Using KiwiSaver.

KiwiSaver1 isn't just for funding your retirement. You could use it to help buy or build your first home.

As well as making regular KiwiSaver contributions of your own, you could also qualify for contributions from the government and your employer. Once you've been in a KiwiSaver scheme for three years, you could withdraw most of your savings to put towards your first home (eligibility criteria applies).

You might also qualify for a First Home Grant of up to $10,000 through Kāinga Ora - Homes and Communities.

Learn more about KiwiSaver for first home buyers.

Less than 20% deposit?

You may have more options than you realise.

First Home Loan

Together with Kāinga Ora - Homes and Communities, we offer a low-deposit home loan for first home buyers2. It could be an option for you if:

  • You'll live in the home you're buying
  • You have a deposit of at least 5%
  • Your annual household income before tax is no more than $95,000 (one borrower) or $150,000 (two or more borrowers).

If you have little or no deposit your family could help by using their own home as security. This is called Family Springboard.

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. 

Your family could also provide a guarantee over your loan, or give you money towards the deposit.

Build your first home

Consider building or buying a new build home, and you may only need as little as 10% deposit3. Doing it this way you will enjoy a brand new house. This includes 'ready to move in' builds such as Pre-built, turn key, house and land packages, and recently completed new builds4.

12 months conditional approvalgives you time to find the right land.

Plus: an interest-only loan and an optional year-long repayment holiday6 while you're building.

Note: If you borrow more than 80% of the property's value, a low equity margin will apply.


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

Get in touch.

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Call us any time from 8am - 6pm weekdays, 9am - 3pm Saturday.

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Visit us

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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. 

2 First Home Loan can only be used for the purchase of owner occupied properties. Income caps and regional loan caps apply. A Lenders Mortgage Insurance Premium applies. Current First Home Loan lending criteria and terms and conditions apply. An establishment fee may apply.

3 If lending for the project is over 80% LVR (loan-to-value ratio) for owner occupiers or 60% LVR for investment properties, it must be a new build with a single fixed price contract that specifies a completed, ready to live in property. Applications must include Master Builders Guarantee or a Certified Builders Guarantee, which includes 'non-completion' cover.

4 Eligibility and lending criteria, terms and conditions apply for recently completed new builds.

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

6 No principal repayments will be required and interest costs will be added to the loan. The cost of interest capitalisation will be included in the approved total home loan amount and must not take the total LVR over 90%. The repayment holiday will end on the earlier of 12 months following the initial drawdown or one month following the final construction drawdown.

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.