First Home Loan

Getting the deposit together is sometimes the hardest part of buying your first place, so Westpac has teamed up with Housing New Zealand to offer First Home Loans. First Home Loans are low deposit home loans designed to help you get into that first home in NZ and on the property ladder. Check out your options and eligibility here.

It's for you if:

  • you are buying your first home
  • you only have a 5% deposit
  • you'll live in the home you are buying
  • your annual household income before tax is $85,000 or less for one borrower, or is below $130,000 or less for two or more borrowers
First Home Loan overview

A First Home Loan can give you the hand up you need to help put that first home in reach.

Key Benefits 

  • get into home ownership sooner, without having to wait until you’ve got a big deposit together.
  • purchase a home to live in with family or friends

Depending on your situation, a First Home Loan could allow you to:

  • get into your first home with as little as 5% deposit
  • purchase a home valued up to $650,000*, depending on the area you want to live in:
    • $650,000 for new properties or $600,000 for existing properties in Auckland
    • $550,000 for new properties or $500,000 for existing properties in Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City and Selwyn District.
    • $500,000 for new properties or $400,000 for existing properties in all other parts of the country

First Home Loan regional house price caps are effective from 31 July 2016.

Just note, a First Home Loan can only be used to purchase owner occupied property, which means you must live in the house you buy.

A First Home Loan can be on a fixed or floating interest rate. 

Can I get a First Home Loan?

Check the criteria for a First Home Loan here. You may be eligible if:

  • your annual household income before tax is $85,000 or less for one borrower, or $130,000 or less for two or more borrowers;
  • you are a first home buyer;
  • you will live in the home you are buying;
  • you are buying a house (not re-financing);
  • you are a permanent New Zealand resident or New Zealand citizen and have an acceptable credit history.

 For more information on First Home Loans, please call us on 0800 177 277 or visit first homeloan.co.nz

Not eligible for a First Home Loan?

If you’re keen to get into your first home sooner but aren’t eligible for a First Home Loan, Westpac HomeSaver might be for you. Westpac HomeSaver is our special savings and home loan package, designed to help you fast track your savings towards your first home. Find out more about Westpac HomeSaver.