Commonwealth Bank of Australia's (ASX:CBA) ASB Bank unit joined New Zealand's Kainga Ora First Home Loan scheme, according to the bank's website.

Under the scheme, eligible buyers can purchase their first home with a deposit of just 5%, with the loan underwritten by Kainga Ora - Homes and Communities.

Eligibility for the home loan depends upon annual household income before tax of NZ$95,000 or less for one borrower, NZ$150,000 or less for one borrower with dependents, or a combined NZ$150,000 or less for two or more borrowers regardless of dependents.

There is a one-off Lenders Mortgage Insurance fee of 1.2% of the loan amount that borrowers will need to pay when they drawdown their home loan.

Commonwealth Bank's shares fell past 1% in recent trading on Wednesday.