Buying your first home

Why buy?

Buying your first home is one of life's major milestones - no more landlord, no more property manager, no more rent rises. You get to move in and stay put! It's a fantastic feeling and a major responsibility.

Paying for your home.

1

Your deposit

To buy your new home you’ll need a deposit. This is ideally 20% or more of the value of the property although it may be possible to buy with a lower deposit, depending on your circumstances. You pay the vendor (seller) some of this money when you reach an unconditional agreement for sale (via your lawyer).

2

Your home loan

You'll also need to be approved for a home loan (mortgage) for the remaining cost of the house - remember, the bigger your deposit, the smaller the loan and vice versa. You 'service' your loan regularly, paying it back over a number of years. The bank looks carefully at what you earn and spend when we calculate how much you can borrow.

Saving for a deposit.

This is where your home buying dream begins. Consider these smart ways to get a deposit together, and make the most of the money you save.

10 tips for growing your deposit KiwiSaver¹ and low deposit options Savings account options

What you need to apply.

Applying for a home loan requires a little homework. We have mapped out the key steps you'll need to take.

How to apply for a home loan

Going house hunting.

Once you have your deposit and your conditional approval² in place, it's time to go house-hunting! Here are some considerations when looking for your new home.

Finding a home that's right for you Location, location, location Costs to consider Doing your due diligence

The final steps.

Congratulations! You are on the home stretch. There are a few final steps before you are officially a home owner.

Three ways to buy Finalising your home loan Next steps after buying your home

Your home loan options.

Whatever your needs are, we have home loans options to suit.

Compare loans

Low deposit options.

Featured rates.

See all rates and terms

* Min 20% equity, plus salary credit to a Westpac transaction account. Not available with any other Westpac home loan offers, promotions or package discounts, or the Westpac Choices Home Loan with Airpoints™. Loans for business or investment purposes excluded.

If you don’t pay amounts when they’re due, your loan account may exceed its limit and the rate of interest that’ll be applied to the overlimit amount will be the interest rate + 5% p.a.

Calculators.

Find the best option for you with our home loan calculators.

See all calculators and resources

Get in touch.

Meet with an expert

Our Mobile Mortgage Managers can come to you, when it suits you best.

Find a Mobile Mortgage Manager

Talk to us

Call us from 8am to 6pm Monday to Friday, 9am to 3pm Saturday.

Call 0800 177 277

Visit us

Make an appointment to talk to a home loan expert in branch.

Find your nearest branch

Apply online.

Our home loan online application form is temporarily unavailable. We apologise for this inconvenience, however, you can still apply for a home loan through a Mobile Mortgage Manager, calling us on 0800 177 277, or making an appointment at your nearest branch.

Things you should know.

¹ The information above is subject to changes in government policy and law, and changes to the Westpac KiwiSaver Scheme, from time to time. 

²Conditional approval requires a credit check, confirmation of the details provided in your application and responsible lending inquiries. Other conditions may also apply depending on the nature of your application.

Westpac's eligibility criteria, home loan lending criteria, terms and conditions apply. An establishment fee may apply. A low equity margin may apply.

Buying your first home.