First home buyers
Your first home journey starts here.
Buying a first home comes with unfamiliar terms, lender rules and paperwork. 9 Yards helps you understand deposit options, KiwiSaver first-home withdrawal and Kāinga Ora First Home Loan pathways.
What we sort
- Clarify deposit sources
- Explain fixed, floating and split loan structures
- Compare suitable lenders
- Prepare a cleaner application
Your advisers
Start here
Apply for your first home.
Straight answers
Common first home questions.
How much deposit do I need for my first home?
Most lenders look for a 20% deposit, but some will lend to first home buyers with 10%, and in some cases 5%. Borrowing more than 80% of the property's value is called high LVR (loan-to-value ratio) lending: it comes with extra lender criteria and can cost more, such as a low equity margin or fee. Your deposit can come from savings, KiwiSaver or a family gift, and Kāinga Ora's First Home Loan is one 5% deposit option for eligible buyers.
Can I use my KiwiSaver savings to purchase my first home?
Usually, yes. Once you've been a KiwiSaver member for at least three years, you may be able to withdraw your savings towards your first home, leaving at least $1,000 in your account. Money transferred into KiwiSaver from Australian super can't be used for a first home.
Should I get a pre-approval before I start looking?
Usually, yes. A pre-approval is a lender's conditional indication of how much it may lend you, so you can house-hunt with a realistic budget and make offers with more confidence. It isn't a final approval: the lender still checks the property and your details before it commits.
What does it cost to use a mortgage adviser?
For most home loans, nothing: the lender pays us a commission when your loan settles. If a fee could apply, for example where a lender doesn't pay commission, we'll tell you before any work starts. Our Disclosure Statement explains how we're paid.
Should I fix or float my home loan?
Fixed: your rate and repayments are set for an agreed term, but breaking the term early can cost you.
Floating: your rate can go up or down, and you can repay extra without break fees.
Split: many first home buyers fix part of the loan and float the rest. We'll explain the trade-offs for your situation.