Shared Ownership Home Loan

1 year fixed

7.84% pa

2 year fixed

7.39% pa

  • Let's get you into your first home* faster together
  • We'll put in up to 10% interest-free towards your 20% house deposit, as well as a regular home loan for the balance
  • No limits on your household income
  • No caps on the home you can buy
Read our Brochure Make an enquiry

Rates and Fees

View all our rates and fees.

Terms and Conditions

View our Terms and Conditions.

Loan Agreements

View all our Loan Agreements.


Saving for that 20% deposit? Let's go halves.

First Home TOGETHER is a home loan package where you share ownership of your first home for a while with the Police Credit Union.

We'll lighten the load by giving you up to 10% of the price of your first home interest-free for up to 10 years.

Over time you buy our deposit share from us – to own 100% of your home as soon as possible!

First Home TOGETHER gets you into your first home, faster. If you have at least a 10% deposit, we'll help with the rest to get you to a total 20% deposit!

Want to find out if you're eligible to join the Police Credit Union? You can check here.

* If you’ve previously owned a home you may still be eligible. Check Kāinga Ora’s site first to see if you meet the criteria here.

Read our FAQs

First Home TOGETHER package

1. Your deposit

At least 10% of the house purchase price. Your deposit can be made up of 1 or more of your KiwiSaver, Police Super Scheme, savings, gifts from whānau, or the First Home Grant.

2. Our 'Deposit Help'

This is up to 10% of the house purchase price provided by the Police Credit Union and is interest-free for up to 10 years. Your deposit plus our Deposit Help will total 20% of the house purchase price.

3. Main home loan

The Police Credit Union also provides a regular home loan to pay for the balance of your home.

What is 'First Home TOGETHER'?

If saving a 20% deposit is stopping you from getting on the property ladder, First Home TOGETHER could help you and your whānau into your own slice of kiwi paradise by sharing the cost of the deposit with the Police Credit Union. We call this Deposit Help.

With Deposit Help, we'll share ownership of your home. While we’re a co-owner, the home is still yours, and we’re not your landlord; think of us as a silent partner to help you get into your first home but also stay out of the way as much as possible. You don’t pay rent or interest on Deposit Help. You buy our share from us over a period up to 10 years.

Like a regular home loan, you’re responsible for your home and all ongoing costs like rates, insurance, utilities, household repairs, and maintenance.

What sort of house can you buy with First Home TOGETHER?

First Home TOGETHER can be used towards buying a house that is already built.

It can't be used for:

  • Buying bare land
  • Building a house (a construction loan)
  • Building a tiny home.

What can you use towards your deposit?

Your deposit can be made up of one or more of the following:

  • Your savings
  • Police Super Scheme withdrawal
  • KiwiSaver Scheme withdrawal
  • First Home Grant
  • Gifts from whānau

Scenario Calculator

Use our calculator to help you work out your scenario:

  1. You've found a house - find out how much your deposit needs to be, what ours can be, and what your home loan repayments will look like.
  2. You've got a deposit - work out the price range of a home you could buy with your deposit, what we could contribute, and what your home loan repayments might be.

First Home TOGETHER Calculator

Use the calculator Buyer Journey Guide

View guide


You only need a 10% deposit

Saving for a 20% deposit is a real struggle, so we want to remove that barrier. First Home TOGETHER means you can get into your own home with just a 10% deposit.

No income cap

We’re here for all our Police whānau and that's why we don't put a maximum on what you can earn.

No house value cap

We don't put a maximum price on the home that you can buy.


More Benefits!

Sell up when you want

We don’t tell you how long to stay in your home. If, for instance, you get a promotion somewhere else in NZ, we don’t want you feeling you have to stay where you are.

Reduced repayments

Because Deposit Help is interest-free, your home loan repayments are much smaller than if you had to borrow all that money.

We do it all!

With First Home TOGETHER you can do it all through us - we're your one-stop shop!

Fewer fees

Others charge an annual management fee and a fee every time you buy back a share in your home - we don't. There are fees if there is a real cost involved, such as getting your home revalued.

First Home Buyer help

Getting serious about starting your first home journey?

Check out some helpful resources including calculators, useful websites and tips and tricks for buying your first home.


How does it work?

Day-to-day it won’t feel any different than a regular home loan.

You live in and look after the home and enjoy having a little slice of NZ to call your own.

We want you to own your home as soon as you can. It’ll look different for everyone, but the goal is to do this within 10 years. To help you with this, we’ll meet with you every year to see how you’re tracking and work with you to achieve the goals of:

- Buying back our share and becoming the full homeowner.

- Keeping your home maintained.

- Helping you with any questions you may have about First Home TOGETHER.

Read our brochure Read about buying back shares

Find out more

To help you decide if First Home TOGETHER is right for you, we've got all the important information in this brochure, including how it works with examples and answers to frequently asked questions.

Rates and Fees

Establishment Fee $100
Variation Fee $50
Discharge Fee $75
Fixed Rate Break Fee Calculated upon request.


Home Loan Rates  
Floating 8.14% p.a.
Shared Ownership 1 year fixed 7.84% p.a.
Shared Ownership 2 years fixed 7.39% p.a.

The fine print

Normal lending criteria and a $100 establishment fee applies to all new loans.

See our Terms, Conditions, and Loan Agreements.