How much deposit do I actually need to buy my first home in New Zealand?

Short answer: You need at least 10% of the house price. On a $600,000 house, that is $60,000.

What this actually means in plain English

For most first-home buyers in New Zealand, you need at least 10% of the house price saved as a deposit. If the house costs $600,000, you need $60,000. Some schemes let you buy with 5% if you meet certain conditions.

Key Facts

Most banks require 10% deposit for first-home buyers in New Zealand
The First Home Loan scheme lets some buyers purchase with 5% deposit
New builds often need only 10% deposit, compared to 20% for investors
You also need $5,000–$10,000 extra for legal fees, inspection, and moving costs
KiwiSaver and the First Home Grant can help cover part of your deposit

Example

Setup: Sarah wants to buy a $650,000 house in Hamilton.

Deposit: She needs $65,000 (10%).

Extras: She budgets $8,000 for lawyer, inspection, and moving.

Kiwisaver: She has $35,000 in KiwiSaver she can withdraw.

Savings: She has saved $30,000 in cash.

Total: Her total available is $65,000. She has enough.

Shortfall: If she only had $50,000 total, she would need to save $15,000 more or look at cheaper houses.

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