First home
Buying your first home
Getting into your first place has a lot of moving parts. Tell us what you need and a mortgage broker or lender can get in touch to walk you through them and work out what applies to you.
Who this suits
A first home purchase is the one where almost everything is new to you, so most people have a handful of questions before they start. These are the situations we hear about most.
- You are saving a deposit and want a sense of where you stand before you start going to open homes.
- You have been in KiwiSaver for a while and are wondering whether it can go towards a deposit.
- You are curious about the First Home Loan route, where the deposit can be smaller, and want to know how it works.
- You are buying with a partner, a friend or a family member and are not sure how a joint loan is set up.
- You are self-employed, on commission or on an income that moves around, and want to understand how a lender looks at that.
- You have found a place you like and an offer is coming up sooner than you expected.
What a mortgage broker does here
Mortgage brokers differ in how they work, but a first home loan usually follows a similar path. Here is what a mortgage broker can generally do at each stage.
Deposit and KiwiSaver check
A mortgage broker starts with what you have: savings, any gift from family and your KiwiSaver balance. They can explain how a first home withdrawal from KiwiSaver generally works and what a lender will want to see about where the deposit came from, such as how long the money has been in your account.
A look at income and spending
Lenders look at your income, your regular spending, your debts, the limits on your credit cards and any buy now pay later accounts. Going through this with a mortgage broker before a lender sees it means fewer surprises, and it is a good time to ask about anything that looks untidy on your statements. They can also explain how different kinds of income, such as overtime, bonuses or a second job, are generally treated.
Pre-approval
Pre-approval is a lender's indication of what it may be willing to lend, based on the documents you supply. A mortgage broker can pull the paperwork together, work out which lenders suit your situation and explain what a pre-approval does and does not mean. It is usually subject to conditions and only valid for a limited time.
The First Home Loan 5% route
If you meet the criteria, the First Home Loan scheme lets some buyers borrow with a 5 percent deposit. It is applied for through a participating lender rather than directly. A mortgage broker can explain who offers it, how the application differs from a standard one and what happens to the criteria if your circumstances change before you buy.
Making an offer and the conditional offer
When you make an offer on a property, it usually includes a finance condition, which gives you time to confirm your loan. The lender will usually want a valuation, the sale and purchase agreement and up to date income details. A mortgage broker keeps the lender moving while your lawyer looks after the agreement itself.
From conditional to settlement
Once the lender is happy, you receive a formal loan offer to sign. Lenders also usually want house insurance in place before settlement. A mortgage broker can check that each of those is lined up with your lawyer so the money is ready on settlement day.
Choosing a loan structure
Once the finance is moving, a mortgage broker can explain the choices in how a home loan is set up. That includes how much to fix and for how long, whether to split the loan across different terms, whether extra repayments are allowed and whether features such as an offset account are on offer. Each choice trades certainty against flexibility, and the right mix depends on your situation.
Rules as published by the sources named, checked October 2026: First Home Loan: a 5 percent deposit, applied for through participating lenders and underwritten by Kāinga Ora, with eligibility criteria such as income caps (source: Kāinga Ora, First Home Loan page). KiwiSaver first home withdrawal: membership of at least three years is the usual rule (source: Inland Revenue). Criteria change, so check the current rules.
Waikato and Bay of Plenty
The Waikato and the Bay of Plenty cover quite different kinds of property. If you are looking in Hamilton, the options range from older character homes to newer subdivisions on the edge of the city. If you are looking further out in the Waikato, for example in Matamata, you may be weighing up a smaller town against the trip to work, and a mortgage broker can talk through how the property and its location are likely to be assessed.
If you are looking at Tauranga and Pāpāmoa, or relocating from another region, it is worth mentioning that early. A deposit that is tied up in another property, or a job that has not started yet, are both things a mortgage broker or lender will ask about.
Whatever the area, the type of property matters to a lender. A new build, a townhouse, a lifestyle block and an older house in town can each be looked at differently, so say what you have in mind when you get in touch.
What to have ready
You do not need all of this to get started, but having most of it to hand speeds things up when a mortgage broker or lender gets in touch.
- Photo ID for everyone on the application, such as a passport
- Recent statements for every account you hold, so a lender can see your savings and your spending
- Payslips, or recent accounts and tax returns if you are self-employed
- Your latest KiwiSaver statement and provider details
- A letter from the giver if part of the deposit is a gift from family
- A list of debts, credit cards and buy now pay later accounts, with their limits
- Your IRD number and your current rent or board details
- Details of the property, such as the listing or the sale and purchase agreement, if you have found one
Questions people ask
- How much deposit do I need for a first home in NZ?
- It depends on the lender and the route you take. Lenders usually want a deposit, and a larger one generally gives you more options, while a smaller one can limit which lenders are open to you. The First Home Loan scheme is one route that allows a 5 percent deposit for buyers who meet its criteria. A mortgage broker or lender can tell you what applies to you.
- Can I use my KiwiSaver to buy my first home?
- Often, yes. A first home withdrawal usually needs membership of at least three years and the home has to be one you will live in. The details depend on your KiwiSaver provider, so it is worth asking them what a withdrawal looks like and how long it takes before you make an offer.
- What is the difference between pre-approval and a conditional offer?
- Pre-approval is a lender's indication, before you have chosen a property, of what it may lend. A conditional offer is made once you have a property under contract subject to finance. The lender then looks at the property and your final figures. Pre-approval is not a promise to lend, and either can fall away if the conditions are not met.
- Does getting pre-approval commit me to a lender?
- No. Pre-approval is an indication, not a contract, and you can talk to other lenders as well. It does usually last for a limited time, so the date it lapses is worth knowing. A mortgage broker can help you keep track of it.
- What happens after I send my details?
- We pass your enquiry to one mortgage broker or lender, who can get in touch, usually within one working day, to talk through your situation. Sending your details does not commit you to anything.
First home? Our sister site Online Mortgages has a 90-second first home check.
Online Mortgages is part of the same group as Summit Mortgages. It is a separate site, so you will leave this one.
What happens next
- Tell us you're after your first home and roughly where you're looking.
- We pass your details to a mortgage broker or lender who handles that kind of loan, so they can get in touch.
General information only, not advice. Mortgage advisers are usually paid a commission by the lender. If your loan settles, the adviser's business may pay Summit Mortgages a referral fee. It is not added to your loan and does not change what you pay.