How to choose the right home loan:

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1. Check whether you can tap into your KiwiSaver

You might be able to withdraw most of your KiwiSaver to put towards buying your first home. Sign a conditional sale and purchase agreement, and you could use some of your KiwiSaver savings for the deposit.

If your sale and purchase agreement is unconditional, you can apply to withdraw funds to put towards the purchase price at settlement. In this scenario, you may need a short term loan to cover you between the time your offer is accepted and the time your loan is drawn down - we can help with this.

Bonus good news: you might also be eligible for a First Home Grant through Housing New Zealand of up to $10,000.

You’ll find all the information you need right here.

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2. Have a read through all your different home loan options

You can fix your Choices home loan interest rate and it will stay the same for the fixed rate term, even if interest rates in the market change. Or, you can have a floating rate – this varies with the market, but you can repay lump sums whenever you like. You can even choose a combination of the two, with some of your home loan on a fixed rate and some of it on a floating rate.

Early repayment break costs on your fixed rate loan: If you come into some money and want to pay off your fixed rate loan, or you break the fixed term to get a lower interest rate, we charge a break cost. This cost is based on a complex formula, but in simple terms it calculates whether we've incurred a loss as a result of the prepayment or switch. See here for more information on break costs.

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3. Look into low deposit home loans

Our normal Choices home loans are often available for customers with less than 20% deposit.

As a first home buyer you have other options, too. You could get a helping hand with a special low deposit home loan. Find out about First Home Loans, which are a partnership between Westpac and Housing New Zealand.

If your family wants to help out, then Family Springboard could be the home loan for you.

And if you’re thinking about building your first house, construction home loans need just 10% deposit.

A low equity margin will apply if you borrow more than 80% of the property’s value (ie have less than 20% deposit). Discover how it works here.