Working out your deposit
The deposit is usually the first thing people worry about, and it's the thing that's changed the most in recent years. The good news: you almost certainly need less than you think.
The rule of thumb (and why it bends)
The standard bank position is a 20% deposit for an existing home. Under that, banks either say no, or lend under an exception — but there are more exceptions than most people realise, and I use them every week.
What can count towards your deposit
Genuine savings, KiwiSaver, a gift from family (with a simple gifting letter), the equity in a property you already own, and in some cases proceeds from selling a car or shares. Banks want to see the money is really yours and hasn't just landed in your account this week.
Low-deposit paths that actually work
The First Home Loan (Kāinga Ora backed) lets eligible buyers borrow with 5% deposit. New builds are exempt from the 80% LVR restriction, so most banks will lend to 90% — sometimes higher — without low-equity fees. And existing homes at 10–15% deposit are possible with the right bank, though usually with a small low-equity margin on the rate.
How to strengthen the picture
Regular, visible saving over 3+ months matters more to a bank than the total number. Clean bank statements, no unarranged overdrafts, and any Afterpay or buy-now-pay-later accounts wound down before you apply.
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