Buying your first home in New Zealand is one of the most significant financial decisions you'll make. This guide walks you through every step of the process — from building your deposit to picking up the keys.
Step 1: Build Your Deposit
Most lenders require a minimum 20% deposit for a standard mortgage, though some options exist for 5–10% with Lenders Mortgage Insurance (LMI) or the First Home Loan scheme. KiwiSaver members who have contributed for at least three years may be able to withdraw most of their balance for a first home purchase.
Step 2: Get Pre-Approved
Pre-approval gives you a clear budget and signals to vendors that you're a serious buyer. Our advisers can arrange pre-approval quickly — often within 24–48 hours of receiving your documents.
Step 3: Factor in All Costs
Beyond the purchase price, budget for legal fees ($1,500–$2,500), building inspection ($500–$1,000), and LIM report ($300–$500). Having these funds ready prevents last-minute surprises.
Government Support Available
First Home Grant: up to $10,000 for eligible buyers. First Home Loan: enables qualifying buyers to purchase with a 5% deposit through Kāinga Ora-approved lenders.
