If you’ve been a KiwiSaver member for at least 3 years, you may be able to withdraw your KiwiSaver savings and/or apply for a First Home grant from Kāinga Ora - Homes and Communities (previously known as Housing New Zealand) to help you into your first home.
If you have family who would like to help you get into your first home, you may want to explore gifting or guarantee options. They can be effective if you’re able to meet the repayments on a home loan, but don’t have the deposit you’d normally require.
Gifting is when a family member gives you some of the money for your deposit. If someone is giving you money for your deposit, we’ll need confirmation that you won’t need to repay that money. Both you and the family member(s) concerned should get independent legal advice before taking up this option.
Loan from family
With this option, we’ll require a Deed of Acknowledgment confirming that the loan won’t have to be repaid until the property is sold. Your family member(s) should talk to their lawyer about getting this sorted.
In some cases, we may be able to take a mortgage over a home owned by someone else, for example your parents, as extra security for your loan. Where this happens, we'll need a guarantee from the owners of that home. Under a guarantee, someone agrees that they will be responsible for some or your entire loan if you're not able to pay it for any reason.
There are a number of conditions that both you and whoever is providing the guarantee will need to meet, and you'll both need to get legal advice before taking up this option.
ANZ lending criteria, terms, conditions, and fees apply. Interest rates and fees are subject to change.
A low equity premium applies to new home loans with less than a 20% equity or deposit.
A copy of the Bank's General Disclosure Statement under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any ANZ branch, free of charge.
This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. An ANZ Authorised Financial Adviser will, on request and free of charge, provide you with his or her disclosure statement prepared under the Financial Advisers Act 2008. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.