Kiwibank is branding itself as the first choice for buyers of the New Zealand government's KiwiBuild affordable first homes, which will be priced between NZ$500,000 and NZ$650,000. Kiwibank yesterday announced it would pre-approve mortgages for successful KiwiBuild applicants. They will only need a 10 per cent deposit (between NZ$50,000 and NZ$65,000) and will also receive $2000 cash for legal fees and moving costs. The first ballot for KiwiBuild homes opens next month. The law limiting how foreign buyers can invest in the New Zealand residential property market is expected to be passed tomorrow. The Overseas Investment Act Amendment Bill has been softened since first proposed, with overseas buyers to be permitted to buy and hold certain multi-storey apartments and some buildings off the plan as long as they rent them out. Despite Australians making up about a third of the foreign buyers of homes in New Zealand, they will be exempt from the ban.