Only requires a 5% deposit

Kāinga Ora First Home Loan can make it easier for you to get into your first home by lowering the required deposit to 5%

Additional help

You can also use money you’ve been gifted by a family member towards your deposit, and if you are a Kiwisaver member, you may be able to use your KiwiSaver funds towards the purchase

A structure to suit you

Choose from either a fixed or floating home loan, or a mix of both

How it works

Finding the deposit for your first home can be a challenge, with most lending providers currently requiring a minimum 20% deposit.

First Home Loan from Kāinga Ora is designed to make it easier for first time home buyers to get into a home of their own, only requiring a 5% deposit.

Qualifying for a Kāinga Ora First Home Loan

To be eligible for a Kāinga Ora First Home Loan you must:

  • Live in the house you intend to buy - Kāinga Ora First Home Loans cannot be used to purchase a rental or investment property.
  • Have a minimum deposit that is at least 5% of the purchase price of the home you are interested in buying*.
  • Be a New Zealand citizen or permanent New Zealand resident.
  • Your total household income before tax is :

    $95,000 or less for an individual buyer without dependants; or

    $150,000 or less for an individual buyer with one or more dependants; or

    $150,000 or less (combined) for two or more buyers, regardless of the number of dependants

Kāinga Ora First Home Loans with The Co-operative Bank

Below is a step-by-step guide of how to apply for a Kāinga Ora First Home Loan with us.

If you have any questions about the process, we are here to help. Our team has helped many of our customers get into their first home and are experienced with the ins and outs of homeownership.

  • Check you meet the criteria

    First ensure you meet all the eligibility criteria set by Kāinga Ora.

    Check full eligibility criteria

  • Getting a deposit together

    If you have your 5% deposit, great!

    If you need help getting together a deposit there may be options available. See our 'Getting your deposit together' page.

    Find out more

  • Complete our home loan application

    Complete our Home Loan application. You can do this online, (It'll take about 10-20 minutes to apply), or by speaking with one of our Home Lending Specialists on 0800 554 554.

    Apply online now

Frequently asked questions

Ready to apply?

You can complete your application online. It'll take about 10-20 minutes to apply. If you need to, you can save as you go and come back later.

Apply online

Speak to a specialist

Our Home Loan Specialists are experts in home lending and can assist you in selecting the ideal structure and term to best suit your needs. Call us on 0800 554 554.

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.