Welcome Home Loan

Welcome Home Loan

People looking to purchase their first home in todays environment are forced into a situation with rising rents and living costs, so saving for a deposit for their first home is becoming increasingly more difficult. This is why the Welcome Home Loan was brought into the market. A Welcome Home Loan is a standard mortgage that is provided through the main banks, but the mortgage is insured through Housing New Zealand. Due to it being a government ‘backed’ loan, the Reserve Bank has made this loan exempt from the tough restrictions it imposed on 1st October 2013.

The main benefit for a Welcome Home Loan is the requirement for a 10% deposit instead of a 20% deposit. For many people this could mean thousands of dollars they don’t need to try and save before buying a home. The Welcome Home Loan is offered by a select few banks: Westpac, TSB, Kiwibank and SBS are the only major banks who offer it.

There are some restrictions on who can apply for a Welcome Home Loan

  • You are buying your first home (or you are in the same situation as a first home buyer)
  • You only have a 10% deposit
  • You will live in the home you are buying
  • Your annual household income before tax is below $80,000 for one borrower, or is below $120,000 for two or more borrowers
  • You must be an NZ citizen or permanent resident
  • You need an excellent credit history

Price caps for buying houses in each area

$600,000 in Auckland and Queenstown Lakes District
$500,000 in Thames/Coromandel, Waimakriri, Hamilton City, Western Bay of Plenty, Wellington City, Hutt city (Lower Hutt), Upper Hutt, Porirua, Kapiti Coast, Tasman/Nelson, Tauranga City, Christchurch City and Selwyn district
$400,000 in all other regions in NZ

There is a strict application process required for this loan, and Nest advisers are well accustomed to helping clients through the rigorous application.


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