Nau mai, haere mai. On 1 October, Housing New Zealand joined HLC and KiwiBuild to form Kāinga Ora – Homes and Communities.

Information on this site is still current. For more information about Kāinga Ora visit the Kāinga Ora website.

Example 3 - Ben and Toni

Published: 1 August 2016

Ben and Toni used a Welcome Loan and KiwiSaver

How Ben and Toni bought their first home in Christchurch using a First Home Loan, First Home Grant and KiwiSaver.


Ben and Toni have an offer to buy their first home accepted as long as they meet the conditions set out in the sale and purchase agreement. The property they’re interested in is a $400,000 existing home in Hoon Hay, Christchurch. They have not been able to save a deposit, but have been KiwiSaver members since it started in July 2007. In the last 12 months, they have earned a combined income of $100,000.

Both Ben and Toni have applications for the First Home Grant pre-approved and are eligible for $3,000 each to help with the purchase of their first home. They are also both eligible to withdraw all contributions including member’s Government contributions (with the exception of the Government’s $1,000 kick-start). Together they can withdraw $14,000.

Banks have advised they will need a deposit of between 15% and 20% of the purchase price ($60,000 – $80,000), which they don’t currently have. After looking through the First Home Loan content, they saw it may be possible to get a loan with only a 5% deposit so applied to a First Home Loan lender and showed that with all of the First Home Grant and first-home withdrawal, they had $20,000 to put towards the purchase. As this totalled nearly 11.25% and because they met the other lending criteria, they were awarded a First Home Loan of $380,000.


House purchase price $400,000
Deposit amount $20,000 ($14,000 + $3,000 + $3,000)
Deposit available 11.25%
First Home Loan $380,000 (95% of LVR)
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