Finance Options

90% Lending – Owner-Occupiers

Most main banks will lend up to 80% on residential properties. However, if you're purchasing a new build, many banks can consider up to 90% lending thanks to exemptions provided by the Reserve Bank of New Zealand.

To be eligible for 90% lending, the property usually needs to meet one of the following criteria:

• You're buying off the plans from a developer or their agent.
• You're purchasing a newly built home from a developer or agent, with the Code of Compliance Certificate (CCC) issued in the last 6 months.
• You're buying land and signing a contract to build a new home with a registered builder.

In many cases, new builds also benefit from slightly more flexible servicing criteria, which may allow you to borrow a little more than you could for an existing home.

95% Lending – “Beyond” – NZ Government Assistance

While most lending options require at least a 10% deposit, some main banks offer 95% lending on new builds through their standard home loan products — no government scheme involved.

These loans may suit you if:

• You don't meet Kainga Ora’s income or residency criteria,
• You prefer to go through the regular lending process with your bank, or
• You want more flexibility with your loan structure or features.

To qualify, you'll still need to meet standard lending criteria — including a stable income, clean credit history, and good account conduct — but it can be a valuable pathway for those just shy of a full 10% deposit.

95% Lending – NZ Government First Home Loan

The First Home Loan, underwritten by Kainga Ora, allows eligible first home buyers to purchase with as little as a 5% deposit. It’s a great option if you're finding it hard to save the typical 10–20% deposit.

To be eligible, you must:

Meet income criteria

• Earn $95,000 or less before tax (individual buyer)
• Earn $150,000 or less before tax (individual with dependants or two or more buyers)

Other criteria

• Be a New Zealand citizen, permanent resident, or hold a resident visa.
• Intend to live in the home for at least six months after settlement.
• Generally be in stable employment (12 months in your current role or 2 years in the same industry). There may be flexibility for people progressing in their careers.

As of 1 June 2022, there are no longer regional house price caps, giving you more freedom to choose where you buy. Lending is still subject to affordability and credit checks by the participating lender.

Second-Chance Buyers

Even if you've owned a home in the past, you might still qualify for the First Home Loan as a "second-chance" buyer. If your current financial position is similar to that of a first home buyer, Kainga Ora may issue you an eligibility letter confirming you're suitable for the scheme.

This could give you access to 95% lending even if you're not technically a first home buyer.

Lending for Property Investors

For investors, most banks offer lending up to 80% of a property's value — which means you'll typically need a 20% deposit.

That said, some lenders will consider going up to 90% for new build properties, particularly under Reserve Bank exemptions. These typically apply when:

• You're buying off the plans,
• The home is recently built and has a CCC issued within the last 6 months, or
• You're entering into a land and build package.

Lending criteria for investors can be more complex, including stricter servicing assessments and a closer look at your wider financial position and existing property portfolio.

Every bank treats investment lending a bit differently, so it pays to get expert advice tailored to your circumstances.

Talk to Us

There’s no one-size-fits-all answer when it comes to financing your next home. Whether you’re buying for the first time, investing, or just looking at what’s possible, our team is here to help you make sense of your options.