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Saving a house deposit while renting and still trying to have a life is a big task. We’re here to help, with savings accounts, experts, calculators, tips, guides and other options to help pull a deposit together.
Changes to the Reserve Bank LVR restrictions
You can find out what these changes might mean for you on our understanding loan-to-value ratio page.
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 our First Home Saver package. 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 10%, but the more deposit you have, the better.
First Home Saver package
If you choose a Notice Saver, after six months of regular saving you could be eligible for our First Home Saver package. Benefits include preferential treatment for low deposit home loans for owner occupiers, meaning you might only need a 10% deposit. We'll also 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.
Find the right savings account
Steps towards your savings goals
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.
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.
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.
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
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 experts 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.
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.
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.
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.
If you don’t yet have a 20% deposit, there are options that could get you into your first home with a smaller deposit.
Calculators and tools
Talk to an expert
It's never too early to talk to one of our home loan experts. Even if you're just starting to save, they can talk through your options and opportunities.
Standard terms and conditions
The calculators should be treated as a guide only. They don't take into account all of your individual circumstances and are not financial advice.
Displayed interest rates subject to change. Kiwibank’s lending criteria, terms and conditions and fees apply.