How Much Deposit Do You Actually Need for a New Build in New Zealand?

February 3, 2026

For many first-home buyers, the deposit is the biggest hurdle to getting on the property ladder. The good news? If you’re looking at a new build, the path is often much easier than you might think. In fact, new homes are treated more favourably by the government and banks, giving you access to lower deposit requirements and helpful support schemes.

In this guide, we break down how much deposit you actually need, what exceptions apply, and how to get the right financial advice from the start.

Why New Builds Have Lower Deposit Requirements

New builds play an important role in improving New Zealand’s housing supply. Because of this, the government and banks offer additional incentives to make new homes more accessible – especially for first-home buyers.

One of the biggest advantages: your deposit requirement is typically lower than it would be for an existing home.

The Typical Deposit Needed: Around 10%

For most new builds in New Zealand, you will need approximately a 10% deposit to secure finance and get a build underway.

This is the most common scenario and is generally what banks expect when approving lending for a new home build.

Can You Buy With a 5% Deposit?

In some situations, yes – you can get into a new build with as little as 5% deposit, depending on your eligibility.

Support options include:

  • First Home Loan: A government-backed scheme allowing low-deposit lending (often as low as 5%).
  • Kāinga Ora initiatives: Various programmes to help first-home buyers with deposit requirements and lending approvals.

While these can reduce the upfront amount needed, eligibility criteria apply – and not everyone will qualify.

Every Situation Is Different

Your borrowing ability will depend on a range of factors, including your income, savings, KiwiSaver balance, existing debts, and overall financial position.

Because of this, it’s important to get personalised advice early.

Talk to a Mortgage Broker Early in the Process

The easiest way to understand your true deposit requirements is to talk with a mortgage broker who specialises in new builds. They can:

  • Assess your eligibility for low-deposit schemes
  • Give you clarity on what you can borrow
  • Help structure your finance for a smoother approval process
  • Work directly with your builder to keep things moving quickly

If you’re unsure where to start, our team can connect you with trusted mortgage brokers who support our clients through the entire process – from first conversation to final approval.

Final Thoughts: You May Need Less Than You Think

For many home buyers, especially first-timers, a new build can be the most achievable pathway into the market. With lower deposit requirements and helpful government-backed options, you may be closer to home ownership than you realise.

If you’re thinking about building but aren’t sure whether your deposit is enough, we’re here to help guide you.

Get in touch with the Today Homes team – let’s explore your options.