New Zealand First Home Buyer Calculator 2024
Estimate your NZ first home deposit requirements, First Home Loan eligibility (5% deposit), and monthly repayment — updated for 2024 (First Home Grant closed March 2024).
Did this tool work for you?
How to use this calculator
- 1
Enter the price you are looking at, your household income and the savings you could put towards a deposit.
- 2
Pick the region type. Main urban and other regional areas use different price caps in this tool.
- 3
The tool compares your income and the price with the caps built into it, then shows the deposit needed at 20% and at 5%, and two monthly repayments.
- 4
Both repayments use the same fixed interest rate and 30-year term, so use them to compare deposits, not to forecast a lender’s offer.
Frequently asked questions
How does this tool decide whether the 5% deposit option is available?
It makes two comparisons using figures built into it, labelled 2024. Your income must not be above $150,000, and the price must not be above $875,000 for a main urban area or $650,000 for other regions. If either test fails the line says which one, and the 5% shortfall and repayment show N/A. Nothing else about your circumstances is checked.
Does the tool treat single buyers and couples differently?
No. There is only one household income field, and the same $150,000 comparison is applied to everyone. The tool does not ask how many people are applying, so a single applicant and a couple with the same income get the same result.
How are the deposit lines calculated?
The standard deposit is 20% of the price, and the shortfall is that amount minus your savings, or none if you already have it. The 5% line is 5% of the price, and its shortfall is that minus your savings, shown only if the price and income tests pass. A deposit of zero or a price of zero simply gives zero on those lines.
What interest rate and term are used for the repayments?
A fixed 6.5% a year over 30 years, using the standard repayment formula with a monthly rate of 6.5% ÷ 12. The first repayment assumes a loan of price minus all your savings. The second assumes a loan of 95% of the price, whatever savings you entered, which is why it can be higher than the first if your savings exceed 5%.
What is the KiwiSaver line?
A fixed text saying up to $15,000 or more may be available after three years, labelled as an estimate. It is a placeholder built into the tool and is not read from your balance or added to your savings. Only the savings figure you enter is used in the calculation.
What is excluded from the estimate?
Lender fees, valuation and legal costs, insurance, rates, any grants or other schemes, interest-rate changes, the effect of lenders’ own deposit or income tests, and the tax treatment of property sales are not modelled. A bright-line note exists in the code but is not part of the result lines.
Are the caps and other numbers current?
No automatic updates are applied. The income cap, price caps, interest rate and term are figures built into this tool, labelled 2024. Scheme settings can change, often with little notice, so Kāinga Ora, a participating lender or a qualified adviser governs what applies to you.
New Zealand first home deposits: 20% against 5% and the monthly repayment gap
What the tool actually compares
There are three separate calculations. The standard deposit is 20% of the price, and the tool subtracts your savings to show the shortfall. A second test checks whether your income is no higher than $150,000 and the price no higher than a regional cap, $875,000 for main urban areas or $650,000 otherwise; these figures are built into this tool and labelled 2024. If both pass, it shows the 5% deposit and its shortfall. Finally, it estimates two monthly repayments at a fixed 6.5% over 30 years, one on a loan of price minus savings and one on a loan of 95% of the price.
Worked examples with different outcomes
With the default inputs, a $700,000 price, $120,000 income, $70,000 savings and main urban region, a 20% deposit is $140,000, the shortfall is $70,000, the 5% deposit is $35,000 and is already covered. The repayment using your savings is $3,982 a month, against $4,203 on the 5% option. At $900,000 with $140,000 income and $30,000 savings, the price exceeds the $875,000 cap, so the shortfall to 20% is $150,000 and the 5% lines show N/A. With $160,000 income, $500,000 price and $120,000 savings in an other region, the 20% deposit of $100,000 is covered but the income test fails.
Where the tests change the answer
The table keeps main urban pricing and shows how the deposit lines and repayments move as the price rises and then crosses the cap by $1. The last row has the same savings and income as the one above it, yet the 5% lines change to N/A because the price is $875,001. Where your savings exceed 5%, the 5% repayment is higher than the savings-based one, because it assumes you put down only 5%.
| Price, income, savings | 20% deposit | Shortfall to 20% | 5% option | Repayment with savings | Repayment at 5% deposit |
|---|---|---|---|---|---|
| $500,000, $100,000, $30,000 | $100,000 | $70,000 | Yes, $25,000 | $2,971 | $3,002 |
| $800,000, $120,000, $100,000 | $160,000 | $60,000 | Yes, $40,000 | $4,424 | $4,804 |
| $875,000, $150,000, $50,000 | $175,000 | $125,000 | Yes, $43,750 | $5,215 | $5,254 |
| $875,001, $150,000, $50,000 | $175,000 | $125,000 | No, price over cap | $5,215 | N/A |
Simplifications that matter
The tool uses a single rate and term for every case and never reads a KiwiSaver balance. It treats household income as one number with no allowance for the number of applicants. It also does not include lender fees, legal costs or other purchase costs, nor does it assess whether a lender would approve a loan. The result is a way to compare deposit sizes.
Using the 2024 figures with care
The income cap, the two price caps, the 6.5% rate and the 30-year term are the figures built into this tool, labelled 2024. Scheme settings change, the tool’s tables are not updated automatically and Kāinga Ora, your lender or a qualified adviser governs what applies to you. The page notes a First Home Grant closure, but nothing in the arithmetic depends on it.
Learn more from an authoritative source:
InvestopediaCanada Income Tax Calculator
Calculate your Canadian federal income tax — 2024 federal brackets 15%–33%, plus CPP and EI deductions.
Canada Paycheck Calculator
Calculate your Canadian take-home pay per paycheck — federal and provincial income tax, CPP (5.95%), and EI (1.66%) deductions included.
RRSP Calculator
Calculate your RRSP contribution room, tax savings, and projected retirement value — Canada's primary tax-sheltered retirement account.
TFSA Calculator
Calculate your TFSA contribution room and tax-free growth — Canada's Tax-Free Savings Account with $7,000 of new room in 2026.
CPP Calculator
Estimate your Canada Pension Plan (CPP) retirement benefit based on your contributions, years worked, and age of collection.
EI Calculator
Estimate your Employment Insurance (EI) weekly benefit amount and maximum weeks of coverage in Canada.
Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →