Homepage Products & services Home loans Home loan options

Shared Equity.

Want to buy your first home sooner but only have a small deposit? Combine the support of a Shared Equity Programme with a Choices Home Loan.

Benefits.

  • You can buy your first home together with a Shared Equity Provider with as little as 5% deposit. 
  • Own the home together with your Shared Equity Provider and work towards full ownership. 
  • Save on interest with no additional Low Equity Margin (LEM) added to your interest rate.

How it works.

Shared equity splits the cost of financing a home into 3 parts.

How shared equity works

  • Your deposit: You contribute as much as you can, it needs to be at least 5%.
  • Provider's share: The provider can help you with the rest of the deposit you need.
  • Westpac Choices Home Loan: Have your home loan with Westpac for up to 80% of the house price. 
  • Your deposit can be a combination of your own savings, First Home Grant, KiwiSaver First Home withdrawal or gifts. 
  • The Provider contributes funds to help you buy your home and will own a share of your home equal to the amount they put in, which you can purchase back within the agreed time. 
  • There will be a shared ownership agreement between you and the provider which has all the relevant terms and conditions that will apply, make sure you read and understand this agreement. 
  • The provider will support you and help you budget, so you will eventually fully own your home. 

Qualifying for Shared Equity Programme.

  • The home you are buying must be your first home which you intend to live in for at least three years.
  • You need to be a permanent New Zealand resident or New Zealand citizen.
  • The homes eligible for Shared Equity programme and annual income thresholds can vary amongst the Equity Providers. 

How to apply.

  1. Check if you are eligible1 for a Shared Equity programme and apply directly with your preferred Equity provider. 
  2. Once you have confirmation from your Equity provider, you are eligible and have been accepted into their programme, talk to us to start an application. You can do this in Westpac One®, if you are an existing online customer. 
  3. Westpac will give you a budget to work with as you search for a home, and help you through your first home buying journey. 

First home buyer story.

Speak to a Home Loan Expert.

Have a free, no obligation chat with one of your local home loan experts to learn more about our range of low deposit options, designed to help you into your first home sooner.

Request a call back

Fill in your details, and we'll get back to you. 

Schedule a call

Meet face-to-face

Our Home Loan Experts can come to you at a time and place that suits you. 

Find your local Home Loan Expert

Apply online

Existing customers can apply for a home loan via Westpac One® online banking.

Find your nearest branch

Things you should know.

The Equity Provider is normally a non-profit organisation such as the New Zealand Housing Foundation, or a government affliated organisation such as Kainga Ora. Certain iwi-led organistions also provide Shared Home Partner programmes to their hapu.

1Westpac's eligibility criteria, home loan lending criteria, terms and conditions apply. 

Terms, conditions and eligibility criteria may vary with each Equity Provider. Shared Ownership Agreement terms and conditions apply. 

Documents and fees

View terms and conditions for all our home lending products