First home buyer hub

*First Home Buyer special rate terms and conditions

Offer available for new lending from $250,000. Lending must be used by the applicant(s) to purchase an Owner Occupied first home (as determined by The Co-operative Bank).

Minimum of 20% deposit, or with Kāinga Ora First Home Loans a minimum of 5% deposit. For Kāinga Ora First Home Loans, a Lenders Mortgage Insurance premium is payable which is 1.2% of the loan balance. This can be added to the loan balance. Bridging finance and Fresh Start home loans are excluded from the offer. The Co-operative Bank and Kāinga Ora’s lending criteria, fees, interest rates, terms and conditions apply and are subject to change.

**First Home Buyer cash back offer terms and conditions

The cash back offer is 1% up to $15,000 on qualifying first home buying lending. Qualifying home loans are new owner-occupied home loans over $250,000 with a minimum of 20% deposit, or with Kāinga Ora First Home Loans a minimum of 5% deposit. Lending must be used by the applicant(s) to purchase an owner occupied first home (as determined by The Co-operative Bank).

The cash back is conditional on the lending being drawn down and staying with The Co-operative Bank for at least 36 months from the date the cash back is paid to your Co-operative Bank account (cash back period) or must be repaid on a pro-rata, monthly basis. This means that you would have to repay the portion of the cash back which relates to the remaining months of the cash back period. For example, if you refinanced your home loan with another bank after 12 months, there would still be 24 months left in the cash back period and you would be required to repay 2/3 of the cash back you received.

We may also require repayment of the cash back where you substantially repay the home loan within 12 months (except where we expressly agree otherwise) 

Cash backs are paid to the borrower’s Co-operative Bank account within 5 working days of the home loan being fully drawn down (including any revolving credit facilities being utilised).

Bridging finance and Fresh Start home loans are excluded from the offer. The Co-operative Bank reserves the right to amend or withdraw the offer at any time without notice. Lending criteria, fees, exclusions, and other conditions apply.

Disclaimer

This material is provided for information purposes only and is not financial advice or a substitute for financial advice.

If you think you might need financial advice, you can talk to one of our team at The Co-operative Bank, by calling 0800 554 554.

View our financial advice provider disclosure statement to see the type of financial advice we can provide.