Want a First Home Loan? What you need to know

We’re all aware that, with high prices and conservative lending, first-home buyers face greater challenges than before. Therefore, it’s crucial to be aware of the available resources, and your eligibility before beginning your first home journey. The First Home Loan is an option to help people into their first home.

What is the First Home Loan?

The First Home Loan is a government scheme administered by Kāinga Ora Homes and Communities. First Home Loans are underwritten by the government, meaning the government carries the risk of the mortgages instead of the bank. This allows people with as little as a 5% deposit to be approved for a loan.

What are the eligibility criteria to get the First Home Loan?

At the time of writing, to be eligible for a First Home Loan, you must:

• Have a deposit of at least 5%.
• In the 12 months before you apply, you must have earned:
  • $95,000 or less before tax for an individual buyer
  • $150,000 or less before tax for an individual buyer with one or more dependents
  • $150,000 or less before tax for 2 or more buyers, regardless of the number of dependents.
• Be a first home buyer or be in an equivalent financial position. This means no ownership of any other property (this doesn’t include ownership of Māori land).
• Be buying a home you will live in. You cannot get this assistance for an investment property.
• Meet participating lenders’ eligibility criteria (income, debts, credit history). We can help you navigate this.
• Pay a Lender’s Mortgage Insurance (LMI) premium of 0.50% of the loan amount.

What’s the next step?

Platinum Mortgages find the most suitable lender and mortgage solutions for you.  Our mortgage brokers save you time, money, and stress. We can help you with your First Home Loan application as part of managing your mortgage for you. Get in touch today for a no-obligation chat.

★ We Are Trusted

Angela is an accredited Financial Adviser, licensed under FSP742251 and has been in the Financial Industry since 2006. Our 5-star Google reviews reflect the excellent customer experience we promise — making your home loan journey positive, stress-free, and rewarding. At Platinum Mortgages, our clients are the reason we exist — so you can be confident every step is guided by genuine care and expertise.