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).
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How to use this calculator
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Enter the property price you are targeting and your current savings.
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Enter your annual household income to check First Home Loan (Kāinga Ora) eligibility.
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The First Home Loan allows eligible buyers to purchase with just a 5% deposit — the government guarantees the remaining portion.
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Note: The First Home Grant was closed to new applicants in March 2024 and is no longer available.
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KiwiSaver balances (after 3 years of membership) can be withdrawn for a first home purchase and should be included in your deposit planning.
Frequently asked questions
What is the First Home Loan in New Zealand?
The First Home Loan (formerly Welcome Home Loan) is backed by Kāinga Ora (Homes and Communities) and allows eligible first home buyers to purchase a property with a 5% deposit rather than the usual 20%. The government effectively guarantees the lender against loss on the portion between 5% and 20% LVR. To qualify, your household income must be $150,000 or less per year (combined for multiple applicants), and the property must be within regional price caps. The loan is available through participating banks and mortgage lenders, not directly from Kāinga Ora.
Is the First Home Grant still available in New Zealand?
No. The First Home Grant was closed to new applicants on 22 March 2024 by the New Zealand government as part of budget savings measures. Applications submitted before that date were processed, but no new applications are accepted. The grant had previously provided $5,000–$10,000 toward an existing or new home for eligible KiwiSaver members. The closure means first home buyers now rely primarily on the First Home Loan (5% deposit option), KiwiSaver first home withdrawal, and their own savings.
Can I use my KiwiSaver to buy my first home?
Yes. After 3 years of KiwiSaver membership, you can withdraw most of your KiwiSaver savings to put toward the purchase of a first home. You can withdraw your own contributions, employer contributions, and government contributions, but must leave $1,000 in the account. The withdrawal goes directly to your solicitor at settlement. There are no income caps for the KiwiSaver first home withdrawal. You must intend to live in the property as your main home. After purchasing, you can re-enrol in KiwiSaver and continue saving for retirement.
What is the bright-line test in New Zealand?
The bright-line test is New Zealand's closest equivalent to a capital gains tax on residential property. If you sell a residential investment property within the bright-line period, any capital gain is treated as taxable income. From March 2024, the bright-line period was reduced back to 2 years (from 10 years under the previous government). Your main home (principal place of residence) is generally exempt. Inherited properties and properties acquired before the bright-line rules are also generally excluded. This is an important consideration if you plan to sell investment property in the near future.
New Zealand First Home Buyer Calculator 2024 — First Home Loan & Deposit Guide
First home buyer options in New Zealand after March 2024
The New Zealand first home buyer landscape changed significantly in early 2024 when the government closed the First Home Grant to new applicants. This grant had provided up to $10,000 for eligible KiwiSaver members purchasing a new home. Despite this closure, first home buyers still have meaningful support available. The First Home Loan (Kāinga Ora backed) remains open, allowing purchases with just a 5% deposit for households earning up to $150,000 per year and properties within regional price caps. KiwiSaver first home withdrawal (available after 3 years of membership) can also contribute substantially to a deposit. The combination of a 5% First Home Loan deposit and KiwiSaver withdrawal makes home ownership achievable for many New Zealanders who cannot save a full 20% deposit.
Building a deposit and understanding the NZ market
Saving for a home deposit in New Zealand is challenging, particularly in Auckland and Wellington where median house prices remain well above $700,000–$800,000 despite corrections since the 2021 peak. A 20% deposit on an $800,000 property is $160,000 — a significant sum requiring years of disciplined saving. Strategies to accelerate deposit savings include maximising KiwiSaver contributions (and earning the full government member tax credit of $521.43 per year), using a dedicated high-interest savings account, and reducing discretionary spending. The First Home Loan's 5% deposit option dramatically reduces the barrier to entry, though it means a higher loan-to-value ratio and potentially higher interest rate. Remember to budget for upfront purchase costs: legal fees ($1,500–$2,500), LIM report ($300–$400), building inspection ($500–$700), and valuation ($700–$1,000).
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →