Buying your first home is different in 2026
If you’re a first home buyer weighing up the Christchurch market this year, the landscape has shifted a fair bit from a few years back. The old First Home Grant is gone, KiwiSaver withdrawal rules haven’t changed, and the Reserve Bank has quietly given banks more room to lend to buyers with smaller deposits. Here’s an honest, practical guide to what’s actually available to first home buyers in Christchurch right now — and where to start looking.
What’s changed for first home buyers
The Kāinga Ora First Home Grant — the lump-sum payment many buyers used to top up their deposit — was discontinued in May 2024 and hasn’t been reinstated. If you’ve seen it mentioned in an older guide or a well-meaning relative’s advice, it’s worth knowing it’s no longer available.
Two supports are still very much open, though:
- KiwiSaver first-home withdrawal. If you’ve belonged to a KiwiSaver scheme for at least three years and have never owned property before, you can withdraw most of your balance — everything above a $1,000 minimum that has to stay in the fund — and put it toward your deposit. Your provider pays the funds directly to your solicitor ahead of settlement, so it’s worth starting the application at least a few weeks out.
- Kāinga Ora First Home Loan. This lets eligible buyers purchase with as little as a 5% deposit instead of the usual 20%, because Kāinga Ora underwrites part of the risk for the lending bank. It’s income-tested — as a general guide, single buyers need to be under roughly $95,000 and couples or buyers with dependants under roughly $150,000, though these caps are reviewed periodically, so confirm the current thresholds with Kāinga Ora or a mortgage adviser before you get too far into planning.
How much deposit do you actually need?
Under Reserve Bank loan-to-value ratio (LVR) rules, most owner-occupier buyers still need a 20% deposit through a standard bank loan. But banks now have more flexibility than they did a couple of years ago to lend to buyers with less — and in practice, most of that low-deposit lending goes to first home buyers.
There are two main ways around the 20% deposit if you don’t have one saved:
- The Kāinga Ora First Home Loan (5% deposit, subject to income caps and normal bank servicing checks).
- Buying a new build. New-build purchases — including townhouses and units bought directly from a developer within six months of completion — are currently exempt from LVR restrictions altogether, which is one reason Christchurch’s newer subdivisions in places like Rolleston and Halswell attract so many first home buyers.
Either way, a mortgage adviser will give you a clearer picture of your actual borrowing power than any online calculator, and it costs nothing to have that conversation early.
Where Christchurch first home buyers are actually looking
Christchurch still has real variety when it comes to entry-level buying, and you don’t have to compromise on being close to the city to find it. Suburbs like Hei Hei, Woolston, Papanui and Spreydon continue to offer good-value townhouses and units within a reasonable commute of the central city, while growth areas like Rolleston and Halswell suit buyers chasing a new build and the LVR exemption that comes with it.
Across Canterbury, REINZ’s May 2026 data put the region’s median sale price at a record-equalling $725,000, up 6.6% on the year — but that’s an average across everything from central apartments to executive homes on the hills, and it moves month to month. There are genuinely liveable options well under that in the suburbs above, especially among townhouses and smaller sections.
What to check before you make an offer
A good first home doesn’t have to be a big one, but it does need to check out. Before you get attached to a property, make sure you (or your solicitor) have seen:
- The Land Information Memorandum (LIM) from Christchurch City Council, covering consents, hazards and any council records on the property.
- A builder’s report — especially important on older Christchurch homes, given the city’s post-earthquake repair history.
- The Certificate of Title, to confirm ownership, easements and any covenants.
- For units, townhouses or cross-lease properties: the body corporate documents or cross-lease consents, so you know what you’re responsible for and what needs sign-off from neighbours.
None of this needs to be intimidating — a good local agent and a property lawyer will walk you through each document and flag anything that needs a closer look.
Getting started
The best first step isn’t browsing listings — it’s understanding your numbers. Talk to a mortgage adviser about what you can actually borrow, check your KiwiSaver eligibility, and get a feel for the suburbs that fit your budget and commute. From there, working with an agent who knows the local market well means you’ll hear about the right listings early, rather than only once they’re widely advertised.
If you’d like a hand thinking through your options as a Christchurch first home buyer, our buyers’ page is a good place to start, or you’re welcome to get in touch for an obligation-free chat about what’s realistic for your budget.
Frequently asked questions
Is the First Home Grant still available in Christchurch?
No. Kāinga Ora discontinued the First Home Grant in May 2024 and there are currently no plans to reinstate it. The KiwiSaver first-home withdrawal and the Kāinga Ora First Home Loan remain available to eligible buyers.
How much deposit do I need to buy my first home?
Most banks require 20% under standard lending rules, but eligible buyers can access the Kāinga Ora First Home Loan with a 5% deposit, and new-build purchases are currently exempt from deposit restrictions altogether.
Can I use my KiwiSaver to help buy my first home?
Yes, if you’ve belonged to a KiwiSaver scheme for at least three years and have never owned property before. You can withdraw your balance down to a $1,000 minimum, paid directly to your solicitor ahead of settlement.
What’s the median house price in Christchurch right now?
REINZ recorded a Canterbury regional median of $725,000 in May 2026, a record-equalling figure up 6.6% year-on-year. This is a regional average, though — it varies significantly by suburb and property type, with good options both above and well below that figure. Check REINZ’s latest monthly report for the current number.
What should I check before making an offer on a first home?
At minimum: the council LIM report, a builder’s report, the Certificate of Title, and — for units or cross-lease properties — the body corporate or cross-lease documents.
Join The Discussion