Generally, we can expect a lender to lend up to 80% of the value or price of a house (generally whichever is lower). Often, lower percentages are loaned on properties outside urban areas and on apartments. These figures are sometimes called the ‘loan to value’ ratio, or ‘LVR’. It is possible to borrow up to 95% of a property’s value in some cases. But that’s a big risk for both the borrower and the lender.

Most lenders will want you to have a cash deposit to put towards your home. People are usually more committed to keeping up repayments on a loan if some of their own money is invested in the property from the start.

For many of us, house prices seem to be rising faster than we can save. To help, people who can afford mortgage repayments but are unable to save the 20% deposit now required by most lenders may be eligible for a 'First Home Loan'. The lending criteria are different to standard loans; there are income and house price limits.

Members of the KiwiSaver scheme may also become eligible, after three years of contributing, for a KiwiSaver HomeStart grant. This is in addition to a first home savings withdrawal option, also available after three years’ membership.