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. This could be an option for you if:

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

Family Springboard

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

Choose between a co-borrower or guarantor structure and avoid having to pay a low equity margin.

Build your first home

Consider building or buying a new build home - you may only need as little as 10% deposit for an owner occupied home3

Shared Equity

If you want to buy your first home but only have a small deposit, an option could be to combine the support of a Shared Equity Programme with a Choices Home Loan.

Using KiwiSaver.

KiwiSaver isn't just for funding your retirement. You could use it to help buy your first home1.

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.


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

Apply online.

Existing customers can apply for a home loan via Westpac One® online banking.

Log in to Westpac One

To get in touch.

Meet with an expert

Our Mobile Mortgage Managers can come to you, at a time and place that suits you best.

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Visit us

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

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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 apply. A one-off Lenders Mortgage Insurance Premium applies. Current First Home Loan eligibility criteria, lending criteria, terms and conditions 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.

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