You don’t need a deposit at all if the cost of building or the purchase price of the house is less than $200,000. In those cases, Kiwibank can lend you 100 percent of the amount required. However, the amount you can borrow is subject to certain conditions.
You may be able to borrow more in certain areas and you’ll still only need a deposit of 15 percent for amounts over $200,000.
Note: Home loan deposits usually can’t be gifted, but with this loan they can.