First home buyer planner
Your deposit, KiwiSaver withdrawal and First Home Loan eligibility in one place, with the premium and a rough range of buying costs.
The short answer
Two first home buyers earning $130,000 between them are within the First Home Loan cap of $150,000. For a $750,000 home they need $37,500 for a 5% deposit. With $60,000 saved and $53,000 from KiwiSaver, they have $113,000. The First Home Loan premium on a $637,000 loan would be $7,644 at 1.2%, or $6,370 at Kiwibank.
| Income of all buyers (cap $150,000) | $130,000 |
| Within the First Home Loan income cap | Yes |
| Savings | $60,000 |
| KiwiSaver withdrawal, buyer 1 ($30,000 balance less the $1,000 that must stay) | $29,000 |
| KiwiSaver withdrawal, buyer 2 ($25,000 balance less the $1,000 that must stay) | $24,000 |
| Your deposit | $113,000 |
| Share of the price | 15.07% |
| Deposit for 5% | $37,500 |
| Deposit for 20% | $150,000 |
| Loan needed (84.93% of the price) | $637,000 |
| First Home Loan premium | $7,644, or $6,370 at Kiwibank |
| Buying costs, rough range (including a valuation) | $2,863 to $5,525 |
| Repayment at the average 1-year rate, 5.06% | $3,442.96 a month |
First Home Loan with 5%. Your deposit reaches 5% and your income is within the cap of $150,000. A First Home Loan comes from a participating lender, not ANZ or BNZ, with a premium of 1.2% of the loan (1.00% at Kiwibank). Another $37,000 would reach 20%.
Banks decide; this is an estimate. KiwiSaver withdrawals need 3 years of membership and leave $1,000 in the account. The First Home Grant closed on 22 May 2024 and First Home Partner is not taking new applications (per Kiwibank).
Kāinga Ora First Home Loan
- Deposit of 5% for eligible first home buyers.
- Income before tax over the last 12 months: up to $95,000 for one buyer without dependants, $150,000 for one buyer with dependants, and $150,000 combined for two or more buyers.
- No house price caps (reported removed from 1 June 2022; we could not confirm this on a Kāinga Ora page).
- A premium of 1.2% of the loan for applications received by lenders after 1 July 2025, up from 0.5%. Kiwibank passes on 1.00%, which can be added to the loan.
- Lenders include ASB (since February 2026), Westpac, Kiwibank, Co-operative Bank, SBS, Unity, Nelson Building Society and NZHL. Not ANZ or BNZ.
- You must live in the home; it cannot be a rental.
HUD · Kiwibank · Kāinga Ora premium FAQ, 22 May 2025 · RNZ, 18 Feb 2026
KiwiSaver first-home withdrawal
After at least 3 years of membership you can withdraw your KiwiSaver savings, leaving $1,000 in the account. It is once only, for a home you will live in, and is paid to your lawyer.
Schemes that have closed
First Home Grant: closed to new applications on 22 May 2024. Kāinga Ora said it would still process applications already received. We found no replacement grant for 2026.
First Home Partner: Kiwibank says the scheme is fully subscribed and Kāinga Ora is not accepting new applications. We could confirm this only on Kiwibank’s page, so check with Kāinga Ora.
A possible change
National promised before the 7 November 2026 election to raise the First Home Loan income cap to $300,000 for all applicants. Official results are due on 27 November 2026 and no government has formed, so this is not law.
More calculators
Other borrowing questions
Deposit calculator
Deposit at 5%, 10%, 20% and 30%, with KiwiSaver.
Open →Debt-to-income
Your DTI ratio and the largest loan under the limit.
Open →Buying costs
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Open →Investor borrowing
Rent counted at 75%, a 30% deposit and a DTI of 7.
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Open →How much can I borrow?
Free NZ calculator.
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