Getting your home deposit together

Starting out on the home buying journey is exciting, but it can also be a bit daunting. Here are some tips for getting a deposit together for your home.


Start saving a regular amount now

Save a regular amount of your income as you get paid. We can help by setting up an automatic payment to transfer money from your transaction account to your savings account every pay day.

A good savings history could help when applying for an ASB home loan as this is something we will consider when you apply. Establishing a budget, and sticking to it, may also help you to save regularly and figure out what level of mortgage payment you are comfortable with.

Choose a savings account

Once you’ve worked out how much you can afford to save and what your savings goal is, the next step is to determine the best savings account to help you achieve your goal.

  • Savings Plus allows you to earn interest on every dollar you save. Plus if you make no withdrawals during a calendar quarter, you earn reward interest. If you make one withdrawal during the quarter, you’ll earn partial reward interest.
  • Savings on Call lets you dip into your savings at any time with no monthly account or transaction fees, so you can move your money around as often as you like.
  • ASB Cash Fund is similar to Savings On Call but may offer a better after-tax return if you’re on a higher income tax rate.

If you’ve already got some money saved up, you may want to put your money into a fixed-term investment account.

  • Term deposits enable you to earn a fixed interest rate for a fixed period of time. Simply choose the timeframe and how you want the interest to be paid.
  • ASB Term Fund is similar to a term deposit but may offer a better after-tax return if you’re on a higher income tax rate.

Tips to help boost your savings


Use KiwiSaver to buy your first home

After three years of saving with KiwiSaver you may be able to make a KiwiSaver first home (or previous home owner) withdrawal to help buy your first home.

There are eligibility criteria and other requirements you’ll need to meet. You’ll find these here. A solicitor or conveyancing practitioner can also advise you on this.

KiwiSaver HomeStart grant

You could be eligible for a KiwiSaver HomeStart grant of up to $5,000 to purchase an existing home, or up to $10,000 when building or purchasing a new home.

If you’re building or purchasing a home with someone else and they are also eligible, you could get up to $20,000 between you. Check here to see if you and the property might be eligible.

Do you have enough for a home 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. Please talk to us about an ASB home loan.


Using family help

Getting help from your family could enable you to get into your own home faster. There are some things to consider though, so we suggest you get independent legal advice before deciding your next step.

Getting family support through a guarantee

With this option, your family member becomes a guarantor and guarantees to the lender that your loan will be repaid. Their own home may also be used as extra security for your loan.

You need to be aware that your family member’s property is potentially at risk if you (or they) don't make your loan payments. You’re primarily responsible for repaying the loan, but if you don't, your guarantor will be asked to make the payments on your behalf.

Providing a guarantee is a serious decision and any guarantor should get independent legal advice.

Asking family members to help toward your deposit

Getting a loan from family could be a good idea if you’re finding it hard to get a deposit together. However we’ll need to make sure you can service both loans.

Typically a lender will ask for written evidence of this loan. This can be a good thing as it ensures the terms of the loan are clear to everyone. Talk to us if your family arrangement grants them a security interest or charge over the property as you will need our consent. We will need to assess this on a case by case basis due to the Reserve Bank of New Zealand loan-to-value restrictions.

Don’t we all love gifts?

If you’re lucky enough to be given a large amount of money, why not put it towards your home deposit? Ask us about how this could work with an ASB home loan.

Other helpful guides

ASB Answers videos

We're here to help

Apply online

Start your home loan application online. We'll be in touch to complete the next steps with you.

Get started

Give yourself 5-10 minutes.

Meet in person

One of our team can meet at a time and place that suits you, or you can make an appointment to meet at an ASB branch.

Find a Home Ownership Manager near you.

Log in to book an appointment.

Give us a call

You can pick up the phone and call one of our home lending team, weekdays 8am-6pm and on Saturday 8:30am-5pm.

0800 100 600

+64 9 306 3000 for overseas

Manage loan online

Existing customers can view and manage loans, apply for a top up and more.

Log in to Home Central

ASB Bank Limited’s lending criteria, terms and fees apply.  Maximum amount across all Term Deposits held either solely or jointly with any person is $10 million.  Savings Plus balances above $2 million earn base interest only.

Units in the ASB Cash Fund and the ASB Term Fund are issued by ASB Group Investments Ltd, a wholly owned subsidiary of ASB Bank Limited. Investments in the ASB Cash Fund and the ASB Term 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.

The above information is a guide only and should not be relied on as it does not take into account your personal financial situation.

Home loans Getting your home deposit together