Helping you into your first home
Buying your first home is likely to be your biggest purchase yet, and can be a daunting process. We’re here to help you understand every angle, every step of the way.
Work out how much you’ll need to save
The size of your deposit depends on how much you can borrow for a home loan. This is based on how much you can afford to spend on home loan repayments each week, fortnight, or month, so working this out is a good place to start. Your deposit will usually need to be at least a quarter of the loan you can afford.
Getting your deposit together
A high-interest bank account, such as Rapid Save, could help you reach your goal faster. As your savings grow, you could move some of it into a low-risk investment, like a term deposit, that could earn even more interest.
If you're a member of KiwiSaver, you might be able to withdraw your savings to help you buy or build your first home, and you could also be eligible for a grant from Housing New Zealand^.
Sometimes your parents or family members might be able to help you buy your first home, by giving you money towards your deposit, or guaranteeing your loan.
The step-by-step guide to buying your first home
If you’re confused about the ins and outs of buying a home, you’re not alone. We’ve put together a handy timeline that explains each stage of the process, from applying for a home loan to settlement.
All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. Interest rates are subject to change. An establishment fee of up to $400 may apply for personal lending (the fee may be different for non-personal lending). Not for business purposes.
BNZ Investment Services Limited, a wholly owned subsidiary of BNZ, is the Issuer and Manager of the BNZ KiwiSaver Scheme. Download a copy of the BNZ KiwiSaver Scheme Product Disclosure Statement PDF 1.5MB, or pick up a copy from a BNZ store.
Investments made in the BNZ KiwiSaver Scheme do not represent deposits or other liabilities of BNZ or any other member of the National Australia Bank Limited group, and are subject to investment risk, including possible delays in repayment and loss of income and principal invested. None of BNZ, any other member of the National Australia Bank Limited group, the Supervisor, any director of any of them, the Crown or any other person guarantees (either fully or in part) the performance or returns of the BNZ KiwiSaver Scheme or the repayment of capital.