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. 

Learn more about how these options could help you:

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. 

Read more about KiwiSaver and KiwiSaver HomeStart grant 

* Other terms, condition and eligibility criteria may apply. See for details.

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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.

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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. 

Learn more about Family Springboard


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.


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.

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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

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

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What you need to know about Low Equity Margins

A Low Equity Margin applies to your home loan

When you take out a home loan if you borrow more than 80% of the property’s value a Low Equity Margin will apply. This margin is a percentage amount that is added to the interest rate on your home loan and reflects the extra risk involved.

Reviewing your Low Equity Margin

The good news is that once the amount of your home loan is less than 80% of the property’s value you can arrange for the Low Equity Margin to be reviewed.

To work this out, please divide the total value of your home loan, by the total value of your property, and then multiply the answer by 100.

LEM equation

Your borrowing could fall below 80% of your property's value if, either your property’s value increases or you pay off part of your home loan. 

If the result of the calculation is less than 80%, it’s important that you let us know, so a review can be arranged.

Removing your Low Equity Margin

When you come along for your review you'll need to bring the latest valuation report for your property, such as a registered valuation or government valuation.

Once we can see that your borrowing is less than 80% of the property’s value the Low Equity Margin can be reviewed.

If your home loan is on a variable rate the margin will be removed immediately, provided it has been applied for at least six months. For home loans on a fixed or capped rate term the margin will be removed the day after the end of the term.

^ If lending for the project is over 80% LVR (loan-to-value ratio) for owner occupiers or 65% 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.

Home loan lending criteria apply. An establishment charge may apply. An additional fee or higher interest rate may apply to loans if the application is accepted but does not meet the standard lending criteria. Westpac New Zealand Limited

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See all our Home Loan products