How much deposit do you need to buy a house in NZ?
Most lenders ask for 20% on an existing home. A new build can need 10%, and a Kāinga Ora First Home Loan can lower it to 5%. On the $720,000 median first-home price, that is $144,000, $72,000 or $36,000.
How much deposit do you need for a first home?
Banks can go below 20%, but the Reserve Bank (RBNZ) caps lending above 80% of value at 25% of new owner-occupier loans. Even so, in August 2026 50.5% of first-home loans approved had a deposit under 20%.
| Home price | 5% deposit | 10% deposit | 20% deposit |
|---|---|---|---|
| $300,000 | $15,000 | $30,000 | $60,000 |
| $400,000 | $20,000 | $40,000 | $80,000 |
| $500,000 | $25,000 | $50,000 | $100,000 |
| $720,000 (median first home) | $36,000 | $72,000 | $144,000 |
How much deposit for a $500,000 house?
At 20% it is $100,000, leaving a loan of $400,000, and at 5% it is $25,000, with a loan of $475,000.
Is $70,000 enough for a house deposit in NZ?
Before other costs, and before a lender looks at income and debts, $70,000 covers a deposit on:
- a home up to $1,400,000 at 5%
- a home up to $700,000 at 10%
- a home up to $350,000 at 20%
What does the deposit change about your repayments?
A bigger deposit means a smaller loan and lower repayments. Rates change often, so check lenders' current rates and try your own numbers in the repayment calculator.
What is a low equity premium?
Under 20% equity, many banks add an extra yearly cost. Some lenders charge a low equity fee or premium. Ask the lender what applies to you. It usually drops away at 20%, as the low equity premium page explains.
Where can a deposit come from?
Usually savings, a KiwiSaver first-home withdrawal and sometimes a gift from family. A new build can need 10%. The First Home Grant closed to new applications on 22 May 2024. Buying as a couple? See buying a house with a partner.
What else do you need cash for?
Buying costs sit on top: legal work $1,200 to $2,500, a LIM about $375, a builder's report $400 to $800 and a valuation $700 to $1,200, per calculate.co.nz. See costs of buying a first home.
Questions about a first home deposit
What is the minimum deposit for a first home in NZ?
Usually 5% through a Kāinga Ora First Home Loan if you meet the scheme rules, otherwise 20% is the usual ask on an existing home.
How much deposit for a $400,000 or $300,000 house?
On $400,000 it is $80,000 at 20%, $40,000 at 10% or $20,000 at 5%, and on $300,000 it is $60,000, $30,000 or $15,000.
Can I buy a house with a 5% deposit?
Some buyers do, mostly through the First Home Loan, as long as they meet the income caps and the lender's rules.
Does a gifted deposit count?
Often yes, with paperwork. Kāinga Ora says a First Home Loan deposit can be gifted by a relative, and other lenders set their own rules. See gifted deposit for a first home.
Can I use KiwiSaver for my deposit?
Yes, for a first home after the membership period. The average first-home withdrawal in the year to 30 June 2026 was about $45,600, and the KiwiSaver withdrawal page has the rules.
Figures as at 5 October 2026. Sources: Kāinga Ora, First Home Loan, Cotality, first-home buyers, interest.co.nz on RBNZ low-equity data, Canstar, low equity premiums, Canstar, mortgage cashbacks, IRD, KiwiSaver withdrawals, calculate.co.nz, first-home total cost, MPA, RBNZ speed limits from December 2025.
Reviewed against Kāinga Ora, Cotality, interest.co.nz, Canstar, IRD, calculate.co.nz and MPA. General information only, not financial advice.