Getting your deposit together

Saving a deposit can feel like a daunting task, but there are ways we can help – or your family could too. From things like Family Springboard to our Welcome Home Loans, or to tapping into your KiwiSaver, check out these deposit options.


HomeSaver & KiwiSaver help

Use KiwiSaver and HomeSaver to help


HomeSaver is our special savings and home loan package, designed to help you fast-track your savings towards your first home. Benefits of HomeSaver include a $1,000 First Home Booster, preferential treatment for low equity approvals, savings and home buying tips, a great savings interest rate, plus lots of support and motivation to help keep you on track.

Find out more about HomeSaver

How can KiwiSaver help?

If you’ve been a member of KiwiSaver for at least three years, you may be able to take out some or all of your contributions, your employer's contributions as well as the Government Member Tax Credit contributions to help you buy your first home - as long as it's going to be your principal place of residence. In some cases, you may qualify even if you've owned property before.

You may also be entitled to a KiwiSaver HomeStart grant to help you buy or build your first home. This is administered by Housing New Zealand. If you qualify, and you have been regularly contributing to a KiwiSaver scheme for at least three years, you could get a $1,000 grant for each year you have contributed to KiwiSaver up to a maximum of $5,000 for an existing home or up to $10,000 for a newly built home (in either case, after five years of contributing). If you're buying a property with other people, each of you could qualify for the grant. This means a couple could qualify for up to $20,000 for a newly built home. In some cases you may even qualify if you've owned property before. Read more about the HomeStart grant and if you qualify at

Read more about KiwiSaver

See all our Home Loan products


Welcome Home Loan

You may be eligible for a Welcome Home Loan

Westpac’s teamed up with Housing New Zealand to offer Welcome Home Loans – these are low-deposit home loans designed to help you get into that first home and on the property ladder.

It could be for you if:
  • you’re buying your first home
  • you’ll live in the home you are buying
  • you only have a 10% deposit
  • your annual household income before tax $85,000 or less for one borrower, or $130,000 or less for two or more borrowers.

Find out more about Welcome Home Loans


Help from your family

Here’s how your family could help

Family Springboard

If you have little or no deposit, your family could help you into your first home by using their own home or savings as security for part of your home loan. You’ll have two separate loans – your standard home loan as well as a Springboard home loan that you share with your family as joint borrowers. The key benefit for you is you’ll be able to get into your home quicker, and for your family it means a structure where they don’t have to provide any money up front, and where their responsibility or liability is limited to the amount of the Springboard Home Loan. Of course, you must still be able to meet the repayments on both home loans.

Learn more about Family Springboard


As an alternative, your family can provide a guarantee over your loan if you have little or no deposit. This allows them to use their assets without having to provide any money up front. And of course, you must be able to meet the repayments on your home loan.


As the name implies, gifting is when your parents or other people can gift you some of the amount you need for your deposit, so you can apply for a home loan. You’ll need to show where the money came from, but your gifters won’t have any ongoing obligations to the bank.

See all our Home Loan products