Mortgage experts

Deposit Options

There’s no better feeling than getting the keys to your very first home – Our Trebla Mortgage Experts can help turn your dreams into a reality by helping you take the first step on the path of your home ownership journey. We will show you what lending options you have and how to “Mix and Match” your deposit options so you can take that first step onto the property ladder.

Home loans

The door is still open with a Kainga Ora First Home Loan, you can still buy a house with a minimum 5% deposit, you need to meet certain criteria including an income cap and regional house price cap. You will also need to meet the specific lending criteria of the participating lender you choose. The criteria are listed below along with an easy guide to check at a glance if you are eligible to apply.

To be eligible for a Kainga Ora 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 with no dependents or if you are a sole borrower with dependents your income can be $150,000 or less(before tax). If you are teaming up with one or more borrowers to buy a house, then you can have a combined household income of up to $150,000 (before tax) in the last 12 months.

Kainga Ora First Home Loans no longer have property caps

Mix and match your deposit

After 3 years, you may be eligible to withdraw your KiwiSaver savings except for the $1,000.

Buying an existing house:
You could get up to $1,000 for each year you have contributed to KiwiSaver
Maximum of $5,000 for an individual borrower ($10,000 for two borrowers)

Buying a new house:
You could get up to $2,000 for each year you have contributed to KiwiSaver
Maximum of $10,000 for an individual borrower ($20,000 for two borrowers)

Income cap:
To be eligible for a Kiwisaver First Home Grant your household income for the last 12 months must have been $95,000 or less (before tax) if you are the sole borrower with no dependents or if you are a sole borrower with dependents your income can be $150,000 or less(before tax). If you are teaming up with one or more borrowers to buy a house, then you can have a combined household income of up to $150,000 (before tax) in the last 12 months.

Property Cap:

Please check with Kainga Ora First Home Grant directly. House price caps are informed by the lower quartile estimated values of new and existing properties in each region (based on the Territorial Authority boundaries). This means price caps will be different throughout the country.

Regions are defined by city and district council boundaries. Refer to the Stats NZ map for Territorial Authority boundaries. Ensure the layer selected is ‘Territorial Authority’.

If you have family members who would like to help you get into your first home, you may want to explore gifting or guarantee options. They can be effective if you’re able to meet the repayments on a home loan, but don’t have the deposit you’d normally require.

Gifting is when someone else, like a family member, gives you some of the money you need for your deposit. Your family member could also lend you some of the money you need for your deposit, on the agreement that you repay it later. Also if someone is giving you money for your deposit, we’ll need confirmation that you won’t need to repay that money until you sell the property. Both you and the family member(s) concerned should get legal advice before taking up this option.

In some cases, we may be able to take a mortgage over a home owned by someone else, for example, your parents, as extra security for your loan. Where this happens, we’ll need a guarantee from the owners of that home. Under a guarantee, someone agrees that they will be responsible for some or your entire loan if you’re not able to pay it for any reason.

There are a number of conditions that both you and the family member(s) providing the guarantee will need to meet, and you’ll both need to get legal advice before taking up this option.

These programmes require: a solicitor to certify a statutory declaration made by the potential purchasers regarding their eligibility, and be supplied with supporting documentation such as bank statements, pay slips and identity documents (passports etc.).

What other assistance is there to purchase a first home? First home buyers (and second chancers) should also be assessing their eligibility to access KiwiSaver First Home Withdrawals, KiwiSaver HomeStart Grants and Welcome Home Loans or Kiwibuild. Each of these programmes has different eligibility criteria, and they can all be used in conjunction with each other.