First Home Loan - Welcome Home Loan

Getting the deposit together is sometimes the hardest part of buying your first place, so Westpac has teamed up with Housing New Zealand to offer Welcome Home Loans. Welcome Home Loans are low deposit home loans designed to help you get into that first home and on the property ladder. Check out your options and eligibility here.

It's for you if:

  • you are buying your first home
  • you only have a 10% deposit
  • you'll live in the home you are buying
  • your annual household income before tax is below $80,000 for one borrower, or is below $120,000 for two or more borrowers

A Welcome Home Loan can give you the hand up you need to help put that first home in reach.

Key Benefits 

  • get into home ownership sooner, without having to wait until you’ve got a big deposit together.
  • purchase a home to live in with family or friends

Depending on your situation, a Welcome Home Loan could allow you to:

  • get into your first home with as little as 10% deposit
  • you could purchase a home valued up to $485,000*, depending on the area you want to live in:
      • $485,000 in Auckland

      • $425,000 in Wellington City and Queenstown Lakes

      • $400,000 in Christchurch City and Selwyn district

      • $350,000 in Thames/Coromandel, Waimakriri, Hamilton City, Western Bay of Plenty, Hutt city (Lower Hutt), Upper Hutt, Kapiti Coast, Tasman/Nelson, Tauranga City and Porirua

      • $300,000 in all other regions in NZ

Welcome Home Loan regional house price caps are effective from 1 October 2013.

Just note, a Welcome Home Loan can only be used to purchase owner occupied property, which means you must live in the house you buy.

A Welcome Home Loan can be on a fixed, floating or capped interest rate.

Check the criteria for a Welcome Home Loan here. You may be eligible if:

  • your annual household income before tax is below $80,000 for one borrower, or is below $120,000 for two or more borrowers;
  • you are a first home buyer;
  • you will live in the home you are buying;
  • you are buying a house (not re-financing);
  • you are a permanent New Zealand resident or New Zealand citizen and have an acceptable credit history.

 For more information on Welcome Home Loans, please call us on 0800 177 277 or visit

Not eligible for a Welcome Home Loan?

If you’re keen to get into your first home sooner but aren’t eligible for a Welcome Home Loan, Westpac HomeSaver might be for you. HomeSaver is our special savings and home loan package, designed to help you fast track your savings towards your first home. Find out more about Westpac HomeSaver.

*Income caps and regional loan caps apply. A Lenders Mortgage Insurance Premium applies. Welcome Home Loan and Westpac’s current home loan lending criteria and terms and conditions apply. An establishment charge may apply to home loans. Westpac New Zealand Limited.