No deposit required

People earning up to $50,000 a year or couples earning up to $100,000 a year could qualify for home loans without a deposit in a scheme intended to help low to modest income families buy their first homes. The Government expects Kiwibank to approve about 1800 loans from September under the new mortgage guarantee scheme. Qualifying buyers wouldn’t need a deposit if the house costs less than $100,000, and would need a deposit of 5% if the house costs more than $100,000.