A deposit is the money you put towards your home yourself. Having a deposit for your home reduces the amount of money you have to borrow and therefore reduces your repayments and the amount of interest you pay.
The deposit you require will depend on the value of the home you want to buy. When borrowing you usually require at least a 20% deposit based on the value of the home you are buying.
Try our simple calculator to work out the percentage of deposit you currently have. If you're finding it hard to save for a deposit or need to save more, then our handy tips may help.
If you don’t have a deposit and still want to buy now, check out our FirstHome options. They’re designed specifically to help first home buyers get into a home of their own, no matter what their situation.
KiwiSaver First Home Subsidy
KiwiSaver is a voluntary, work-based savings initiative that can help you with your short-term savings for your first home and your long-term savings for retirement.
After being a member of KiwiSaver for three years, first home buyers may be eligible for a:
• First Home Deposit subsidy from the Government of up to $1,000 per year (up to a maximum of $5,000)*.
• One-off withdrawal of all or part of their and their employer’s contributions to put towards a deposit on their first home*.
Read more about how you could benefit with the National Bank KiwiSaver Scheme.
*Conditions will apply and not all members will qualify.
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Guardian Trust Superannuation Trustees Limited is the issuer and trustee, ING (NZ) Limited is the promoter, administration manager and investment manager and ANZ National Bank Limited is the distributor of the National Bank KiwiSaver Scheme (‘the Scheme’). An investment in the Scheme is subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of ANZ National Bank Limited, Guardian Trust Superannuation Trustees Limited, any member of their respective groups of companies or any other person guarantees (either partially or fully) ING (NZ) Limited or the capital value or performance of any products issued or managed by it, including the Scheme. Units in the Scheme do not represent deposits or liabilities of ANZ National Bank Limited.
A copy of the National Bank KiwiSaver Scheme Investment Statement is available as a PDF, or you can request one to be sent to you by calling 0800 156 020. You'll need Adobe Acrobat Reader to read the PDF version. If you don't have it, don't worry - it's free. Follow this link to the Adobe site to download a copy.
The content on our site is for information only. You should obtain professional advice relevant to your circumstances. Our lending criteria, terms, conditions and fees apply. Where borrowing over 80% of a property's value is approved, a Low Equity Premium on a graduated scale will apply and a Registered Valuer's Report will be required. Eligibility criteria apply for FirstHome options.