First Home Buyers
Pre-approval, KiwiSaver withdrawal timing, and a lender comparison for first home buyers in Wellington and on the Kapiti Coast.
A first home loan is a sequence, not a rate. Borrowing power, the deposit, KiwiSaver timing, and pre-approval all have to line up before you make an offer in Wellington or on the Kapiti Coast.
Orange Network compares 16+ lenders and is not tied to one bank. Mortgage advice is free to you — the lender pays a commission when the loan settles. We are FMA licensed, FSP665511.
The First Home Grant closed on 22 May 2024 and has not been replaced. What remains is the KiwiSaver first-home withdrawal, and — separately — a Kāinga Ora First Home Loan for some buyers. Those are different tests.
Before you look at houses
Get the number first. Income, debts, dependants, and the deposit decide what a lender will actually consider. Looking without that number is how people fall for a place the bank will not fund.
Pre-approval is the useful version of that number. It is not a guarantee, and it usually lasts about 60 to 90 days. If your hours, a bonus, or a KiwiSaver balance change in that window, tell us before you offer.
The deposit
Twenty percent is still the figure most lenders are comfortable with. A smaller deposit is possible on some new builds, and through a Kāinga Ora First Home Loan, which has income and house-price caps and can be as low as 5%. It is not available to every buyer.
A low deposit usually means a low-equity margin or extra conditions. We put that cost next to the repayment so the cheaper way in is not a surprise in year two.
KiwiSaver, and what it is not
If you have been a member for at least three years and the house will be the one you live in, you can usually withdraw your contributions, your employer's, the government contribution, and investment returns. You must leave $1,000 in the account. Money transferred from an Australian super scheme stays put.
If you have owned a home before, Kāinga Ora can confirm whether you are in a similar financial position to a first-home buyer. The withdrawal paperwork and the mortgage application need to move together. A fund that is sensible for retirement can be the wrong place to hold a deposit you need this year — that review sits on our KiwiSaver page.
What to bring to the first meeting
Photo ID, your last two or three payslips, and a recent KiwiSaver statement if the balance is part of the deposit. If you are self-employed, bring the last two years of financial statements rather than a payslip. A list of debts — student loan, car, credit card, buy-now-pay-later — matters as much as income.
You do not need a property picked out. The first meeting is to see what you can borrow and which lender is the better fit. Offers come after that.
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Frequently Asked Questions
- How much deposit do I need for my first home?
- Most lenders still look for 20%. A smaller deposit is possible on some new builds and through a Kāinga Ora First Home Loan, which has income and price caps and can be 5%. A low deposit usually adds a low-equity margin. We run your numbers before you rely on either path.
- Can I use my KiwiSaver for a first home deposit?
- Usually, yes — three years of membership, and the home has to be the one you live in. You leave $1,000 in the account. Australian super transfers cannot be withdrawn. We line the withdrawal up with the loan so the deposit is actually available at settlement.
- Is the First Home Grant still available?
- No. It closed on 22 May 2024 and has not been replaced. The KiwiSaver withdrawal is separate, and so is a Kāinga Ora First Home Loan.
- How long does pre-approval last?
- Often 60 to 90 days, and it is not a promise the lender will still say yes if your income or debts change. We check it again before you go unconditional.
- I am self-employed. Can I still get a first home loan?
- Yes. Lenders want financial statements, usually two years, rather than payslips. We prepare that file for lenders who will actually read it.
- Is mortgage advice free for first home buyers?
- Yes. There is no upfront fee. Orange Network is paid a commission by the lender when your loan settles.
Ready to get started?
Our advisers can travel to you for an in-home meeting or arrange a virtual catch up. We're happy to work around your schedule.