Saving a deposit for your first home might be the first step to getting on the property ladder. It's a good idea to set-up a saving plan. We've got savings accounts, calculators, guides and specialists to help you along the way. This is helping you on your home loan journey.

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.

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

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.

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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First home buyer 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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