Having a 5% deposit can still get you into a first home. Criteria can change constantly so please talk to us to discuss your particular situation as sometimes banks can offer a standard 5% home loan.

We can access the First Home Loan via Kainga Ora from various major banks including SBS Bank, Coop Bank, ASB Bank, Westpac Bank, Kiwi Bank.

To be eligible for a First Home Loan via Kainga Ora, you must:

Be a New Zealand citizen, permanent resident, or a resident visa holder who is “ordinarily resident in New Zealand”
Be a first home buyer, or a previous home owner in a similar financial position to a first home buyer
Have a before tax income from the last 12 months of:
$95,000 or less for an individual buyer without dependants; or
$150,000 or less for an individual buyer with one or more dependants; or
$150,000 or less (combined) for two or more buyers, regardless of the number of dependants

• CP Financial Scope of Service – read and sign
• Authority & Declaration form – read and sign
• Application form (can be done electronically) – please complete thoroughly – take special care on the expenses and declare all debts and laybys

• First Home Loan supporting information needed:
  Last 3 months bank statements, most recent, from ALL bank accounts. Must show your name, bank name and a/c number and running daily balances on the right of the page.
• Last 3 months statements on ALL debts i.e. credit cards, store cards, laybys, personal and car loans etc. **Make sure you declare all Layby/After pay type facilities and include the limits of any cards, regardless of whether you pay them off monthly
• Last 3 most recent consecutive payslips (if self-employed last 2 years financials) AND
• Last 12 months IR3 tax summary for the previous 12 months income-go back 12 months from previous month on My IR website, must show month on month for the last 12 months. For the IRD last 12 months: After having logged in to the IRD website, please select “More” (right bottom, under Income tax) On the next page select “Print income details” under My income to show month by month breakdown Once dates are entered EG: (1/3/22-28/2/23) “Print income details” will provide a document approx. 4 pages long to be saved as PDF doc.
• Signed letter from your employer confirming: you have permanent employment, start date of employment, role and annual base salary **Please declare any shareholding or directorship in any dormant or live companies and if any debt under these companies
• Copy of photo ID plus proof of residency e.g. birth certificate, passport.
• Proof of deposit – Last 3 months savings account statements and/or Kiwisaver letter confirming the amount available to withdraw, gift letter (see adviser for gift template).
• Verification of physical address e.g. phone/power bill, bank statement.
• Confirmation of student loan balance (if applicable).
• Working for Families entitlement letter (if applicable).
• Signed authorisation First Home Loan form (if applicable – refer to Craig Pope as some banks differ on this).

In due course we will need a copy of the signed and dated sale and purchase agreement and a registered valuation (allow about $950 for this), which we will coordinate via the banks’ preferred ordering system.