There’s no better feeling than getting the keys to your very first home - being able to stamp your own mark and fulfill your dreams for the future. SBS Bank is a First Home Loan lender. The First Home Loan, supported by Kāinga Ora – Homes and Communities (formerly HNZC) is an initiative to make access to home ownership even easier for everyday New Zealanders. We also have some great home loan options for our standard residential lending if you don't qualify for the Kāinga Ora - Homes and Communities assistance so give the team a call and we can start talking about getting you into your first home! For more general background information on how residential home loans work, please visit our residential lending page by clicking here.
First Home Loan features
- You can borrow up to 95% of property value – that means a deposit of only 5%.
- With SBS Bank the application fee is waived.
- To be eligible you must have an individual income of less than $85,000 or a combined income of less than $130,000.
- This type of loan is for owner-occupied homes only.
- This needs to be the only property you own.
- This type of loan does not offer a revolving credit facility, overdraft or interest only options.
- 1% HNZC premium fee applies.
- Please see below for information on housing price caps per region:
House price cap for existing/older properties
|House price cap for new properties
Auckland, Queenstown Lakes District
| Hamilton City, Tauranga City,Western Bay of Plenty District, Kāpati Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District
Rest of New Zealand
You will need to make sure you meet our First Home Loan lending and eligibility criteria. Lending Standard Contract Terms and Credit Fees and Charges apply to First Home Loans too and are also available on request and free of charge from any branch of SBS Bank.
To view our rates page please click here and for more information on the Kāinga Ora - Homes and Communities First Home Loan please visit the Kāinga Ora website by clicking here.
SBS Bank Can Help
If you qualify, we will also waive our Loan Application Fee (in respect of the qualifying lending). We're committed to getting kiwis into their first homes even faster (in fact, we've been doing it for the past 150 years!) Click here to view more information on the SBS Bank First Home Loan Offer.
First Home Grant
Need some help getting a deposit together? If you're a first-time home buyer, or a previous home owner and you've been making regular KiwiSaver contributions for at least three years, you may be eligible for a First Home Grant of up to $10,000 through Kāinga Ora - Homes and Communities.
- You can apply for either:
A pre-approval before you start looking for a property to buy – this gives you certainty around eligibility and how much you may qualify for or;
- a grant approval if you've found a property and have a signed sale and purchase agreement.
If you buy an existing home
If you buy an existing home, you can get $1,000 for each of the three (or more) years you've paid into the scheme. The most you can get is $5,000 for five or more years.
If you buy a new home or land
If you buy a new home or land to build on, you can get $2,000 for each of the three (or more) years you've paid into the scheme. The most you can get is $10,000 for five or more years.
Important information for the First Home Loan
First Home Loan lending and eligibility criteria along with Standard Contract Terms for First Home Loans apply. Additional fees and charges may also apply. Copies of our Standard Contract Terms for term First Home Loans and Credit Fees and Charges are available on request and free of charge by clicking the above links or from any branch of SBS Bank. Terms and Conditions for the SBS Bank First Home Loan Offer Apply.