Best home loan lenders for first-home buyers in New Zealand

For a salaried couple buying your first home with a 25% deposit and a strong preference for helpful, reliable advice, I'd focus on lenders that offer a combination of good mortgage support, competitive interest rates, flexibility and clear communication.

My recommendation is to compare a few of New Zealand's major banks rather than automatically choosing the lender with the lowest advertised rate. When you're new to mortgages, having someone who explains your options, responds promptly and helps you make good decisions can be worth more than a small difference in interest rates.

Your 25% deposit is a good starting point. It means you're looking to borrow around 75% of the property's value, which generally puts you in a stronger position than buyers with smaller deposits. You may have access to a wider range of lending options, although approval will still depend on your income, expenses, existing debts and the property you're buying.

My recommended lenders

I'd start with BNZ, Westpac and ASB, then compare ANZ and Kiwibank. I'd also consider SBS Bank because it has a strong first-home-buyer offering.

This is a shortlist based on the support and guidance the lenders describe offering, rather than a definitive ranking of customer service. Individual experiences depend heavily on the mortgage specialist you get.

1. BNZ — best starting point for guided support

Why I'd shortlist it: BNZ explicitly offers first-home buyers a dedicated home loan specialist to support them from searching for a property through to signing the purchase agreement. Its guidance also covers conditional approval, loan structures, fixed versus floating rates and early repayment charges. That's a useful combination when you're new to mortgages. bnz.co.nz, bnz.co.nz

What I like for your situation:

• Dedicated support: You have a named specialist to help guide you through the process.
• Educational resources: BNZ explains the different decisions you'll face rather than focusing solely on getting your application approved.
• Potential cash contribution: BNZ advertises at least $5,000 cash back for eligible first-home buyers borrowing $250,000 or more. Check the current terms and any conditions attached to the offer. bnz.co.nz

My take: BNZ would be one of my first appointments. Ask whether your specialist will remain your main contact after settlement, when questions about repayments, refinancing and restructuring often arise.

Website: BNZ first-home buyers

2. Westpac — best for access to mortgage experts

Why I'd shortlist it: Westpac offers personalised home lending advice, with options to speak to an expert by phone, meet at a branch or arrange a meeting at a convenient location. It also offers first-home-buyer seminars covering the buying process, applications and deposits. westpac.co.nz

What I like for your situation:

• Flexible contact: You can choose how you want to meet your mortgage specialist.
• Guidance from the beginning: You can get advice before you've found a property, including help with conditional approval.
• Educational support: Its first-home-buyer resources can help you understand the process before making a substantial financial commitment.
• Potential cash contribution: Westpac advertises $5,000 or more for eligible first-home buyers taking out a new home loan of at least $250,000. Eligibility conditions apply. westpac.co.nz

My take: Westpac is particularly worth considering if you'd prefer to talk through decisions with a real person rather than work everything out through an app.

Website: Westpac first-home buyers

3. ASB — best for a structured first-home-buyer experience

Why I'd shortlist it: ASB offers access to a dedicated Home Ownership Manager who can guide buyers through the process, including deposit options and the steps involved in securing a home loan. It also offers online tools for managing your mortgage. asb.co.nz, asb.co.nz

What I like for your situation:

• A dedicated adviser: A good fit if you want someone to explain your options and guide you through the paperwork.
• Flexible support: ASB offers meetings with home-buying specialists at a time and place that suits you.
• Digital tools: Useful for keeping track of your mortgage and managing your finances once you become homeowners.
• Potential cash contribution: ASB advertises a $5,000 contribution for eligible first-home buyers taking out a qualifying home loan of at least $200,000. Conditions apply. asb.co.nz

My take: ASB deserves a place on your shortlist if you want a combination of personal guidance and convenient digital banking. Ask how readily you can contact your Home Ownership Manager when you have a question that doesn't fit neatly into the application process.

Website: ASB home loans

4. ANZ — best to consider if you value a mobile mortgage specialist

Why I'd shortlist it: ANZ offers Home Loan Coaches who can help you understand your borrowing options, plan your next steps, arrange pre-approval and estimate repayments. Its Mobile Mortgage Managers can also meet at a time and place that's convenient for you. anz.co.nz, anz.co.nz

What I like for your situation:

• Help before you buy: You can discuss affordability and borrowing options before committing to a property.
• Convenient appointments: A mobile specialist may suit you if you both have busy work schedules.
• Practical guidance: The bank provides resources on deposits, KiwiSaver withdrawals and the home-buying process.

My take: ANZ is worth comparing with BNZ, Westpac and ASB. I'd pay particular attention to how much time the specialist is willing to spend explaining different mortgage structures and answering follow-up questions.

Website: ANZ first-home buyers

5. Kiwibank — best alternative if you want to consider a New Zealand-owned bank

Why I'd shortlist it: Kiwibank is worth including if you'd like to compare a New Zealand-owned bank with the larger Australian-owned banking groups. It offers home loan specialists who provide obligation-free advice and guidance throughout the home-buying process. Its published customer support hours also include weekends. kiwibank.co.nz

What I'd investigate:

• How easily you can reach a home loan specialist when you need help.
• Whether you'll have a consistent point of contact throughout the application.
• How its interest rates, loan features and cash contributions compare with the other banks.
• Whether its service model suits the way you prefer to manage your finances.

My take: Kiwibank is a sensible comparison option. I wouldn't assume it's automatically better or worse for service based on its ownership; I'd judge it on the quality of the specific adviser and the offer you receive.

Website: Kiwibank home loans and contact information

6. SBS Bank — worth checking for first-home-buyer value

Why I'd shortlist it: SBS Bank is worth considering because its first-home-buyer offering has received recognition in Canstar's award research. Canstar's 2026 comparison highlights its FirstHome Combo, which combines a discounted fixed rate with a cash contribution and other potential benefits. canstar.co.nz

What I'd investigate:

• Whether its current first-home-buyer package is competitive for your borrowing amount.
• What personal mortgage support you'll receive throughout the application and after settlement.
• Whether the overall package remains attractive after considering the interest rate, fees and conditions.

My take: I'd include SBS in your rate and package comparison, but I'd want to speak to its lending team before ranking it alongside the others for personalised service.

Website: SBS Bank

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Should you use a mortgage broker instead of approaching banks directly?

Given that getting good advice is your number-one priority, I'd seriously consider using an independent mortgage adviser alongside approaching one or two banks directly.

A mortgage adviser (often called a mortgage broker) can explain your options, prepare your application and compare home loans across multiple lenders. This can save you time and give you a broader view of the market.

According to Sorted's guide to shopping for a mortgage, brokers can help borrowers compare lenders and negotiate, although some banks don't work with brokers.

Here's how I'd compare the two approaches:

Factor	Bank mortgage specialist	Mortgage adviser/broker
Range of lenders	Primarily their own bank	Multiple lenders, depending on their panel
Personal guidance	Can be excellent	Can be excellent
Comparing mortgage offers	Limited to their bank's products	Can compare offers from several lenders
Negotiating rates	Can negotiate within their bank's options	May negotiate with lenders on your behalf
Cost to you	Usually no separate advice fee for standard home lending	Often paid by lender commission, but fees can apply
Independence	Represents their bank's lending options	Can offer broader comparisons, but may have commercial incentives

The quality of advice depends on the individual, not just the business model.

What I'd look for in a mortgage adviser

I'd prioritise someone who:

• Has extensive experience helping first-home buyers.
• Explains mortgage terminology in plain English without pressuring you.
• Compares at least several mainstream lenders, including the banks listed above.
• Explains why they're recommending a particular loan structure, not just a particular bank.
• Is transparent about commissions, fees and which lenders they can access.
• Remains available to help when your fixed interest rate expires or your circumstances change.

Check that the adviser operates under a licensed financial advice provider and is appropriately registered. You can start with Sorted's guide to finding financial advice.

One important caveat: a broker doesn't necessarily cover every lender, and a bank may sometimes offer a better deal directly. I'd use the broker's recommendation as a comparison point rather than automatically accepting it.

What matters most with your 25% deposit?

With your deposit, I'd focus on four things when comparing offers.

1. The quality of the advice

This should be your primary consideration.

Ask each lender how you'll be supported through:

• Pre-approval and working out your realistic budget.
• Making an offer and meeting the bank's lending conditions.
• Choosing between fixed and floating interest rates.
• Deciding whether to split the mortgage into multiple portions.
• Managing the loan after settlement and reviewing it when your fixed term expires.

A good specialist should explain the trade-offs, help you understand the risks and give you time to make informed decisions.

2. The total cost of the mortgage

Don't compare interest rates in isolation.

Ask each lender for a written summary of:

• The interest rates available to you.
• Any cash contribution or cashback offer.
• Establishment fees and other applicable charges.
• Any conditions attached to the cash contribution, including repayment requirements if you switch banks early.
• The flexibility to make extra repayments without incurring penalties.

Even a small interest-rate difference can matter considerably over a large mortgage. Equally, a cashback offer can look attractive but may not compensate for a less competitive interest rate over time.

You can use Sorted's mortgage guidance to help compare offers.

3. A loan structure that suits your lives

You don't have to put your entire mortgage on one fixed interest rate.

For example, you might fix most of your mortgage for repayment certainty while keeping a smaller portion floating if you want greater flexibility. Whether this is worthwhile depends on your savings, cash flow, interest-rate options and the costs involved.

Ask your adviser to explain:

• What happens to your repayments if interest rates rise.
• Whether you can make lump-sum repayments.
• What fees could apply if you break a fixed-rate loan.
• Whether an offset or revolving-credit facility would actually benefit you.

You don't need complicated mortgage features just because they're available. For first-time borrowers, a straightforward structure that's easy to understand and manage may be the better choice.

4. What happens if your circumstances change?

As a salaried couple, it's worth considering whether you could still afford the mortgage if one of you temporarily stopped working, took parental leave or experienced a loss of income.

Ask the lender to show you how your repayments would look under different interest-rate scenarios. Make sure your budget also allows for rates, insurance, maintenance and unexpected household expenses.

New Zealand's Consumer Protection guidance on mortgages explains your rights and the issues to consider when choosing a loan.

My suggested plan for you

Here's the approach I'd take in your position:

1. Speak with a well-reviewed mortgage adviser who regularly works with first-home buyers. Ask them to explain the process and which lenders they cover before committing to work with them.
2. Arrange initial conversations with BNZ and Westpac, then ASB. These would be my starting shortlist because all three explicitly offer structured support for first-home buyers.
3. Include ANZ and Kiwibank in the comparison, particularly if either offers a more responsive specialist or a better overall deal.
4. Get written loan proposals and compare the interest rates, fees, cashback conditions, repayment flexibility and proposed loan structure.
5. Choose the lender based on the complete package, including how confident you feel about getting help when you need it.

I'd pay attention to how each adviser treats you during the initial meeting. Do they listen to your questions? Explain unfamiliar terms? Respond promptly? Those are useful early indicators of the working relationship you're likely to have.

One final point: the banks' advertised first-home-buyer benefits can change, and eligibility conditions apply. Treat cashback amounts as offers to verify rather than guaranteed savings.

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Two questions that would help me narrow this down

1. How would you prefer to get mortgage advice?

• A. A dedicated person we can call or email whenever we have questions.
• B. Face-to-face meetings where someone explains everything carefully.
• C. A good adviser who handles the paperwork and compares the banks for us.
• D. A combination of these.

2. Do you currently bank with one of New Zealand's major banks? If so, which one—ANZ, ASB, BNZ, Westpac, Kiwibank or another provider?

With those two answers, I can narrow the shortlist to the two or three lenders I'd approach first for your circumstances, rather than simply listing the main banks.