Welcome Home Loan

The Welcome Home Loan makes it easier for you to get into your first home.

It's offered by some lenders, supported by Housing New Zealand, and is designed for first home buyers who can afford to make regular repayments on a home loan but have trouble saving for a large deposit.

With a Welcome Home Loan you only need a 10 percent deposit - not the 20 percent deposit required by most lenders.

Housing New Zealand does not issue the loan - this is done through normal lenders such as selected banks and credit unions. Housing New Zealand underwrites the loan for the lender and you will need to meet the lender’s specific lending criteria.

Loan limits

The maximum amount you can borrow with a Welcome Home Loan depends on the region you are buying in. Each region has a house price cap and the maximum loan for that region is the house price cap less your 10 percent deposit.

The house price caps currently are:

  • Auckland – $550,000
  • Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Nelson City, Tasman District, Waimakariri District, Christchurch City, Selwyn District, Queenstown Lakes District – $450,000
  • Rest of New Zealand – $350,000.

Maximum income

To be eligible for a Welcome Home Loan your combined household income for the last 12 months must have been $80,000 or less (before tax) if you are the sole borrower. If you are partnering with one or more borrowers to buy a house then you can have a combined household income up to $120,000 (before tax).

Do you need help with your deposit?

If you're having trouble saving your deposit this can be gifted by a family member or you can team up with other borrowers to put a deposit together to purchase a home. You can also use the two features offered by KiwiSaver - the KiwiSaver HomeStart grant and KiwiSaver first-home withdrawal.

More information

The Welcome Home Loan is only available from selected lenders who have their own specific credit criteria that you will need to meet along with some standard Welcome Home Loan eligibility criteria. Ring John Lewis on 03 470 3053 and we will help you. You can also visit the Welcome Home Loan website for more  information on: