No Deposit Home Loans in NZ… Fact or Fiction?

This is actually a fact, you can borrow up to $250,000 in New Zealand from a large credit union without the need for a deposit to buy your first home and at reasonable interest rates. Granted it’s not going to be a palace in Wellington region at that level but for many this will be an affordable home and is a step onto the property ladder. Currently Trademe has 337 homes below this value out of 1321 total stock from Wellington, Lower Hutt, Upper Hutt and Porirua. This option works well to $350,000 with only a $15,000 deposit needed at this point and below the 5% main bank requirement.

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