# First home buyer offers: ANZ, ASB, BNZ, Westpac and Kiwibank compared > See what ANZ, ASB, BNZ, Westpac and Kiwibank offer first home buyers, including cash back, low deposit home loans and the First Home Loan. By Jason Dark, last checked 2026-11-08. Part of [Buying](https://buyingahouse.co.nz/buying) on Nester. ## The short version - Each of the five main banks gives first home buyers at least $5,000 in cash when they get a new home loan. - ANZ and ASB offer this on loans of $200,000 or more, while BNZ, Westpac and Kiwibank need loans of $250,000 or more. - If you refinance or switch banks within 3 or 4 years, you might need to pay back some or all of the cash. - ASB, Westpac and Kiwibank offer the First Home Loan with just a 5% deposit. ANZ and BNZ don't, but BNZ's cash back is available even if your deposit is as low as 5%. - Over time, the interest rate and any low equity margin usually matter more than the cash offer. ## What the main banks offer first home buyers All five main banks offer first home buyers a cash contribution, often called cash back, when you take out a new home loan. The bank pays this when your loan is drawn down or soon after settlement. Most banks advertise at least $5,000, but you could get more. ## ANZ first home buyer offer ANZ gives at least $5,000 when you get a new home loan of $200,000 or more for your first home. You need to keep all your home loans with ANZ and have your salary paid into an ANZ account for 3 years. If you move your banking or lending during that time, ANZ may ask you to pay back the full amount immediately. ANZ says you may only need a 10% deposit with its low deposit lending, but it doesn't offer the First Home Loan. Instead of adding a low equity margin to your rate, ANZ charges a one-off low equity premium. If you qualify, you can also get 4 months of free life insurance cover of $30,000 from Chubb Life. ## ASB first home buyer offer ASB gives $5,000 when you get a home loan of $200,000 or more for your first home, even if your deposit is under 20%. Tell your lender or broker before settlement if you want this. If you refinance or repay the loan within 36 months, you'll need to pay back part of the cash, depending on how much time is left. ASB offers the [First Home Loan](https://buyingahouse.co.nz/buying/first-home-grant), so you can buy with only a 5% deposit. There's no low equity margin on ASB's First Home Loans. ## BNZ first home buyer offer BNZ gives at least $5,000 cash back on new home loans of $250,000 or more for your first home, even if your deposit is as low as 5%. If you refinance or repay the loan within three years, you pay back all of it in the first year, 66% in the second year and 33% in the third. If a parent co-borrows with you and their share of the loan is over 25%, you don't get the cash back. BNZ doesn't offer the First Home Loan. ## Westpac first home buyer offer Westpac gives $5,000 or more cash back on new home loans of $250,000 or more for your first home. Westpac says it can withdraw the offer at any time and doesn't publish how much you'd pay back if you leave, so ask before you sign. Westpac also offers the First Home Loan with a 5% deposit and Family Springboard for buyers whose family can help. ## Kiwibank first home buyer offer Kiwibank gives at least $5,000 if you're buying your first home and borrowing $250,000 or more. You'll need to keep your banking with Kiwibank for four years. If you stop having your income paid into Kiwibank or refinance with another lender, you'll pay back a share calculated by the day. For example, Kiwibank says a $4,000 contribution repaid after 650 days would cost $2,219. Kiwibank also offers the First Home Loan. ## How to compare the offers Cash back can help with costs like legal fees and moving, but you only get it once. A higher interest rate keeps costing you every year. On a $630,000 loan, which is about the national median sale price minus a 20% deposit, a rate 0.25% higher costs about $1,575 more in interest in the first year. That's almost a third of a $5,000 cash back. If your deposit is under 20%, the low equity margin is even more important. The [first home buyer guide](https://buyingahouse.co.nz/buying/first-home-grant) lists what each bank charges. Check the clawback as well. If you might sell or refinance within 3 or 4 years, some of the cash could go back to the bank. ## How a mortgage adviser can help Most banks advertise at least $5,000, but the amount can be higher. A mortgage adviser can tell you what each bank is offering right now and which banks are lending to buyers with small deposits. Advisers are usually paid a commission by the bank, and they must tell you how they're paid. Use the [borrowing calculator](https://buyingahouse.co.nz/tools/how-much-can-i-borrow) to see how much you could borrow. ## Common questions ### Which bank is best for first home buyers in NZ? The best bank depends on your deposit and income. All five main banks pay at least $5,000 in cash, but only ASB, Westpac and Kiwibank offer the First Home Loan with a 5% deposit. Compare the interest rate and low equity margin as well, since they can outweigh the cash over a few years. ### Do I have to pay back the cash back? Only if you refinance, repay the loan or move your banking during the clawback period. That's 3 years at ANZ, ASB and BNZ and 4 years at Kiwibank. Westpac doesn't publish its terms on its website. ### Can I get cash back with a 5% deposit? Yes. BNZ says its offer applies with a deposit as low as 5%, and ASB's applies even if your deposit is under 20%. Ask the other banks when you apply. ## Sources - [ANZ: Buying your first home](https://www.anz.co.nz/personal/home-loans-mortgages/buying/first-home-buyer/) - [ASB: Buying your first home](https://www.asb.co.nz/home-loans-mortgages/buying-first-home.html) - [BNZ: Cash back home loan offer](https://www.bnz.co.nz/personal-banking/home-loans/cash-back-home-loan-offer) - [Westpac: Buying your first home sooner](https://www.westpac.co.nz/home-loans-mortgages/first-home/) - [Kiwibank: Cash contribution](https://www.kiwibank.co.nz/personal-banking/home-loans/getting-a-home-loan/cash-contribution/) - [Kāinga Ora: First Home Loan](https://kaingaora.govt.nz/en_NZ/home-ownership/first-home-loan/)