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Evidence · Home lending

The questions and original answers

Explore every question and captured response in the home-lending study, including answers asked nationally and from four cities.

questions
193
captured answers
1,094
AI platforms
4
collected
11 October 2026

01

Every question, with its answers

Each question was written as a voter would ask it and went to all four assistants. Some were also asked from a town. Open a question to read every answer to it in full.

Showing 20 of 193 questions

Show all 193

02

The tables behind the study

Every figure on the study page comes from these tables. They are CSV files, which open in any spreadsheet.

  • Question catalogue

    questions.csv

    One row per question.

    Question ID, borrower, exact question, group and collected answers

    193rows

    Download question catalogue (CSV)

  • Answers

    answers.csv

    One row per answer, with its full text.

    Answer ID, question ID, borrower, assistant, city, words, coded recommendations, showed a link and full text

    1,094rows

    Download answers (CSV)

  • Sources by answer

    sources.csv

    One row for each website recorded as a source of an answer.

    Answer ID, question ID, assistant, city, website and publisher type

    4,574rows

    Download sources by answer (CSV)

  • Checks against official sources

    checks.csv

    One row per statement checked.

    Check, answer ID, assistant, what the answer said, verdict, what the source says, source and date

    4rows

    Download checks against official sources (CSV)

  • Recommendation coding

    recommendation-coding.csv

    One row per coded national loan-choice or support answer.

    Answer ID, question ID, borrower, assistant, question group, recommended lenders and supporting passages

    360rows

    Download recommendation coding (CSV)

  • Platform comparisons

    platform-recommendation-counts.csv

    One row per platform, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    105rows

    Download platform comparisons (CSV)

  • City comparisons

    city-recommendation-counts.csv

    One row per city, lender and question group.

    Matched panel, recommended answers, denominator and supporting answer IDs

    112rows

    Download city comparisons (CSV)

Use these tables to trace findings back to the original questions and answers. The full text of each answer is also on this page, under its question.

03

Read in full and checked

Some answers were read in detail or checked against official sources. Those appear on the study page, beside the findings they support.

ChatGPT · National

best bank mortgage support first home owners 10% deposit

Best NZ banks for a first-home buyer with a 10% deposit

If you're buying your first home in New Zealand with a 10% deposit, I'd compare Kiwibank, Westpac, ANZ, ASB and BNZ before deciding. The best bank isn't necessarily the one with the lowest advertised interest rate — it's the one most willing to approve your deposit size, income, existing debts and the property you're buying.

With a 10% deposit, you're generally applying for a 90% loan-to-value ratio (LVR) mortgage. Some banks offer first-home buyer options at this level, but approval depends on their lending criteria and available low-deposit lending capacity.

My recommended shortlist

1. ANZ New Zealand

Strong first option

ANZ explicitly advertises low-deposit lending for first-home buyers with a 10% deposit. I'd ask them to assess your borrowing capacity and explain any low-equity premium. Home loan deposit options

Website: ANZ deposit options

2. Kiwibank

A good bank to approach for both a standard low-deposit mortgage and a potential Kāinga Ora First Home Loan. It's a participating First Home Loan lender. First Home Loan :: Kāinga Ora

Website: Kiwibank home loans

3. Westpac New Zealand

Worth comparing for its First Home Loan and family-supported lending options. Westpac also advertises construction lending with a 10% deposit for eligible borrowers. Finalising your home loan & mortgage

Website: Westpac first-home buyers

4. ASB

Another participating First Home Loan lender. Ask about both the standard 10% deposit route and whether you qualify for the government-backed option. First Home Loan :: Kāinga Ora

Website: ASB home loans

5. BNZ

Worth including because it has specific low-deposit home lending options and information for first-home buyers. BNZ says a low-equity interest premium applies to loans with less than a 20% deposit. Low deposit home lending

Website: BNZ low-deposit lending

Don't overlook the First Home Loan scheme

If you meet the eligibility rules, the government-backed Kāinga Ora First Home Loan may allow you to buy with as little as a 5% deposit, through participating lenders.

The published eligibility criteria include household income limits of:

  • $95,000 or less before tax for an individual without dependants.
  • $150,000 or less for an individual with dependants.
  • $150,000 or less combined for two or more buyers.

Other conditions apply, including owner-occupier requirements and a 1.2% lender's mortgage insurance premium. Check the current criteria before applying. First Home Loan :: Kāinga Ora

How to get the best deal with a 10% deposit

When you contact banks, ask each one for:

  • Approval likelihood: Will they consider your application with a 10% deposit?
  • Total interest cost: Compare the same fixed term and loan amount.
  • Low-equity premium: Is there an extra interest margin or fee, and can it be removed when you reach 20% equity?
  • Cashback offers: Are you eligible, and are there conditions for keeping the offer?
  • First Home Loan eligibility: Could a government-backed loan suit you better?

Let me narrow this down for your situation

I can help identify which banks are most worth approaching first. The biggest factors are your income, deposit amount and whether you're buying alone or with someone else.

Ask anything

ChatGPT can make mistakes. Check important info.

Captured 11 October 2026

Gemini · National

best bank mortgage support first home owners 10% deposit

Buying your first home in New Zealand with a 10% deposit (Loan-to-Value Ratio or LVR of 90%) is a common path, as major registered banks have varying allowances for low-deposit lending under Reserve Bank rules.

Major New Zealand Banks Supporting 10% Deposits

All main retail banks (ANZ, ASB, BNZ, Kiwibank, and Westpac), along with regional institutions like The Co-operative Bank and SBS Bank, consider 10% deposit applications for first home buyers. However, approval is subject to a few structural caveats:

  1. New-Build / Turnkey Exemptions:
    • Reserve Bank rules allow banks a higher quota of low-deposit lending for newly built properties or turnkey homes. If you are buying a brand-new build, properties often require only a 10% deposit (and sometimes even 5% via specific schemes) compared to established existing homes where caps are stricter.
  2. Existing (Older) Homes:
    • Major banks do have allowances under their high-LVR quotas to lend with a 10% deposit for established houses, but availability fluctuates depending on the bank's internal lending caps and market conditions at any given time.

Key Financial Implications of a 10% Deposit

  • Low Equity Margin (LEM) / Low Equity Fee: Because a 10% deposit leaves you with a 90% LVR, banks view the loan as higher risk. Most major banks will apply a Low Equity Margin (LEM)—a surcharge added on top of your standard interest rate (often around an extra 0.50% to 0.75% p.a.). Alternatively, some lenders use a simple higher "standard rate".
  • LEM Removal: Once you pay down your principal or the property value increases so that your equity reaches 20% (80% LVR), you can formally request that the bank remove the LEM to lower your interest rate.

Alternative Government-Backed 5% Pathways

If saving a 10% deposit is proving difficult, look into structures backed by Kāinga Ora:

  • First Home Loan: Underwritten by Kāinga Ora and partnered with lenders like Kiwibank, Westpac, and select credit unions, this allows qualifying buyers to purchase with just a 5% deposit (though strict regional house price caps and individual/couple income caps apply).

Action Plan for 10% Deposit Applications

  1. Check KiwiSaver Eligibility: Calculate if you can withdraw your KiwiSaver balance (leaving a minimum $1,000 balance) to help form part or all of your 10% deposit.
  2. Consult Multiple Lenders or a Free Broker: Because banks frequently adjust their low-LVR lending allowances based on Reserve Bank quotas, talk directly to a home loan specialist at two different banks or use a registered mortgage broker to find out whose quota is open.
  3. Audit Your Discretionary Spending: Ensure your transaction history shows at least 3 to 6 months of disciplined saving habits, with no unapproved overdrafts, Buy Now Pay Later (AFTERPAY/KLARNA) defaults, or gambling transactions.

Are you planning to buy an established home or a brand-new build?

Ask Gemini

Gemini is AI and can make mistakes.

Captured 11 October 2026

Google AI Mode · National

best bank mortgage support first home owners 10% deposit

In New Zealand , securing a mortgage with a 10% deposit falls under High LVR (Loan-to-Value Ratio) lending. While Reserve Bank restrictions cap the percentage of low-deposit lending banks can do, major New Zealand lenders actively carve out allocations for first-home buyers (FHBs).

Industry awards and market data highlight specific institutions recognized for supporting first-home buyers with low equity or 10% deposits:

Top-Rated Banks & Lenders for First Home Buyers

  • SBS Bank: Awarded Canstar's Bank of the Year First Home Buyers Award, this mutual bank is frequently rated highly for competitive rates, member-focused service, and flexibility around low-deposit lending criteria for those stepping onto the property ladder.

  • ASB: Regularly recognized by industry observers and Canstar as a strong performer for first-home buyer support, offering dedicated mobile mortgage managers, structured cash-flow guidance, and low-equity options.

  • Kiwibank: As a 100% state- and Kiwi-owned bank, they explicitly support low-deposit and First Home Loan options, showing high appetite for new builds, KiwiBuild, and standard 10% LVR allowances where criteria are met.

  • Westpac NZ: Provides tailored Prebuilt and low-deposit home loan packages explicitly designed for 10% deposits, particularly focusing on new-build properties which face more relaxed LVR rules under central bank settings.

Key Things to Know About a 10% Deposit in NZ

  1. Low Equity Margins (LEM) / Premium: When you borrow with a 10% deposit (90% LVR), most banks will charge a low equity margin (a slight surcharge added to your interest rate) or a one-off low equity fee until your equity reaches 20%.
  2. New Builds vs. Existing Properties: Under current rules, banks have more freedom to allocate low-deposit (10%) mortgages for newly built properties or turn-key homes than for older, existing properties.
  3. Government Backing Alternative: If saving a full 10% proves difficult, check out the Kāinga Ora First Home Loan scheme, which is underwritten by the government and allows participating lenders (like Kiwibank and select non-banks/building societies) to accept just a 5% deposit if you meet income and price caps.

If you'd like to narrow this down, please let me know:

  • Are you looking to buy an existing home or a new build?
  • Have you already calculated your KikiSaver first-home withdrawal amount?
Ask anything

Captured 11 October 2026

AI Overviews · National

best bank mortgage support first home owners 10% deposit

AI Overview

In New Zealand, SBS Bank is widely recognized as the market leader for low-deposit support, having won the Canstar Bank of the Year First Home Buyers Award. However, Kiwibank, Westpac, and ASB also stand out as the best overall mainstream options for securing a mortgage with a 10% deposit.

While the Reserve Bank of New Zealand (RBNZ) restricts high Loan-to-Value Ratio (LVR) lending, banks are permitted to allocate up to 25% of their owner-occupier lending to low-deposit buyers.

Top NZ Banks for 10% Deposit Borrowers

Bank Strengths for 10% Deposit Buyers Key First Home Support Features
SBS Bank • Winner of Canstar's 2026 First Home Buyers Award
• Highly competitive low-deposit terms • Renowned for flexible credit scoring on tight deposits
• Active Kāinga Ora First Home Loan partner.
Kiwibank • Strong standalone 10% deposit availability
• Excellent "First Home" educational resources • Exemptions or easier approvals if building a brand-new home
• Officially supports First Home Loan paths.
Westpac • Holistic approach to assessing low-deposit applications
• Highly structured alternative pathways • Offers a Family Springboard feature to leverage family equity
• Fully integrated with the Westpac First Home Loan program.
ASB • Dedicated Mobile Home Ownership Managers
• Solid financial cash incentives • Frequently offers a $5,000 cash contribution for first home loans over $200k (conditions apply).

Critical Realities of a 10% Deposit in NZ

  • Low Equity Fees / Margins: Because you are borrowing 90% of the property value, almost all mainstream lenders will charge a Low Equity Margin (LEM). This adds an extra 0.30% to 1.50% p.a. onto your standard interest rate until your equity reaches 20%.

  • Tighter Pre-Approvals: Because banks have strict monthly quotas for low-deposit lending, they are reluctant to hand out open-ended pre-approvals. They often prefer that you find a property first and sign a sale agreement "subject to finance".

  • Strict Interest Rate Stress Testing: Banks do not test your ability to pay at the current market rate. Lenders will stress-test your income against a "phantom rate" roughly 2% to 3% higher than advertised to ensure you can handle future market shifts.

Pro-Tip: The 5% Deposit Alternative

If you meet specific income caps ($95,000 or less for a single buyer; $150,000 or less for a combined household), you can bypass the 10% hurdle completely. The government's Kāinga Ora First Home Loan scheme allows you to buy with just a 5% deposit. Participating lenders include Kiwibank, Westpac, SBS, and The Co-operative Bank.

To help narrow down your choices, could you share a bit more detail?

  • Do you know if your household combined pre-tax income is above or below $150,000?

  • Are you looking to buy an existing property or build a new-build turnkey home?

Knowing this can help determine whether you qualify for government-backed interest discounts.

Ask anything

Captured 11 October 2026