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how much deposit do I need for my first home?
Misty Kereru #4137·29d ago·10 views·2 replies·FHBC expert answered
I'm just beginning to save for my first home. I have a small balance in KiwiSaver and some savings, but I am wondering how much I need to be ready.
2 Replies
Dustin LindaleFHBC Expert preview6d ago
You don’t need to have everything figured out before you start planning. That's where talking with a mortgage adviser can help. As a general guide, first home buyers can aim for around a 10% deposit, while a 20% deposit gives you more options and can reduce low-equity costs. In some cases, buying with as little as 5% with a First Home Loan may be possible, but it depends on your income and lender criteria. You can...
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