Helping you into your first home
Buying your first home is likely to be your biggest purchase yet, and can be a daunting process. We’re here to help you understand every angle, every step of the way.
Work out how much you’ll need to save
The size of your deposit depends on how much you can borrow for a home loan. This is based on how much you can afford to spend on home loan repayments each week, fortnight, or month, so working this out is a good place to start. Your deposit will usually need to be at least a quarter of the loan you can afford.
Getting your deposit together
A high-interest bank account, such as Rapid Save, could help you reach your goal faster. As your savings grow, you could move some of it into a low-risk investment, like a term deposit, that could earn even more interest.
If you're a member of KiwiSaver, you might be able to withdraw your savings to help you buy or build your first home, and you could also be eligible for a grant from Housing New Zealand^.
Sometimes your parents or family members might be able to help you buy your first home, by giving you money towards your deposit, or guaranteeing your loan.
Understanding loan-to-value ratios
Loan-to-value ratios (LVRs) are something anyone looking to take out a home loan needs to be aware of. Here’s how to make sense of this sometimes confusing part of buying a house.
Step-by-step guide to buying your first home
If you’re confused about the ins and outs of buying a home, you’re not alone. We’ve put together a handy timeline that explains each stage of the process, from applying for a home loan to settlement.