The deposit must be at least 5% of the purchase price, and meet the following criteria:
Many Kiwis’ turn to the bank of Mum and Dad to build a deposit for their first home. However, your lender may not accept a fully gifted deposit. Most lenders will want to see that you have at least 5% of the total property price in savings. Gifting is a great way to build your deposit. After all, every bit helps. You'll need your gifter to sign a declaration as evidence that these funds do not need to be paid back.
You may find the answer on one of the pages below: