House Deposit Savings Calculator NZ 2026
This calculator estimates how long it will take to save a deposit for a house in New Zealand, showing when your savings and KiwiSaver balance together will cover a 10%, 20% or 25% deposit on your target property. Enter your target property price, current savings outside KiwiSaver, monthly savings amount and the interest rate those savings earn, plus your expected annual house price growth. Add your current KiwiSaver balance, your combined monthly KiwiSaver contributions (yours and your employer's), your expected KiwiSaver return rate, and whether you are eligible for a first home withdrawal (three or more years as a member and never having owned a home). The results show three milestone cards with the time to reach a 10%, 20% and 25% deposit, a chart plotting your combined savings against each deposit target over time, and a year-by-year table breaking down your cash savings, KiwiSaver balance, combined total and the property price as it grows. Key summary figures include how much you have available now, how much more you need, your KiwiSaver withdrawal amount, and your timeline for your chosen deposit target. If house price growth is outpacing your savings rate, the calculator flags this so you can adjust your plan. Note that the First Home Grant closed to new applications on 22 May 2024 and is not included. All figures are indicative estimates only and not financial advice.
| Year | Cash savings | KiwiSaver | Combined | Property price | 10% needed | 20% needed | % of 20% |
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How much deposit do you need in NZ?
The minimum deposit for most NZ owner-occupier home loans is 10% of the purchase price. However, borrowing more than 80% of a property's value typically attracts a low equity premium or margin on your interest rate, adding approximately 0.5-1.0% to your rate. Over a 30-year loan this can cost tens of thousands of dollars more in interest. The Reserve Bank's LVR restrictions also limit how many high-LVR loans banks can issue. Most buyers aim for a 20% deposit to access the full range of products and the most competitive rates.
KiwiSaver first home withdrawal
If you have been a KiwiSaver member for at least three years and have never previously owned a home, you can withdraw almost your entire balance (you must leave $1,000 behind) to use as a house deposit. All contributions are included: your own, your employer's, and any member tax credits from IRD. For many first home buyers this is their single largest source of deposit funds, often $20,000-$60,000 depending on age and years contributing. The withdrawal cannot be reversed, so once it is withdrawn it does not return to your KiwiSaver account.
First Home Grant (closed 22 May 2024)
The First Home Grant, administered by Kainga Ora, closed to new applications on 22 May 2024 and is no longer available. It previously provided $1,000 per year of KiwiSaver membership for an existing home (up to $5,000 per person) or $2,000 per year for a new build (up to $10,000 per person). Because it has ended, this calculator no longer counts a grant toward your deposit. If you have an application that was already approved, contact Kainga Ora. Your main deposit sources now are your savings and your KiwiSaver first home withdrawal, and you may also qualify for a Kainga Ora First Home Loan with as little as a 5% deposit.
The impact of house price growth on your timeline
If house prices grow at 3-5% per year, your deposit target keeps moving upward as you save toward it. At 3% growth on a $750,000 property, the house costs approximately $869,000 in five years, requiring $174,000 as a 20% deposit rather than $150,000. The calculator accounts for this moving target and shows the year in which your savings will actually be enough to meet the deposit requirement on that property, not just when you hit the dollar figure based on today's price. If house price growth is outrunning your savings rate, the calculator will flag this.
Strategies to save a deposit faster in NZ
The most effective moves for NZ first home buyers: increase your monthly savings rate even by small amounts (compounding means earlier savings are worth more); pool savings with a partner or buying partner to combine KiwiSaver balances; consider a new build, which can come with a lower deposit requirement; look at the Kainga Ora First Home Loan scheme which allows eligible buyers to purchase with as little as 5% deposit; and consider targeting a lower-priced suburb or property type to shorten your timeline rather than waiting for a high-value property. A $100 extra per month on a 5-year savings plan shortens your timeline by more than you might expect because of interest compounding.