Power saving

Ways you could boost your savings to help you get that first home.

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Boost your savings by optimising your account


A savings account where every dollar earns the same interest rate - great for those with smaller balances.

Term Fund

Similar to a term deposit but may offer a better after-tax return if you’re on a higher income tax rate.

Term deposits

Earn a fixed interest rate for investing your money for a selected period of time with a term deposit. Simply chose the timeframe and how you want the interest to be paid.

ASB Cash Fund

Similar to Savings On Call but may offer a better after-tax return if you’re on a higher income tax rate.

Four power tips for faster saving

1. Save small, save regularly

It's amazing how fast your balance can build up when you put a small pot of money aside regularly. Even $20 every week becomes more than $1,000 over a year. 

2. Save on payday

Save before you spend it. Putting savings into a separate account each payday means you'll be less tempted to touch it! Setting up an automatic payment to your savings account, or a regular voluntary contribution to your KiwiSaver account are other options for you to consider.

3. Save faster by saving costs

Savings is income minus expenses. So, are there any expenses you could remove? Cutting out a few little luxuries can also help you stay focussed on your goal. You’ll be surprised how the little things quickly add up. 

4. Save the Change

Save as you spend with ASB Save the Change. When you sign up, your electronic transactions are automatically rounded up to a chosen amount, whether it's $1, $2, $5, or $10. The difference is then transferred to your selected savings account. You won’t even notice it!

A helping hand from your KiwiSaver savings

Are you putting money into KiwiSaver?

If you are, you could already have a savings balance to use towards your deposit. If you're not already in KiwiSaver, it can be a great tool to help you save your deposit.

There are many ways you can make sure your KiwiSaver savings are helping you reach your first home goal - receiving employer and government contributions, making the right fund choice and additional voluntary contributions can all boost your savings for your first home.

To use your KiwiSaver savings towards your first home, you'll need to have been a KiwiSaver member for at least three years when you buy your home.

Join the ASB KiwiSaver Scheme

Kāinga Ora First Home Grant

You may be eligible for a First Home Grant of up to $5,000 if you purchase an existing home or up to $10,000 if you buy a new home or land to build on. To apply for a First Home Grant you need to check you are eligible.

If you are eligible, there are two ways to apply:

  • Pre-approval – if you are still looking for a home to purchase
  • Full approval – if you have found a home you would like to buy

For more information or to apply, check out the First Home Grant page on the Kᾱinga Ora website.

Could your family help?

  • Gifting: You can use a cash gift from your parents (or someone else) as part of your deposit. However, you will need to get them to sign a gifting certificate (which your bank can provide) confirming where the money came from and that there is no requirement to repay it.

  • Guarantors: Another option, which is an alternative to a cash gift, is for your parents to act as guarantors on your home loan. This may require them to provide their own home as security for your loan and be able to show they can repay the amount they are guaranteeing. There’s even the option to just guarantee a portion of your home loan (e.g. 10%) as opposed to the entire home loan amount. This might be more appealing to your parents as it means they’re likely to be released from their guarantor obligations sooner.

  • Buying with friends and family: If buying a property on your own isn’t an option you might like to consider buying with friends or family to split the costs. You can combine your savings or use equity in other properties to provide a joint deposit and then split the cost of payments to make it easier to afford.

  • Remember, you should always seek independent legal advice throughout the home buying process but it becomes especially important if your parents (or anyone else) are helping you with your deposit or purchase.

Next steps

The first step on the property ladder is to be armed with the best advice before you start. ASB has all the tools for your dream home buying process.

1. Starting

Tips and tools for the first home buyer to help you plan, budget and save money. Use our mortgage repayments calculator to compare home loans, interest rates, terms and mortgage payments.

2. Power Saving

Ways you could boost your savings to help you on your journey to first home ownership.

3. Finding

How to hunt for the right home and who to talk to while you're looking.

4. Buying

Handy information for the lead up to and process of buying your first home.

Contact us about your home loan

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Our mobile lending managers cover much of the country.

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Call us

We're here weekdays 8am - 8pm or Saturday 9:00am - 5:00pm to answer your home loan questions.

0800 100 600

Visit a branch

Visit us at one of our many branches across New Zealand.

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Apply online

Ready to take the next step? Apply online.

ASB's lending criteria, terms conditions and fees apply.

ASB Cash Fund and ASB Term Fund Terms and Conditions apply. Units in the ASB Cash Fund are issued by ASB Group Investments Ltd, a wholly owned subsidiary of ASB Bank Limited. Investments in the ASB Cash Fund are not deposits with ASB Bank. ASB Bank guarantees account balances and returns due but not paid (less fees and any PIE tax). The guarantee is unsecured.

Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).