National has farewelled departing MPs at Parliament this morning and welcomed its new faces.

The party this morning held its first caucus meeting after being returned to power for a third term.

Prime Minister John Key was given a standing ovation and loud cheers as he entered the caucus room at Parliament.

At the meeting, silver trays were given to fifteen departing MPs who had left at the end of the last term.

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The new National caucus then took part in a traditional photograph on the fronts steps of Parliament.

A separate photograph was taken of the 15 new National MPs, who were at Parliament for the first time since being elected on Saturday night.