KiwiSaver & Low Deposit Home Loans 

You generally require a minimum saved deposit of 5% of the purchase price to buy a house, as banks are limited to a maximum loan amount of 95% of the purchase price (subject to Reserve Bank LVR restrictions). Most Banks at the moment require a minimum 10% deposit.

KiwiSaver Withdrawal

If you are a first-home buyer, and have been contributing to your KiwiSaver consistently for 3 years you are able to withdraw some of your KiwiSaver savings to put towards purchasing your first-home with a low deposit mortgage.

The KiwiSaver first home consists of only your contributions, your employer’s contributions and any member tax credits that can be withdrawn, not the government $1000 kick-start.

For a pre-approval you will need a letter from your KiwiSaver provider confirming you are eligible to withdraw funds and how much you can withdraw.

95% Home Loans & First Home Loans

The First Home Loan is offered by lenders, supported by Ka-inga Ora, and designed to make regular repayments on a home loan, but have trouble saving for a large deposit. Our mortgage advisers work hard to secure low-deposit mortgage approvals for our clients, helping make home ownership possible sooner with tailored lending solutions and expert guidance every step of the way. 

With a First Home Loan you only need a 5% deposit, not a 20% deposit as required by most lenders. Ka-inga Ora does not issue the loan. This is done through normal lenders such as selected banks, building societies and credit unions. Ka-inga Ora underwrites the loan for the lender.

You will need to meet the lender’s specific lending criteria.

Maximum income

To be eligible for a First Home Loan your household income for the last 12 months must have been $95,000 or less (before tax) if you are the sole borrower, $150,000 as a sole borrower with one or more dependents. If you are partnering with one or more borrowers to buy a house, then you can have a combined household income up to $150,000 (before tax).

Talk to your Craig Pope financial adviser today to see if you qualify for a low-deposit KiwiSaver first-home buyer mortgage, or if there have been any changes to the above criteria.

Please contact us or click here to see how much you can borrow.