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The First Home Loan, supported by Kāinga Ora, is designed to help eligible first-home buyers enter the property market sooner.
What is the First Home Loan?
Typically, banks require a 20% deposit, making homeownership challenging for many first-home buyers. The First Home Loan removes this … View moreThe First Home Loan, supported by Kāinga Ora, is designed to help eligible first-home buyers enter the property market sooner.
What is the First Home Loan?
Typically, banks require a 20% deposit, making homeownership challenging for many first-home buyers. The First Home Loan removes this barrier by allowing approved applicants to secure a mortgage with only a 5% deposit. These loans are available through selected banks and lenders, with Kāinga Ora underwriting them to reduce the lender’s risk.
If saving even a 5% deposit is difficult, you may be able to use your KiwiSaver first-home withdrawal or receive a gifted deposit from family to help meet the requirement.
Who Can Apply?
To be eligible for a First Home Loan, you must:
✅ Be a New Zealand citizen, permanent resident, or resident visa holder living in New Zealand.
✅ Applicants must be currently employed in New Zealand and have been with their current employer for at least 12 months.
If employed for less than 12 months, applicants must provide evidence of stable employment in the same occupation or industry over the past two years.
✅ Be a first-home buyer or in a similar financial position to one.
✅ Have an annual income of:
$95,000 or less (for individuals with no dependents).
$150,000 or less (combined, for couples or individuals with dependents).
✅ Have a minimum 5% deposit, which can come from savings, KiwiSaver, or a family gift.
✅ Be purchasing a property to live in, not as an investment.
Give me a call via 022 398 5140 for further discussion.
You’ve Got Pre-Approval – What Happens Next?
First of all, congratulations on getting pre-approved by the bank!
That’s a big milestone ticked off. But you might now be wondering… what do I actually do next?
No worries — here’s a simple guide to help you through the next steps.
… View moreYou’ve Got Pre-Approval – What Happens Next?
First of all, congratulations on getting pre-approved by the bank!
That’s a big milestone ticked off. But you might now be wondering… what do I actually do next?
No worries — here’s a simple guide to help you through the next steps.
✅ 1. Read Your Pre-Approval Letter Carefully
It’s more than just a “yes” from the bank — it includes conditions that must be met before they give full (unconditional) approval.
📌 If you’re unsure about anything, just ask — that’s what your mortgage adviser is here for.
🏡 2. Start House Hunting – But Stay Within Budget
Look for properties that fit within your approved price range.
Found something cheaper? Great — we can adjust your loan down.
Looking at something more expensive? Please talk to us - your mortgage adviser before signing anything.
✍️ 3. Get Legal Advice Before Signing Anything
Before signing a Sale & Purchase Agreement, have your lawyer check it over.
You’ll want to include a "subject to finance" clause — the bank still needs to approve the actual property, which usually takes around 10 working days.
You might also want to add conditions for:
A LIM report
A building inspection
These help protect you if the property isn’t up to scratch.
📏 4. Valuations (Sometimes Required)
Depending on the purchase type (private sale), LVR, and the property type, the bank might ask for a Registered Valuation — at your cost.
🏦 Good news: we always try to get this waived for our clients where possible, but it’s up to the bank’s discretion.
✅ 5. Get Unconditional Approval
Once the bank confirms they’re happy with the property, you’ll receive unconditional approval.
Let your solicitor and the real estate agent know so you can move ahead to settlement.
💼 6. Complete Onboarding (If You’re New to the Bank)
New to the bank? You’ll need to complete some onboarding forms and ID checks before loan documents are prepared.
🔐 7. Settlement and Insurance
Settlement usually takes place:
About 3 weeks after going unconditional, or
About 5 weeks after signing the S&P agreement
🛡️ If the property isn’t a unit/apartment (i.e. not strata title), you’ll need to arrange home insurance that lists the bank as the Interested Party/Mortgagee.
This is the whole process from the beginning to settlement:
Complete app form -> Provide supporting docs -> Submit to the bank for assessment -> Pre-approval -> Search for a property within approval limit -> Seek legal advice -> Sign Sale & Purchase (S&P) agreement subject to finance -> Valuation/building report may be required -> Obtain an unconditional approval -> Complete onboarding with the bank (if new to the bank) -> Sign loan contract with your solicitor -> Prepare home insurance noting the bank as an Interested Party -> Settlement -> Move in.
I HOPE THIS GUIDE HAS HELPED YOU A BIT. ANY QUESTIONS, PLEASE COMMENT BELOW.
Thinking about buying your first home or refinancing your current mortgage? Don’t miss this FREE online webinar!
📅 Thursday, 29 May 2025
🕖 7:00 PM (NZT)
📍 Online via TEAMS – join from the comfort of your home!
Whether you're a first home buyer looking to get on the … View moreThinking about buying your first home or refinancing your current mortgage? Don’t miss this FREE online webinar!
📅 Thursday, 29 May 2025
🕖 7:00 PM (NZT)
📍 Online via TEAMS – join from the comfort of your home!
Whether you're a first home buyer looking to get on the property ladder, or a homeowner considering refinancing to save on interest or access cashback offers, this webinar is for you!
We’ll cover:
✅ The step-by-step home buying process
✅ How much you can borrow & what you need to get approved
✅ Latest bank policies & deposit options
✅ How refinancing works and when it’s worth doing
✅ Tips to structure your loan smartly and reduce your repayments
✅ Live Q&A – Ask your mortgage questions!
👨💼 Hosted by licensed mortgage adviser Cong Nguyen – Smartmortgages.co.nz Limited.
✨ Spaces are limited for 20 people only – Register now by sending us an email via Welcome@smartmortgages.co.nz.
Via this link:
www.facebook.com...
Welcome to NZ FIRST HOME & MORTGAGE HELP!
Are you a Kiwi or a soon-to-be Kiwi looking to secure your first home loan with a low deposit?
Or perhaps you're seeking guidance on refinancing, equity release, or purchasing a second property?
You … View moreVia this link:
www.facebook.com...
Welcome to NZ FIRST HOME & MORTGAGE HELP!
Are you a Kiwi or a soon-to-be Kiwi looking to secure your first home loan with a low deposit?
Or perhaps you're seeking guidance on refinancing, equity release, or purchasing a second property?
You might want to get a proper valuation report for a property you want to purchase?
This group is dedicated to helping you navigate the journey of getting a mortgage in New Zealand.
Our community is here to provide support, answer questions, and share valuable insights to make your mortgage journey smoother.
Whether you're a first-home buyer or an experienced property owner, we invite you to join our conversation and get expert advice on:
Low deposit mortgages (as low as 5%)
Refinancing and debt consolidation
Equity release and reverse mortgages
Purchasing a second property or investment property
And more!
Hi Everyone,
My name is Công Nguyễn, and I’m a Mortgage Adviser at Smartmortgages.co.nz Limited.
I’m thrilled to invite you to our upcoming online webinar: "NZ First Home Buyer - From Dream to Keys", on Sunday 06/04/25.
teams.live.com...
During this session, we’ll … View moreHi Everyone,
My name is Công Nguyễn, and I’m a Mortgage Adviser at Smartmortgages.co.nz Limited.
I’m thrilled to invite you to our upcoming online webinar: "NZ First Home Buyer - From Dream to Keys", on Sunday 06/04/25.
teams.live.com...
During this session, we’ll explore:
- Home loan options for 5%, 10%, and 20% deposits.
- The pros and cons of each option.
- The complete journey from the idea of buying your first home to settlement.
With nearly a decade of experience in banking and mortgage lending (ASB Bank, TSB Bank, The Co-operative Bank, and HSBC), I’m passionate about helping first-home buyers navigate the property ownership journey with confidence and ease.
I look forward to connecting with you and making your first-home buying experience as smooth as possible.
Kind regards,
Cong Nguyen - Mortgage Adviser
Smartmortgages.co.nz Limited
📞 022 398 5140
📧 Cong.Nguyen@smartmortgages.co.nz
Let's connect with us via smartmortgages.co.nz... and www.facebook.com... so that we can assist you further with your mortgage needs.
Many First Home Buyers have asked me why they need to save up 20% deposit when others can get a mortgage approved with just 5% or 10% only.
Here’s why having a 20% deposit is a game-changer:
1️⃣ Easier Mortgage Approval ✅
Banks see a 20% deposit as lower risk, meaning:
Fewer … View moreMany First Home Buyers have asked me why they need to save up 20% deposit when others can get a mortgage approved with just 5% or 10% only.
Here’s why having a 20% deposit is a game-changer:
1️⃣ Easier Mortgage Approval ✅
Banks see a 20% deposit as lower risk, meaning:
Fewer restrictions on your application.
No need to prove 12+ months with your current employer (a requirement for First Home Loan with a 5% deposit).
2️⃣ No Lenders’ Mortgage Insurance (LMI) 💰
With a 5% deposit First Home Loan, you must pay 0.5% of your loan amount as LMI.
Example: Borrowing $800,000? You’ll pay $4,000 in LMI—omg, that's lots of money!!!
3️⃣ No Low Equity Margin (LEM) or Low Equity Premium (LEP) 🚀
Borrowing with less than 20% deposit means banks charge extra interest (LEM/LEP) ranging from 0.25% to 1.20% depending on the lender and your LVR.
4️⃣ Better Interest Rates & Cashback Rewards 🎉
You qualify for special discounted rates from banks.
Many lenders offer up to 1% cashback on your loan. This can help cover your legal cost, building inspect fee or get you a beautiful new piece of furniture.
5️⃣ Easier Refinancing for Better Deals 🔄
With 20% equity, switching to another lender for better rates or cashback is much easier.
Low-equity borrowers often struggle to refinance due to LEM/LEP fees. Now, you are "stuck" lol.
A 20% deposit isn’t just about securing a mortgage—it’s about getting the best deal, paying less interest, and keeping more money in your pocket! 💰🏡.
💬 What are your thoughts? Drop a comment below!
📢 Found this helpful? Please share it with your friends & family!.
Please join NZ FIRST HOME & MORTGAGE HELP here: www.facebook.com...
Kia Ora Neighbour!
💡 Curious about your property’s value and need a report to confirm?
💡 Wondering if you have enough equity in your property?
💡 Thinking it’s time to review your home loan interest rate?
💡 Heard about mortgage cashback when switching banks?
If these … View moreKia Ora Neighbour!
💡 Curious about your property’s value and need a report to confirm?
💡 Wondering if you have enough equity in your property?
💡 Thinking it’s time to review your home loan interest rate?
💡 Heard about mortgage cashback when switching banks?
If these questions have been on your mind, I’m here to help!
As your local Mortgage Broker, I’m just around the corner, ready to answer your burning mortgage queries and guide you through the process with confidence and ease.
Let’s connect and chat about your options!
Kia Ora Neighbour!
💡 Curious about your property’s value and need a report to confirm?
💡 Wondering if you have enough equity in your property?
💡 Thinking it’s time to review your home loan interest rate?
💡 Heard about mortgage cashback when switching banks?
If these … View moreKia Ora Neighbour!
💡 Curious about your property’s value and need a report to confirm?
💡 Wondering if you have enough equity in your property?
💡 Thinking it’s time to review your home loan interest rate?
💡 Heard about mortgage cashback when switching banks?
If these questions have been on your mind, I’m here to help!
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