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First Home Loan.

It could be easier than you think to get into your first home. With a First Home Loan through Westpac and Kāinga Ora - Homes and Communities, you only need a 5% deposit.

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Benefits.

  • Get into your first home sooner, with as little as 5% deposit.
  • Option to purchase a home with family or friends.
  • A one-off Lenders Mortgage Insurance (LMI) premium applies instead of a low equity margin (LEM).
  • Choose from floating or fixed home loan options.

 

Qualifying for a First Home Loan.

  • Your total annual household income before tax is $95,000 or less for one borrower or a combined annual income of $150,000 or less for two or more borrowers
  • You will have to live in the home
  • Must be buying a first home
  • You are a permanent New Zealand resident or New Zealand citizen
  • You must be buying a home under the applicable cap for your region - see below for details
  • If you are a KiwiSaver member you might also be eligible for additional assistance.

Check if you are eligible for a First Home Loan.

How it works.

This loan can only be used to purchase an owner-occupied property, which means you must live in the house you buy. A First Home Loan gives you the flexibility of being on a fixed or floating interest rate.

When applying for a First Home Loan, you will need to pay a one-off Lenders Mortgage Insurance (LMI) premium1. Learn more.

Regional caps on the house price apply for First Home Loans. 

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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.

First Home Loan terms & conditions

1 A Westpac First Home Loan can only be used for the purchase of an owner-occupied first home. Income caps and regional loan caps apply. A one-off lenders mortgage insurance premium applies. Current First Home Loan and Westpac’s eligibility criteria and home loan lending criteria, terms and conditions apply. An establishment fee may apply.

Westpac Homesaver terms and conditions apply. For more details, refer to Westpac HomeSaver.

General Home Loan terms & conditions

Interest rates are subject to change without notice. 

Documents and fees

View terms and conditions for all our home lending products here.