Getting your deposit together

Saving a deposit can feel like a daunting task, but there are ways we can help – or your family could too. Whilst in most cases people will require a 20% deposit when buying their first home, there are other ways in with a smaller deposit. Explore our deposit options and ways you could boost your deposit below.

Learn more about how these options could help you:

Join HomeSaver

HomeSaver is our special savings and home loan package, designed to help you fast-track your savings towards your first home. Benefits of HomeSaver include:

  • dedicated coaching throughout your home savings journey
  • a $1,000 first home booster (per property) to help set up your home when you draw down on a Westpac home loan
  • preferential treatment for low deposit home loans
  • earn bonus monthly returns when you make regular deposits and no withdrawals 
  • plus lots of support and motivation to help keep you on track

Find out more about HomeSaver

Westpac HomeSaver Terms and Conditions apply. For more details, refer to https://www.westpac.co.nz/homesaver/.

Back to top

Use KiwiSaver to help

Withdrawing your contributions

If you’ve been a KiwiSaver member for at least three years, you may be able to take out most of your contributions, your employer's contributions as well as the Government Member Tax Credit contributions to help you buy your first home - as long as it's going to be your main place of residence*. In some limited cases, you may qualify even if you've owned property before.

KiwiSaver HomeStart grant

You may also be entitled to a KiwiSaver HomeStart grant to help you buy or build your first home. This is administered by Housing New Zealand. If you qualify you could get up to a maximum of $5,000 for an existing home or up to $10,000 for a newly built home. If you're buying a property with other people, each of you could qualify for the grant, up to a maximum of $10,000 for an existing home or $20,000 for a newly built home. In some limited cases you may even qualify if you've owned property before. Read more about the KiwiSaver HomeStart grant and if you qualify at www.hnzc.co.nz

Read more about KiwiSaver and KiwiSaver HomeStart grant 

* Other terms, condition and eligibility criteria may apply. See westpac.co.nz/kshome for details.

Back to top

You may be eligible for a Welcome Home Loan

In partnership with Housing New Zealand, Westpac also offers Welcome Home Loans – these are low-deposit home loans designed to help you get into that first home and on the property ladder.

It could be for you if:

  • you’re buying your first home
  • you’ll live in the home you are buying
  • you have at least a 10% deposit
  • your annual household income before tax $85,000 or less for one borrower, or $130,000 or less for two or more borrowers

Find out more about Welcome Home Loans

Welcome 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 Welcome Home Loan lending criteria and terms and conditions apply. An establishment fee of $400 may apply.

Back to top

How your family could help

Family Springboard

If you have little or no deposit, your family could help you into your first home by using their own home or savings as security for part of your home loan. 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. The key benefit for you is you’ll be able to get into your home quicker, and for your family it means a structure where they don’t have to provide any money up front, and where their responsibility or liability is limited to the amount of the Springboard Home Loan. Of course, you must still be able to meet the repayments on both home loans.

Learn more about Family Springboard

Guarantor

As an alternative, your family can provide a guarantee over your loan if you have little or no deposit. This allows them to use their assets without having to provide any money up front. And of course, you must be able to meet the repayments on your home loan.

Gifting

As the name implies, gifting is when your parents or other people can gift you some of the amount you need for your deposit, so you can apply for a home loan. You’ll need to show where the money came from, but your gifters won’t have any ongoing obligations to the bank.

Back to top

Consider building your first home

One low-deposit option to consider is building your first home. You'll get a brand new home, and can make sure it will fit your needs.
The benefits for building your new home with Westpac include:

  • as little as 10% deposit required^ for 'ready to move in' builds such as turn key, house and land packages and may include recently completed new builds°.
  • a 12 month conditional approval
  • a brand new house with a Master Builders Guarantee or a Certified Builders Guarantee
  • interest only loan during the construction period
  • an optional 12 month repayment holiday# during the build

Learn more about building your home

^ 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.
° Strict eligibility criteria, terms and conditions apply for recently completed new builds. Contact us to learn more.
# 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.
An establishment charge may apply if you are applying for a mortgage with a low equity (i.e. your deposit is less than 20%), an additional interest margin may apply of between 0.25% to 1.5% per annum depending on your level of equity.

Back to top

Tips for building your deposit

We know it's hard to save for a deposit, but we’ve got some handy tips to help. Remember the more deposit you have, the smaller your regular repayments will be!

Read our tips for building your deposit

Back to top

See all our Home Loan products