1. Confirm your deposit position
Most banks want a 20% deposit for an existing home. New builds and Kāinga Ora First Home Loan applicants can get in with as little as 5–10%.
- Existing home — typically 20% (10% in some low-equity cases)
- New build — often 10% with no low-equity margin
- First Home Loan — 5%, subject to income and price caps
2. Pull your KiwiSaver balance into the plan
If you've been contributing for at least three years, you can withdraw most of your KiwiSaver (leaving $1,000) toward your deposit. Combine this with personal savings and any eligible grant.
3. Get a written pre-approval before you bid
A pre-approval tells you exactly how much a lender will lend you and on what conditions. Without one you can't bid at auction with confidence — and you risk falling in love with a house outside your budget.
4. Structure the loan, not just the rate
Loan structure (fixed vs floating splits, offset, revolving credit) usually matters more than chasing a 0.05% rate difference. A good adviser will show you the trade-offs on paper.
