit together
When looking at getting into your first property, you'll need to figure out approximately how much you're willing to spend on a property, this will then give you an idea as to how much deposit you'll need.
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Taking the first step
- You can start by crunching some numbers in the first home buyer calculator to see how different scenarios compare.
- Get in touch with our home loan specialists to talk through what options there are.
- Usually a 20% deposit is required to qualify for a home loan - but there are ways you may be able to get onto the property ladder with a lower deposit.
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Make saving a habit
- When saving for a deposit, every little bit helps. Setting up an automatic payment to a savings account each time you're paid can be a good way to get your savings into action.
- Add a savings goal and track your progress inside internet banking with our Goal Tracker.
- You might choose to have more than one type of savings or investment account to boost the interest you earn. If you don't need instant access to your funds you can earn a higher rate of return.
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Grow savings even faster
- Money that has been gifted to you can help increase the amount of your deposit.
- You may also be able to withdraw some of your KiwiSaver funds to help get into your first home.
- You may be eligible for a First Home Grant of up to $10,000.
Ways to boost your deposit
KiwiSaver and your first home
If you've got KiwiSaver and you're looking to buy your first home, these funds may help make up your deposit. First home buyers who've been contributing to the scheme for at least three years, and who meet the eligibility requirements, may be able to dip into their KiwiSaver with a first home withdrawal.
Increase your regular savings
Building up a pattern of savings over time will not only help grow a deposit - it's also good money management. If you keep up good saving habits you'll have a contingency fund for times when you need it most.
Tips & guides to help build your deposit
These tips and guides can help you to better understand the steps of your home loan journey.
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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 so you can reach your goal sooner.
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Set your savings goal
Saving for a deposit is an investment in your future. Set yourself a clear target and keep track of your progress with Goal Tracker.
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Deal with your debt
Review any debt you have - like credit cards, personal loans, store cards or hire purchases, and make a plan to pay down your debt.
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Jargon buster
Learn some of the language used during the home buying process to help you on your journey.
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Make your savings work even harder
Once you've built up some savings, you might want to consider an investment option that could pay more interest.
Find the right savings account
Other options to get you there
Co-own, a different way to own
With Co-own you may be able to turn the dream of owning a home into a reality by teaming up with friends or whānau! Buying a property together is a way to get on the property ladder sooner.
Low deposit help
If you don’t yet have a 20% deposit, you may still be able to achieve your goal of home ownership. There are other options that might work for you if you have a smaller deposit.
Family assistance
You might be lucky enough to have family who are willing (and able) to contribute to help you onto the property ladder. They might use some of the equity they've built up in an investment property or guarantee your loan. It’s important to us that families receive independent advice before making a big decision like this.
Home loan calculator & tools
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.
Find a specialistUse 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.
Calculate nowHome loan standard terms and conditions
Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.
Co-own: Maximum four people per application. Offset home loan may not be available. Excludes business banking.