18A Leslie Hills Drive, Riccarton, Christchurch
027 554 5639

Welcome home loan

We know that finding the deposit for your first home can be a struggle, with most lenders currently requiring a minimum 20% deposit. With house prices increasing But with a Welcome Home Loan you only need a 10% deposit which means getting into your first home is that much easier.

Welcome Home Loans are issued by selected banks and other lenders, and underwritten by Housing New Zealand. This allows the lender to provide loans that would otherwise sit outside their lending standards.

Below is a quick guide with the minimum criteria you need to meet to be eligible to apply for the welcome home loan.

Income cap

You can have a maximum yearly income of up to $85,000 (before tax) for 1 person. Or a combined maximum yearly income of $130,000 (before tax) for 2 or more people.

Minimum deposit

You will need a minimum 10% of the purchase price of the house you are wishing to buy.

House price cap

The price of the house you are buying with a Welcome Home Loan must be less than the regional house price cap.

$600,000.00 for old houses, $650,000.00 for new

Auckland, Queenstown Lakes District.

$600,000.00 for old houses, $650,000.00 for new

Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District.

$400,000.00 for old houses, $500,000.00 for new

Rest of New Zealand.

Maximum income

What’s the maximum income? To be eligible for a Welcome Home Loan your household income for the last 12 months must have been $85,000 or less (before tax) if you are the sole borrower. If you are teaming up with one or more borrowers to buy a house, then you can have a combined household income up to $130,000 (before tax) in the last 12 months.

Lending criteria

In addition to meeting the governments criteria for a Welcome Home loan, you will also need to meet the lending criteria of your bank or credit union before your loan can be made.

Participating lenders may have slightly different lending criteria but they will include your financial ability to repay the loan, your level of debt, your credit history and the way you’ve conducted your bank accounts in the past.

Other criteria

It is essential that you live in the home you are buying. A Welcome Home Loan cannot be used to buy an investment or rental property and you cannot own any other property. Banks terms and conditions and fees may apply.

To find out more, please contact us by phone or filling in the application above.