What is a Kainga Ora First Home Loan and do I qualify?

Short answer: A government-backed loan letting you buy with 5% deposit. Income and price caps apply.

What this actually means in plain English

It is a special home loan for people who have a 5% deposit but not the usual 20%. The government underwrites the loan so banks will lend to you. You still borrow from a normal bank. You must earn under the income caps and the house must be under the price cap for your region.

Key Facts

Income cap: $95,000 single, $150,000 combined
Regional price caps apply (e.g. $625,000 in Auckland)
You borrow from participating banks, not Kainga Ora directly
You pay a 1% lender premium on top of interest rates

Example

Income: $85,000 single

Deposit: $30,000 (5%)

House Price: $600,000

Lender Premium: 1% of loan amount (~$5,700/year)

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