The 5% Minimum, and What Counts
Most first home buyer support pathways in NZ require a minimum deposit of at least 5% of the purchase price, made up of savings, KiwiSaver withdrawal funds, gifts, or a mix of these sources. Buyers must also meet income caps — currently before-tax income of no more than $95,000 for a single buyer without dependants, or $150,000 for a single buyer with dependants or two or more buyers combined.
Note that the First Home Grant finished in May 2024 and is no longer available — current support mainly runs through the Kāinga Ora First Home Loan and KiwiSaver first-home withdrawal instead.
Where Your Deposit Can Come From
Common, legitimate sources lenders will accept.
Personal savings
Regular savings held in your own bank account, with a clear history a lender can verify.
KiwiSaver first-home withdrawal
Available after at least 3 years in KiwiSaver, with no maximum cap — just a $1,000 minimum balance left behind.
Gifted funds
Money gifted from family, usually requiring a signed gifting declaration for your lender.
Minimum Deposit
Income Caps
You need at least 3 years in KiwiSaver before you can withdraw funds for your first home — there's no cap on the amount, just a $1,000 minimum balance left behind.
Quick Summary
- Minimum deposit is generally 5% of the purchase price.
- Savings, KiwiSaver, and gifts can all be combined to reach it.
- The First Home Grant ended in May 2024 — it's no longer part of the picture.