Am I eligible

Below is a quick guide with the minimum criteria you need to meet to be eligible to apply for the welcome home loan.

Income cap

You can have a maximum yearly income of up to $85,000 (before tax) for 1 person. Or a combined maximum yearly income of $130,000 (before tax) for 2 or more people.

Minimum deposit

You will need a minimum 10% of the purchase price of the house you are wishing to buy.

House price cap

The price of the house you are buying with a Welcome Home Loan must be less than the regional house price cap.

First home buyer

Or a previous home owner, in a similar financial position to a typical first home buyer.

Max income icon

Maximum income

To be eligible for a Welcome Home Loan your household income for the last 12 months must have been $85,000 or less (before tax) if you are the sole borrower. If you are teaming up with one or more borrowers to buy a house, then you can have a combined household income up to $130,000 (before tax) in the last 12 months.

Lending criteria

Key bank lending criteria

In addition to meeting the governments criteria for a Welcome Home loan, you will also need to meet the lending criteria of your bank or credit union before your loan can be made.

Participating lenders may have slightly different lending criteria but they will include your financial ability to repay the loan, your level of debt, your credit history and the way you’ve conducted your bank accounts in the past.

Lending criteria

Other criteria

  • You must live in the home you are buying. A Welcome Home Loan cannot be used to buy an investment or rental property.
  • You cannot own any other property.
  • You will need to pay a Lender’s Mortgage Insurance (LMI) premium of 1% of the loan account. The lender may also apply a loan application fee. In most cases these fees can be built into the home loan. Talk to your participating lender to see what applies.
  • You are a New Zealand citizen or permanent New Zealand resident (holding a ‘Permanent Resident Visa’).

The house price caps


House price cap for existing/older properties

House price cap for new properties

Auckland, Queenstown Lakes District $600,000 $650,000
Hamilton City, Tauranga City, Western Bay of Plenty District, Kapiti Coast District, Porirua City, Upper Hutt City, Hutt City, Wellington City, Tasman District, Nelson City, Waimakariri District, Christchurch City, Selwyn District $500,000 $550,000
Rest of New Zealand $400,000 $500,000

Build house

What about if I want to build a house?

Some participating lenders allow you to build a new house with a Welcome Home Loan. Please ask your preferred lender if they do and what their criteria is.

Max borrow

Maximum amount you can borrow

The maximum amount you can borrow with a Welcome Home Loan depends on the region you are buying in. Each region has a house price cap. The maximum loan for that region is the house price cap less your 10% deposit.