Case studies

Published: 1 August 2016

Example 1 - Ana


Ana is 34 and single, living in Blenheim and working in retail. She has been a member of KiwiSaver for five years and has a small amount of savings. Ana has never owned a home before.


Ana’s annual gross income is $49,500, which makes her eligible for FirstHome as it’s under the single income cap of $85,000. She has bank pre-approval for a house purchase of up to $185,000.

Ana would like to buy a FirstHome house worth $152,000. The 20% deposit required by the bank comes to $30,400, but the FirstHome grant of 10% only comes to $15,200. Even if Ana adds $5,000 of her savings and her $5,000 KiwiSaver HomeStart grant, it’s not enough.

However a Welcome Home Loan underwritten by Housing New Zealand is available to eligible borrowers with a minimum of a 10% deposit. If Ana buys her FirstHome using a Welcome Home Loan, as she will have an overall deposit of 16.6% she’ll have enough to buy her house.


Purchase price $152,000
Bank loan $126,800
Personal Savings $5,000
HomeStart grant $5,000
FirstHome Grant $15,200
Welcome Home Loan deposit 16.6%
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