The reserve bank has made changes to the amount of deposit banks are allowed to take for first home buyers.  One bank has let us know they can take loan applications for people with 5% deposit (it was minimum 10% deposit).  This bank is also allowing you to have a flatmate if you have enough bedrooms and we can use that income as well as your pay as part of the application.   We'll expect the other banks to come to the party as well to give us more options going forward.

We can't do pre approvals so you need to have a house under offer with a finance clause for this to be looked at, but we do still have the First  Home Loan through Kainga Ora that will do pre approvals with this size deposit.

So If you've been stopped by the size of your kiwisaver and savings then it may be time to give us a yell and see if you qualify now under these new rules.