How Much Deposit Do I Need?

Do you have a low or no deposit?

It pays to contact us to discuss what solution may best suit your situation. We have great success helping people get approved, saving you time and money.

The days of obtaining 100% finance with ease are long gone but here are some options available:

1. KiwiSaver HomeStart/First Home Grant (deposit subsidy). There is government support available whereby individuals may get up to $10,000 and couples $20,000 if they’ve met certain criteria. Apply online here: Kiwisaver HomeStart online application form.

2. KiwiSaver Withdrawal. You may be eligible to withdraw from your KiwiSaver in order to build your deposit. 

3. 95% home loans—this is a case by case option. House and land build packages are available to approved applicants (lenders conditions apply). This now includes some banks offering up to 95% loans for the Government KiwiBuild scheme.

4. Parental or family member guarantee—this could also be used in conjunction with KiwiSaver withdrawals, gifts and savings. This is a complex area so it pays to talk to us!

5. Parental/3rd Party Gift/Family Loan—This is when the parent(s) physically gift a sum of money to help with the deposit, and a gift letter is required.

6. 95% Welcome Home/First Home Loan—we can help arrange a Welcome Home/First Home Loan that allows 5% deposit (conditions apply).

7. Depending on your income there can be ways to boost your deposit by borrowing money against assets such as a car or business.

For more information or to discuss your options please contact us.





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