More choice for First Home Buyers

Written By Kim Manunui

In a move set to boost access to affordable housing finance, ASB Bank has become a participating lender with Kāinga Ora, opening the door for more first home buyers to enter the property market.

Kāinga Ora administers a range of government-backed housing initiatives aimed at improving affordability and supporting home ownership. By joining the panel of approved lenders, ASB can now offer eligible customers access to programmes such as First Home Loans, which allow buyers to purchase with deposits as low as 5 per cent, subject to lending criteria.

The partnership is expected to strengthen competition among lenders participating in Kāinga Ora-backed lending and improve borrower choice. For many aspiring homeowners—particularly those struggling to meet traditional 20 per cent deposit requirements—the addition of another major bank provides greater accessibility and potentially smoother processing pathways.

First Home Loans are underwritten by Kāinga Ora and designed for buyers who can service a mortgage but find it difficult to save a large deposit. Income caps and regional property price limits apply, helping to target support to those most in need.

Housing commentators say the move signals continued collaboration between the banking sector and government to address affordability challenges, especially as high property values and tighter lending standards have made entry into the market more complex.

For buyers, the inclusion of ASB means another mainstream banking option when exploring low-deposit lending. As always, applicants must meet responsible lending standards and demonstrate affordability under current serviceability assessments.

With demand for affordable pathways into home ownership remaining strong, ASB’s participation is likely to be welcomed by first home buyers seeking both competitive lending solutions and the backing of a government-supported scheme.

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