First home deposit calculator
How much deposit do you need for a first home in New Zealand?
Banks generally look for a 20 percent deposit. Lending above 80 percent of the property value is restricted by the Reserve Bank's LVR rules and usually carries a low-equity premium or margin. A KiwiSaver first home withdrawal can form part of the deposit if you have been a member for at least three years.
You can withdraw all but $1,000 of your KiwiSaver for a first home after three years of membership. Check your balance with your provider.
Banks usually want a signed gifting certificate confirming the money does not have to be repaid.
Your deposit
$105,000
- Deposit as % of price
- 13.1%
- Loan required
- $695,000
- Loan-to-value ratio
- 86.9%
- A 20% deposit would be
- $160,000
- Short of 20% by
- $55,000
This is a general estimate, not financial advice.
Rates change weekly. interest.co.nz publishes what every New Zealand bank is advertising today, and Sorted is the government’s own calculator if you would like to check these numbers against a second source.
Common questions
- How much can I withdraw from KiwiSaver for a first home?
- After three years of membership you can withdraw your contributions, your employer's contributions and investment returns, leaving at least $1,000 in the account. Government contributions are included; the $1,000 minimum stays. Your provider confirms your withdrawable amount and handles the application.
- Can I buy with less than a 20% deposit in New Zealand?
- Yes, but it is constrained. Reserve Bank LVR restrictions limit how much low-deposit lending banks may write, and loans above 80 percent usually carry a low-equity premium or rate margin. Kāinga Ora's First Home Loan allows a 5 percent deposit for eligible buyers through participating lenders.
- Does the First Home Grant still exist?
- The First Home Grant was closed to new applications in 2024. First Home Loan, which enables lending with a 5 percent deposit through participating lenders, continues. Because this area changes with government policy, check Kāinga Ora directly for what is available now.
- What costs come on top of the deposit?
- Legal fees, a LIM report, a builder's or property inspection report, and possibly a registered valuation if the bank requires one. Moving costs and any immediate maintenance follow. These are paid from cash, not borrowed, so budget for them separately from the deposit.