First Home Loan Eligibility Calculator NZ
This calculator gives you a quick, indicative check on whether you might meet the headline criteria for low-deposit first home lending support in New Zealand, the kind of scheme that can let eligible buyers purchase with as little as a 5% deposit instead of the usual 20%. You enter the property price, the deposit you have saved, your household income, and who is buying. That last one sets the income cap, because the scheme has three bands: $95,000 for one buyer with no dependants, and $150,000 both for one buyer with dependants and for two or more buyers combined. The calculator works out your deposit as a percentage of the price and checks it against the 5% minimum, then compares your income against the cap for your situation. There is no house price cap. It was removed from the First Home Loan on 1 June 2022, so the purchase price does not affect eligibility. Because the deposit minimum and the income caps are set by the scheme and revised periodically, confirm the current figures before relying on the result. This is an indicative guide only, not a guarantee of approval; a lender will still assess your full situation, so use this tool to gauge your position and seek advice before applying.
This is an indicative check against the two criteria you can test yourself: a minimum 5% deposit and the income cap for your situation. There is no house price cap. It was removed from the First Home Loan on 1 June 2022, so the purchase price does not affect eligibility, though your lender still has to be satisfied you can service the loan. Not a guarantee; a lender assesses your full situation. Confirm the current rules at kaingaora.govt.nz. Estimate only.
How it works
The calculator checks the two headline criteria you can test yourself: that your deposit is at least 5% of the price, and that your income is at or below the cap for your situation. If both pass, you may be eligible to apply. There used to be a third, a regional house price cap, but Budget 2022 removed it entirely from 1 June 2022 on the reasoning that the income caps and the lender's own criteria were sufficient.
Worked example
On a $650,000 home with a $35,000 deposit, that is about 5.4%, above the 5% minimum. For one buyer with no dependants the cap is $95,000, so a $120,000 income is over it and the verdict is that one or more criteria are not met. Change the buyer type to one buyer with dependants, or to two or more buyers, and the cap becomes $150,000, the income passes, and you may be eligible to apply, subject to the lender's full assessment.
Related calculators
- First Home Buyer Calculator: plan a first home.
- Deposit Gap Calculator: the gap to your deposit.
- Borrowing Capacity Calculator: how much you can borrow.
- Loan to Value Calculator: your LVR.
- New Build vs Existing Home: the background to this calculation.