Welcome Home Loans
What is Welcome Home Loan?
Welcome Home Loan makes it easier for you to get into your first home.
Welcome Home Loan is offered by lenders, supported by Housing New Zealand, and, designed for first home buyers who can afford to make regular repayments on a home loan, but have trouble saving for a deposit.
Housing New Zealand does not issue the loan. This is done through normal lenders such as selected banks and credit unions. Housing New Zealand insures the loan for the lender. Housing New Zealand does not insure you, the borrower. You will still need your own mortgage repayment insurance. You will still need to meet the lender’s specific lending criteria.
How much can you borrow?
With a Welcome Home Loan, you can borrow:
- Up to $200,000 without a deposit
- Between $200,000 and $280,000. For this you will need a deposit of 15 percent of the amount above $200,000. For example, on a loan of $280,000 you will require a deposit equal to 15 percent of $80,000 which is $12,000
- You can borrow up to $350,000 in higher priced areas. This also requires a deposit of 15 percent of the amount above $200,000. For example, on a loan of $350,000 you will need a deposit equal to 15 percent of $150,000 which is $22,500. Details of higher priced areas can be found at the Welcome Home Loan website.
The deposit can be gifted which means someone else such as a relative can provide it for you as a gift. Three or more borrowers can also team up to purchase a home, making it easier for extended families to own a home.
More information
The Welcome Home Loan is only available from selected lenders who have their own specific credit criteria you will need to meet along with some standard Welcome Home Loan eligibility criteria. Visit the Welcome Home Loan website:
- for a list of lenders currently offering Welcome Home Loans
- for more details on how the Welcome Home Loan works.
Or you can visit a participating lender or call us on 0508 WELCOME (0508 935 266).
