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First Home Loan.
Your first home could happen sooner than you think. With a First Home Loan through Westpac and Kāinga Ora - Homes and Communities, you only need a 5% deposit.
Benefits.
- Get into your first home sooner, with as little as 5% deposit.
- Use a combination of funds to make up your deposit such as, your own savings, Kainga Ora First Home Loan, KiwiSaver First Home withdrawal, funds gifted to you by your family.
- Save on interest with no additional Low Equity Margin (LEM) added to your interest rate.
How it works.
- Apply with us directly. Contact a Home Loan Expert today or apply in Westpac One® digital banking if you’re an existing Westpac customer.
- Have a 5% deposit ready to purchase your first home.
- Westpac will assess your application with Kāinga Ora to ensure you're eligible.
- When you purchase your first home, you'll need to pay a one-off Lenders Mortgage Insurance (LMI) premium.
Qualifying for a First Home Loan.
To qualify for a First Home Loan, your annual household income before tax needs to be:
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- $95,000 or less for one borrower
- $150,000 or less for two or more borrowers with or without dependents
- Or $150,000 or less for one borrower with one or more dependents
- You are buying the first home that you will be living in.
- You are a New Zealand citizen or permanent resident
Calculators.
See all calculators
How much can I afford?
Get an idea of how much you could borrow using our affordability calculator.
How much will my repayments be?
Work out how much your home loan repayments might be.
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.
Meet face-to-face
Our Home Loan Experts can come to you at a time and place that suits you.
Apply online
Existing customers can apply for a home loan via Westpac One® online banking.
Learn more about your options.
Things you should know.
First Home Loan terms & conditions
- A First Home Loan can only be used for the purchase of an owner-occupied first home.
- A one-off Lenders Mortgage Insurance premium equal to 0.5% of the total borrowing applies.
- First Home Loan eligibility criteria applies.
- Westpac’s eligibility criteria and home loan lending criteria, terms and conditions apply.
General Home Loan terms & conditions
Interest rates are subject to change without notice.
Documents and fees
- Choices Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions
View terms and conditions for all our home lending products here.