How much can I borrow on $85,000 a year in New Zealand?
A home up to about
$637,500
On $85,000 a year, you could afford a home up to about $637,500 with a 20% deposit of $127,500. The mortgage payment would be about $2,738 a month.
- Deposit
- $127,500
- Mortgage
- $510,000
- Payment a month
- $2,738
How your deposit changes it
| Saved for a deposit | Home up to | Mortgage | Payment a month |
|---|---|---|---|
| $127,500 (20%) | $637,500 | $510,000 | $2,738 |
| $218,572 (30%) | $728,572 | $510,000 | $2,738 |
How it’s worked out
Reserve Bank rules limit lending to people borrowing more than 6 times their income, counting all their debts. On $85,000 with no other debts, that's $510,000.
Assumes one buyer with no other debts, borrowing up to 6 times their income, at 5% over 30 years. New 2-year fixed home loans averaged 4.99% in August 2026 (Reserve Bank of New Zealand).
- Reserve Bank rules limit lending to people borrowing more than 6 times their gross income, counting all their debts, so this uses 6 times your income less your other debts.
- Most banks need a 20% deposit; lending with less is limited. First home buyers on lower incomes may get a Kāinga Ora First Home Loan with a 5% deposit.
- Banks also test whether you could afford repayments at a higher rate and after your living costs, so you may be offered less.
Frequently asked questions
How much can I borrow on $85,000 a year in New Zealand?
On $85,000 a year, you could afford a home up to about $637,500 with a 20% deposit of $127,500. The mortgage payment would be about $2,738 a month.
How much deposit do I need on $85,000?
With $127,500 saved, you could buy a home up to about $637,500. With $218,572 saved, you could buy a home up to about $728,572.