How First-Home Buyers Use the Bank of Mum and Dad in NZ
Getting a Hand from Whānau: Your Path to a First Home
If you're working towards buying your first home in Aotearoa, you'll know it's not just about budgeting or cutting back. For many of us, it also means leaning on whānau. Support from the Bank of Mum and Dad has become a common part of the home-buying journey, helping buyers like you meet deposit requirements and qualify for a mortgage.
What the Bank of Mum and Dad Means for You
The Bank of Mum and Dad isn't a real bank, but it plays a big role for lots of Kiwi buyers. It refers to financial help from parents or family to get into your first home. That support can take a few different forms, depending on what works for you and your whānau:
- A gift towards your deposit, sometimes with a signed declaration for your mortgage provider
- A private family loan, often with flexible terms and no interest
- A guarantee on your mortgage, where family back part of the loan to help you get approval
- Joint ownership or a trust arrangement, where you buy the home together in some form
Why This Support Matters
House prices across many regions remain high, making it tough to save enough for a deposit. Even with KiwiSaver contributions and a First Home Grant, many buyers still face a shortfall. When parents or family have built up equity, their support can be the final piece that makes your purchase possible.
What You’ll Want to Think About
Getting help is a big step, so it’s important to make sure everything is clear. Be open with your family about expectations and responsibilities. Whether it’s a loan, a gift, or shared ownership, it’s a good idea to get legal advice, document the details, and make sure everyone is on the same page.
Looking at the Bigger Picture
The Bank of Mum and Dad is helping lots of New Zealanders into their first homes. At the same time, it shows how uneven access to family support can affect who is able to buy and when. While the broader affordability conversation continues, having family support—used carefully and clearly—can be a real advantage for your home ownership goals
Looking to Borrow from Whānau? Keep It Clear with Amico
If you're getting help from parents or someone close to buy your first home or cover a major cost, it's a good idea to keep everything clear from the start. That’s where Amico can help. It’s a Kiwi-made lending app designed to make borrowing between people you trust simple, secure, and stress-free.
With Amico, you can set up a proper loan agreement in five easy steps. First, check out their guides on fair and respectful borrowing. Then, create your free account. You can enter your loan details, like how much you’re borrowing, when you'll repay it, and whether any interest is involved. For a one-off fee of, Amico turns that info into a digital contract you and your lender both agree on.
The whole process is private, legally sound, and easy to manage online. Whether you’re getting a leg up with your deposit or help for study or a car, Amico helps keep things transparent. That way, you and your family or mates stay on the same page.
Check out Amico to learn more about borrowing responsibly with people you trust.
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