A low deposit is referred to a deposit that's less than 20% of the house purchase price. While there are rules around deposits less than 20%, there's still ways to qualify for a home loan with less than this amount. Learn more about Loan-to-Value Ratios (LVR).
Kiwibank low deposit options
In some circumstances Kiwibank can lend to you with a 10% deposit, subject to loan-to-value ratio (LVR) restrictions.
-
10% deposit with Kiwibank
If you know your deposit is over 10% of the price of the property you're looking to purchase, it's worth having a conversation with one of our home loan specialists, as we may be able to help.
-
Building or purchasing a recently constructed home
You may not require a 20% deposit if you're building a home or if you buy a recently constructed property within six months of completion from the developer, known as a turnkey home.
Kāinga Ora low deposit home loans
We work with Kāinga Ora to support initiatives providing pathways for first home buyers with a smaller deposit into their first home.
First Home Loan
First Home Loan could get you into your first home with as little as a 5% deposit. Some or all of your deposit can be gifted by a family member. You must plan to live in the house you buy, and meet other eligibility criteria such as income limits.
First Home Partner
First Home Partner is a shared ownership scheme for first home buyers, where you can buy a brand-new home with Kāinga Ora. While you’re the majority homeowner and occupier, Kāinga Ora will own a share in the home, that you’ll buy out over time. This scheme is currently fully subscribed.
Kāinga Whenua
The Kāinga Whenua Loan Scheme aims to help Māori achieve home ownership. A Kāinga Whenua loan is secured against the house only rather than the house and land like other home loans.
Other ways to get you into your first home
Co-own, a different way to own
In some cases it might make sense to get on the property ladder with family or friends. You may have a brother, sister, cousin, uncle or aunty that shares the same dream as you.
KiwiSaver and your first home
KiwiSaver isn’t just a retirement savings scheme, it could also help you into your first home through the ability to withdraw some of your savings.
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. It’s important to us that you and your families receive independent advice before making a big decision like this.
Let's get you into your first home
Our home loan specialists will work with you to see if any of the low deposit options might work for you. Our calculators may also help you understand your deposit requirements.
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 specialistFirst 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.
Calculate nowGet first home buyer tips in your inbox
Be at the top of your home buying journey with tips, offers, support and helpful information from our experts delivered straight to your email inbox.
Sign up for the newsletterHome loan standard terms and conditions
Displayed interest rates are subject to change. Kiwibank’s lending criteria, terms and conditions, and fees apply.