Home Loans
LATEST INTEREST RATE
Discounts may apply *conditions apply
* Subject to change, based on 20% equity, indicative based on lender criteria.
Now its easier to own your own home. A Welcome Home Loan allows you to purchase a home with a lower deposit than is normally required. A Welcome Home loan only requires a 10% deposit.
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. The maximum loan for that region is the house price cap less your 10% deposit. For example to purchase a house in Wellington City with a price cap of $425,000 would require you to have a $42,500 deposit, and your Welcome Home Loan would be $382,500.
The deposit can be entirely gifted!
There is a maximum amount on how much your home can cost:
- Auckland $485,000
- Wellington City (this does not include Kapiti Coast, Upper Hutt, Lower Hutt and Porirua City areas), and Queenstown Lakes District $425,000
- Christchurch City and Selwyn District $400,000
- Porirua City, Hutt City, Upper Hutt, Kapiti Coast, Tasman/Nelson, Western Bay of Plenty, Hamilton City, Tauranga City, Waimakariri, Thames/Coromandel $350,000
- All other areas $300,000
Are you eligible for a Welcome Home Loan?
Welcome Home Loan has the following standard criteria: You will also need to meet the specific lending criteria of the participating lenders and applicants must be New Zealand Citizens or Permanent New Zealand Residents (holding a ‘Permanent Resident Visa’).
You must also meet the maximum income thresholds:
- For 1 borrower you can have a maximum yearly income of $80,000 (before tax).
- For 2 or more borrowers you can have a maximum household yearly income of $120,000 (before tax).
If you think this could be a way for you to get into your own home then please contact us to discuss further options