For a home you'll live in, most bank lending needs a 20% deposit: $160,000 on an $800,000 home. You can buy with less, because banks can make up to 25% of their owner-occupier lending to people with smaller deposits, but that lending is limited and usually costs more.
New builds are exempt from those limits, so many lenders go to 90% for a new home you'll live in, a 10% deposit. Eligible first home buyers can use a Kāinga Ora First Home Loan with 5%. For a rental property, expect to need 30%, or around 20% for a new build rental.
| Buying | Deposit usually needed | Share of a bank’s new lending allowed with less |
|---|---|---|
| Home to live in | 20% | Up to 25% |
| Rental property | 30% | Up to 10% |
| New build to live in | 10% | Exempt from these limits |
| New build to rent out | 20% | Exempt from these limits |
| First Home Loan (Kāinga Ora) | 5% | Income caps apply: $95,000 for a single buyer, $150,000 for a single buyer with dependants or two or more buyers. Borrowers pay the mortgage insurance cost. |
| Debt-to-income limit | Total debt up to |
|---|---|
| Home to live in | 6 × gross income |
| Rental property | 7 × gross income |
As at October 2026.
Your deposit can come from savings, a KiwiSaver first-home withdrawal, a gift from family, or equity in a property you already own. Lenders want to see where it came from, so keep your statements, and a gift letter if family is helping.
A bigger deposit isn't only about getting approved. With 20% or more you avoid low-equity margins and fees, and you have the widest choice of lenders.