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First home buyer loans

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First home buyer assistance

Banks and lenders have very specific policies around lending to first home buyers and the pricing of their home loans can vary substantially. At BRM Financial, we are experts at arranging great house and land finance packages for first home buyers.

Building your first home makes sense in the current market with deposits as low as 10%, larger Homestart grants for newbuilds and access to your Kiwisaver accounts for eligible clients. If you are a first home buyer and find the right home loan, you should investigate both your options and government grants and entitlements you may be eligible for. With interest rates stable and property becoming more affordable, first home buyers are in the best buying position they have ever been in.

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Considerations in securing your first home loan

What assistance is available to you as a first home buyer

Suitable mortgage options for first home buyers

The size of your deposit and where you source it from

The fees and charges associated with purchasing a property

Undertaking thorough research on the current property market

Consider the current interest rate climate

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KiwiSaver & Homestart

KiwiSaver is a voluntary work-based savings scheme designed to utilise the existing PAYE (pay as you earn) tax system. To be eligible to withdraw your KiwiSaver funds to build your first home, you must have contributed consistently for a minimum of 3 years. KiwiSaver also includes a first home deposit subsidy called First Home Grant which, after three years of saving, provides a first home deposit subsidy of $2,000 per year, up to a maximum of $10,000 (for newbuilds) per applicant. KiwiSaver also has a ‘second chance’ option where eligible applicants can withdraw their funds for the purchasing of a home, even when they have owned a home in the past.

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We have financed several investment properties and I know he’s saved me a lot of stress, time and money. If you are looking for a great mortgage broker who listens and does what he says, Brads your man

 Phil Cramner

Brad has been out mortgage ‘go to’ guy for 10 years now and over that time he’s proven himself to be a super knowledgeable and attentive

 David and Fiona Burrows

Thank you so much for all your help and guidance, working with you was a fun and professional experience, and we refer all our friends to BRM for mortgage advice.



 James and Donna Wadlow

First home buyer loans FAQs

Got questions about your first home loan? Check out our frequently asked questions below!

  • How much deposit do you need for a first-time home buyer in NZ?

    A 20% deposit is generally required in order to secure a home loan. Flexible banking policies means there are now also a number of alternatives where a deposit of 20% or less is possible.

  • What options are there for sourcing a deposit?

    Options for sourcing the deposit you need, include:

    • Traditional savings
    • Gifted money
    • Equity or guarantees from family members
    • Fees and charges for first home loans

  • Can I use KiwiSaver for my first home deposit?

    By contributing the minimum amount to a KiwiSaver fund for three years, you can use it to help with a deposit for your first home in two ways: 1) Withdraw most of your fund for the deposit through the KiwiSaver first-home withdrawal, or 2) Receive a government grant called the First Home Grant, which can give you up to $10,000 towards the deposit on a new home or land, or up to $5,000 for an existing home.

  • Do I qualify for a first home buyer’s grant?

    The government offers a First Home Grant to assist first-time home buyers, provided they meet the following criteria:


    • Contributed at least the minimum amount to KiwiSaver for three years or more, with a minimum of 3% of their total income or at least $1,000 per year (whichever is lower).
    • Earned no more than a specific amount in the 12 months before the application, such as $95,000 before tax for an individual buyer, $150,000 for an individual buyer with one or more dependents, or $150,000 combined for two or more buyers.
    • Do not own any property currently.
    • Have a minimum deposit of 5% of the property's purchase price or one that they wish to construct.
    • Agree to reside in the home for a minimum of six months.

  • Can I use a First Home Grant as a deposit?

    To qualify for a First Home Grant, you need to demonstrate that you have a deposit of at least 5% of the property's purchase price. If approved or pre-approved, the grant can be used towards the deposit and combined with a KiwiSaver first-home withdrawal, savings, payments already made towards the property, or a monetary gift from a close relative. The family member making the gift must provide a formal declaration confirming that the money is a gift and not a loan to be repaid.

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