How it works
First Home Loan is an initiative supported by Kāinga Ora - Homes and Communities, designed to help first time buyers onto the property ladder.
It could work for you if you could afford mortgage repayments, but haven't got enough for a deposit.
To be eligible, you must plan to live in the house you buy - the loan can’t be used to buy a rental or investment property.
There are income limits in place to be eligible for a First Home Loan. You can apply if your annual household income is no more than:
- $95,000 before tax (if you’re the sole borrower without dependants),
- $150,000 before tax (if you’re the sole borrower with dependants),
- a combined $150,000 before tax (if you’re buying a house with other people)
You can use money you’ve been gifted by a relative and you may also be able to use your KiwiSaver to put funds towards the purchase.
For full eligibility visit kaingaora.govt.nz.
There is a Lenders' Mortgage Insurance fee payable to Kāinga Ora - Homes and Communities to insure your First Home Loan. The fee is 0.50% of the loan amount and can be added to the loan.
The First Home Loan is designed for first home buyers, but you might still be eligible if you’ve owned a home before but are in a similar financial position to a typical first home buyer. For example, if you’ve been through a divorce, no longer own a home and are starting from scratch financially.