Your home loan guide

Home loans for your first property
Our GO Home Loan can help you take a confident first step into the property market. With your Adviser’s help and a home loan that’s working for you, it could be easier than you think.

Talk to someone who understands
If you're thinking about buying your first property, we recommend you talk to an Adviser, who can help you understand your options and plan your goals. They’ll tell you how much you can borrow, arrange the paper work, and quickly get back to you so you can start looking for your first home.

How much of a deposit do you need?
You can still achieve the dream of owning your own home.  You may be able to borrow up to 95% of the property’s value.  For example, a home of $400,000 would mean you would need to save a minimum of $20,000.  All home loans are subject to our home loan lending criteria. 

From 1 October 2013, the Reserve Bank introduced restrictions on the proportion of high loan-to-value ratio (LVR) home loans (i.e. loans with a deposit of less than 20%) that we can issue.

While we can still approve a certain percentage of low-deposit home loans, some customers who don’t have a deposit of 20% may need to borrow less or save for a larger deposit.  Note: construction loans are subject to different lending criteria from an existing dwelling.

Talk to your registered Adviser who can help you work through the options.

Other things to consider
As well as the deposit, you will also need to cover other costs associated with buying a home, including: valuation and solicitor's fees, insurance costs including mortgage protection, removal costs, and your share of any rates that have been paid by the vendor. It may be possible to add some of these costs to your home loan.

Property investment
Property remains one of New Zealand’s favourite forms of investment. Our GO Home Loan can be structured to suit your investment needs, and rental income can be paid directly into your floating loan account.

GO Home Loans are ideal for property investors

• ASB  will lend up to 60% on your investment property. Conditions apply.
• As well as your own personal income, you may use up to 75% of your rental income to service your loan.
• An interest-only GO Home Loan is often a good choice for residential investors who are looking for capital gain or are using another income source to pay off the loan.
• With an interest-only loan, your repayments cover just the interest. The principal must be repaid, or transferred to a table loan at the end of the interest-only term.
• You can pay your rental income directly into your GO Home Loan, so you don’t need to have a separate account to service the loan.
• For more details please contact an Adviser.