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

Making sure you have the best account for you is a great way to make your money work harder. Our savings accounts are a great way to earn interest, whilst keeping the flexibility to dip in and out when you need.


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

Savings Plus

A savings account that rewards you for not making withdrawals - great for those who are saving for the long term.

Savings On Call

A savings account where your money’s on call. It earns a higher interest rate for higher amounts saved.

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.

Consider a term deposit

Term deposits and term funds tend to have a higher rate of interest compared to savings accounts. They’re designed for those that don’t need to withdraw money before the fixed term ends - a good way to keep your home deposit savings growing and safe from temptation.

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

You may only need a 10% deposit

To get a home loan your deposit will generally have to be 20% of the property's value – but it all depends on your individual situation. You may be able to get into your home sooner with a deposit as little as 10%.

Get in touch with us when you’re beginning to save to talk through your options.

You may be eligible for a low deposit loan

Depending on your situation, ASB can lend to customers that have a deposit as little as 10% with a low equity loan.

If you're eligible for a low equity loan, there may be some extra requirements to think about, like the low equity margin, or having a family member as a guarantor.

Building instead of buying

If you can't find the right home, building one could be the way to go. If you borrow money to buy land and build a new home, then you also may not need a 20% deposit. Chat to us to figure out the best option for you.

Open the door to a KiwiBuild home

KiwiBuild is a government programme to build affordable housing for first home buyers. Check to see if you’re eligible for KiwiBuild.

Borrowing calculator

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. Each payday put your savings into your home deposit account. It’s a good idea to set up an automatic payment - that way you don’t even have to think about it.

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!

Use KiwiSaver to buy your first home

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 way to boost your savings.

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.

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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).