How much can I borrow?
See how much a bank might lend you for a home, what you could pay for a house with your deposit and how the repayments compare with your rent.
Before tax
Before tax
You could borrow about
$678,000
| House price with your deposit | $758,000 |
| Deposit as a share of the price | 10.6% |
| Weekly repayment at 4.95% | $835 |
| Limited by | Your repayments |
At 4.95%, your weekly repayment would be $835, which is $240 more than your rent of $595. As a homeowner, you'll also need to pay rates, insurance and maintenance.
Your deposit is 10.6% of the price. Some banks will lend with less than a 20% deposit, but they usually add a margin to the interest rate. The first home buyer guide explains how this works.
Each bank works this out differently. Want to find out what they might lend you?
A licensed mortgage adviser will look at your situation and tell you which rates and loan options you might qualify for. This advice is free.
How this calculator works
The calculator works out the most you can borrow in two ways and shows you the smaller amount.
The first way is based on what you can afford to repay. The calculator takes your income after tax and the ACC earners' levy, then subtracts your living costs and any repayments on other debts. Whatever is left goes toward your mortgage. Banks check you could afford the repayments at a test rate higher than the rate you'd actually pay, in case rates go up. The calculator does the same, using a 30-year term, which is the longest most banks offer.
The second way is the Reserve Bank's debt-to-income limit. Banks can only give 20% of their new owner-occupier loans to people who owe more than 6 times their income before tax. This means most buyers can borrow up to 6 times their income, minus any debts they already have.
The calculator starts with figures for a couple. Each person earns $73,800, which is about the median wage. Living costs are set at $1,200 a week, the average household's spending without housing (Stats NZ, year to June 2023). The deposit is $80,000, about 10% of the national median sale price of $784,363 in the 12 months to 8 November 2026. The test rate is 6.95%, which Kiwibank and Westpac use. Repayments are worked out at 4.95%, the average 1-year special rate at the end of October 2026. Rent is set at $595 a week, the national median for new bonds in August 2026. You can change any of these to match your own situation.
This is only an estimate. Banks will also look at your credit history, your job and the property. They have their own minimum living costs, which might be higher than what you enter. Rates, insurance and maintenance aren't included in the repayment, but you'll need to cover them as a homeowner.