First Home Buyer
Plain-English guides for first-home buyers in New Zealand: deposits, KiwiSaver, pre-approval, and the step-by-step buying process.
Articles in this topic
Using KiwiSaver for Land Purchase
Can you use KiwiSaver to buy land? The rules are specific about when land purchases qualify for first home withdrawal.
How KiwiSaver Affects Your Mortgage Borrowing
Your KiwiSaver balance and contributions can impact how much you can borrow for a home. Understanding the relationship helps you plan effectively.
Second Chance KiwiSaver Withdrawal for Previous Owners
If you have owned property before but no longer do, you may still qualify for a KiwiSaver first home withdrawal. Here is how the second chance rules work.
KiwiSaver for Couples Buying Together in NZ
How KiwiSaver works when couples buy a home together. Combined withdrawals, mixed eligibility, and maximising your deposit as a pair.
Everything You Need to Know About Withdrawing KiwiSaver for Your First Home
Your complete guide to KiwiSaver first home withdrawal. Eligibility rules, how much you can access, the Second Chance option, auction pitfalls, and timing your application.
The Hidden Costs of Building: What Is Not in the Quote
Building quotes do not cover everything. Understand the additional costs that fall outside standard contracts and how to budget for the full project.
New Build Deposit Requirements in NZ
How much deposit do you need for a new build? Understanding the favourable deposit requirements for new construction compared to existing homes.
How Long Does It Take to Build a House in NZ?
Realistic timelines for building a new home in New Zealand. From consents to completion, understand what affects construction duration.
New Build Finance: How Construction Loans Work in NZ
Understanding construction loans and progress payments for new builds. Learn how banks handle new build lending differently from standard mortgages.
New Build vs Existing Home: Which Is Right for You?
Comparing the advantages and disadvantages of building new versus buying an existing property in New Zealand. Make an informed decision for your situation.
How Much Does It Cost to Build a House in NZ? (2026 Guide)
A complete breakdown of New Zealand building costs per square metre, regional variations, and what to budget for a new home in 2026.
When Should You Transfer Your Overseas Savings if You're Buying a Home in NZ?
Timing considerations for expats converting foreign currency into New Zealand dollars before purchasing property.
What Your Mortgage Application and Tinder Profile Have in Common (But Shouldn't)
Both involve presenting yourself favorably, but mortgage lenders require financial honesty rather than curated self-presentation.
What to Do if Your KiwiSaver Drops Before Buying Your First Home
A guide addressing the challenge first-time homebuyers face when their KiwiSaver balance declines before purchase.
What to Check Before Buying a Property in New Zealand
A comprehensive due diligence checklist for New Zealand property buyers, including LIM reports, building inspections, title searches, and costs to budget for.
What Was the Housing Supply Act About?
The Resource Management (Enabling Housing Supply) Amendment Act 2021 transformed urban development rules, enabling medium-density housing across major cities.
What Happens If Your Registered Valuer's Report Is Too Low?
Banks use official valuation reports-not purchase prices-to determine lending amounts, which can create challenges when valuations fall short.
Understanding Leasehold Property Ownership in New Zealand
With leasehold, you purchase the right to occupy land and buildings for a set period rather than owning the land outright.
Small Steps: Review Your Direct Debits and Save Money
Many people forget about recurring charges like streaming services and gym memberships that quietly leave accounts each month.
How to Improve Your Credit Report in NZ: Small Steps That Make a Big Difference
Even if your report needs work, you don't have to overhaul your finances overnight. Here's practical guidance for strengthening your credit.
Property Experts You Need on Your Team When Buying a Home
Essential professionals to assemble when purchasing property in New Zealand.
What Is Price by Negotiation?
When properties are listed as 'Price by Negotiation,' sellers invite offers without setting a fixed asking price. Learn practical negotiation tactics for the NZ property market.
Preparing For Your Mortgage – Documentation
A comprehensive guide for mortgage applicants in New Zealand on required documentation to strengthen your application.
Buying a House with Bitcoin – Can It Be Done in NZ?
While theoretically possible if both parties agree, significant practical barriers exist for buying property with cryptocurrency in New Zealand.
Sun Seeker: The Essential App for Evaluating Property Sun Exposure in NZ
Learn how the Sun Seeker app helps New Zealand property buyers evaluate sun exposure before purchasing. This augmented reality tool shows exactly where sunlight will fall throughout the year.
Mortgage Calculator: How to Find the Best One
How to choose a mortgage calculator that actually helps you plan, plus recommendations for the best NZ-specific tools including sorted.org.nz and interest.co.nz.
9 Tips for Making a Winning Offer by Tender
Buying a home by tender is one of the more flexible and private ways to purchase property in New Zealand. Here's how to craft a strategic offer.
It's OK If You Don't Understand the KiwiSaver Member Tax Credit
You don't need to understand all the technical details, but you must make sure you're not missing out on hundreds of free dollars from the government each year.
How to Correctly Export Your Bank Statements
Your mortgage advisor requires bank statements for the application process. Here's how to get the correct formats from major New Zealand banks.
How Much Does a Credit Card Affect Your Lending?
Most people don't realize how significantly credit cards impact mortgage eligibility. Even unused credit limits reduce borrowing capacity.
How Do You Get a Mortgage on a Tiny Home?
Tiny homes present unique financing challenges. Here's what you need to know about securing a mortgage for compact living spaces.
Five Steps You Can Take to Make Your Mortgage Application Easier
Preparation is key to a smooth mortgage application. Here are five practical steps to strengthen your position before applying.
Everything You Need to Know About Debt: Good, Bad, and Grey
Understanding the difference between good debt, bad debt, and grey debt can help you make smarter financial decisions.
Ready To Buy: 3 Things First Home Buyers Can Do Today
Early preparation strengthens lending prospects. Here are three actionable steps for prospective homebuyers preparing for mortgage applications.
Mortgage Deposit: Can I Take Out a Loan to Increase It?
Banks will not accept borrowed funds as part of your deposit. Learn what acceptable deposit sources include and explore viable alternatives.
The CCCFA: What Property Buyers Need to Know After the 2024 Reforms
The Credit Contracts and Consumer Finance Act (CCCFA) has been significantly reformed since 2024, making mortgage lending more accessible while maintaining responsible lending principles.
Can Flatmate Income Help You Get a Mortgage in NZ?
Banks typically cap flatmate income at $150–$200 per week. Learn how flatmate income factors into mortgage applications in New Zealand.
How Does A Student Loan Affect A Mortgage Pre-Approval?
Student loans typically have a smaller impact on mortgage applications than borrowers expect. Learn how banks really assess student loan debt.
The Rule of 72: A Simple yet Powerful Financial Tool
The Rule of 72 is a quick mathematical shortcut for estimating investment doubling timelines. Learn how this simple formula can help with financial planning.
Mortgage Glossary: Common Terms Every Home Buyer Should Know
Buying your first home comes with a flood of new terms-LIM reports, equity, LVRs, CCCs, and more. This comprehensive glossary helps you understand essential mortgage terminology.
Bank Declined Your Investment Property Mortgage? Here's What to Do If It's an Equity Hurdle
When banks reject mortgage applications for investment properties, the equity hurdle is often the culprit. This article explains strategies to overcome equity limitations.
All About Conveyancing
This article explores the conveyancing process when purchasing property in New Zealand, featuring insights from a property lawyer.
6 Tips for Bidding at Auction (and How to Prepare Like a Pro)
Buying a home at auction can be both exhilarating and nerve-wracking. With the right preparation and a clear game plan, auctions can be one of the most transparent ways to buy a property.
Small Steps: Check Your Credit Score for Free
Most New Zealanders don't think about their credit score until they're applying for a mortgage, car loan or even a mobile phone contract.
What Does $1,000,000 Buy You in the Major NZ Cities?
What does one million dollars actually buy you in New Zealand? The answer varies dramatically depending on location-from below-median in Auckland to multiple investment properties in Dunedin.
How Expat Kiwis Can Buy Property in NZ and Return Home
Many Kiwis living overseas are considering returning home and buying property. Here is what expat New Zealanders need to know about getting a mortgage remotely.
Stop Looking at the Performance of House Prices
Almost every potential house buyer will ask "what are house prices doing at the moment?" This concern stems from not wanting to purchase a property today only to watch its value decline.
NZ Interest Rates Prediction 2020 (Historical Archive)
HISTORICAL: This article from early 2020 was overtaken by COVID-19 events. Preserved for historical interest only.
Prepare, Don't Panic – 3 Things to Do Right Now to Prepare for a Recession
The key problem in a recession is the lack of business confidence. Here are 3 things you can do to prepare-and 1 thing you definitely shouldn't.
NZ Mortgage Interest Rates Prediction 2023 (Historical Archive)
HISTORICAL: This 2023 prediction article is now over 3 years old. Preserved for historical interest-see how our predictions played out.
The Worst Financial Decision You Can Make
Saving presents a paradox: the process moves slowly, making many abandon the practice entirely. But there is one financial decision that could cost you hundreds of thousands.
Case Study: When You Are Just Short of 20% Deposit
This case study examines what happens when your deposit falls just short of the 20% threshold-and how a small shortfall can cost thousands in fees.
The Real Cost of Credit Cards on Your Mortgage Capacity
Credit cards are a familiar fixture in most New Zealand wallets. But when it comes time to apply for a mortgage, those little pieces of plastic could be reducing your borrowing power more than you realise.
New Build vs Existing Home: Which Should You Buy?
For many Kiwis, one of the first big questions in the home-buying journey is whether to purchase a brand-new home or an existing one.
Debt to Income Ratios: What Are They and How Are They Measured?
On June 16, 2021, the Government announced that the Reserve Bank has been given the authority to use debt-to-income lending restrictions as a regulatory tool.
Construction Mortgages – Turn-Key vs Progress Payment Contracts
Building a new home presents an exciting opportunity with potentially more flexible financing than existing property purchases. Here are the two primary contract structures.
The Mindset You Need to Get into Your First Home
The piece addresses psychological barriers first-time homebuyers face when confronted with substantial financial commitments and rising property costs.
How Soon Can You Reapply for a Mortgage After Being Declined?
Being turned down for a mortgage can be gutting-especially when you've started picturing life in a new home. But this one can be remedied.
Can I Buy a Home With Friends? What You Need to Know About Co-Ownership
Can New Zealand first home buyers purchase property together with friends? Here are the practical and legal considerations.
What Happens When You Buy a House in New Zealand?
Buying a house for the first time isn't just a financial step-it's an emotional rollercoaster. Here's your spoiler-free guide to the full home buying journey.
How to Get a Mortgage in New Zealand: The 7-Step Process for First Home Buyers
The mortgage process intimidates many first-time home buyers, but it follows a structured pathway. Here's what to expect through seven key stages.
What Does LVR Mean?
When applying for a mortgage, borrowers frequently encounter the term LVR (Loan-to-Value Ratio). This metric represents what percentage of the property's value is being borrowed.
What Are Terraced Houses-and Are They a Good Buy?
Terraced houses are one of a group of attached dwellings that share one or two walls with neighbouring homes. Are they a good option for first-time buyers and investors?
How Does a Prenup Affect Your Application for a Mortgage?
For many couples, buying a home together represents one of the biggest financial steps they'll ever take. Before signing mortgage papers, one legal document can be as important as your home loan: a prenup.
Mortgage Strategies for Self-Employed and Gig Economy Workers
If you're self-employed or working in the gig economy, you've probably noticed that applying for a mortgage isn't quite as straightforward as it is for salaried employees.
When Do You Need a Registered Valuer's Report When Purchasing a House?
If you're buying a home or applying for finance, you may be asked for a Registered Valuer's Report. This isn't just another online estimate or a council rating figure.
5 Things To Know About Your Mortgage Pre-Approval Letter of Offer
Good news! You're pre-approved for your mortgage! Here are the most important parts of the letter of offer you'll receive.
Purchasing at Auction – A Step by Step Guide
Buying at auction can be exciting but also intimidating. Here's your complete guide to navigating the auction process with confidence.
Budgeting with PocketSmith: A Complete Guide for NZ Home Buyers
PocketSmith is New Zealand's homegrown budgeting app that helps home buyers track expenses and prepare for mortgage applications. Learn how this Kiwi-made software can transform your financial planning.
What's the Minimum Deposit to Buy a House in NZ?
A comprehensive guide to NZ house deposit requirements in 2026, covering LVR rules, First Home Loans, KiwiSaver withdrawals, gifted deposits, and how much you can actually borrow.
How to Prepare for Your Mortgage Application in New Zealand
Whether you're buying soon or years away, these steps will help you build the strongest possible mortgage application. Start preparing now to maximise your borrowing power.
The Bank of Mum and Dad: Helping First Home Buyers the Right Way
Nearly half of recent first home buyers received family help. Here is how to structure parental assistance properly-whether as a gift, loan, or guarantee-to protect everyone involved.
Top 5 Most Useful Property Websites in New Zealand
Whether you're buying your first home or comparing council rates across districts, here are the top five property websites that are genuinely helpful.
What Is a Priority Amount in a Mortgage?
If you've reviewed your property's title after securing a home loan, you may have spotted something unexpected-a much higher figure than the amount you actually borrowed.
What Counts as Genuine Savings When Applying for a Mortgage?
When applying for a mortgage in New Zealand, not all deposit money is treated equally. That's where the term 'genuine savings' comes in.
Apartments: The Low-Down On High Rises
Thinking about buying an apartment? Here's everything you need to know about size requirements, ownership types, and financing.
Where Am I Going To Find My Mortgage Deposit?
Most first-home buyers focus on one thing: how to scrape together enough for a deposit. But relying on KiwiSaver alone or a friendly nod from your bank manager often isn't enough.
2 Bank Account Tips The Banks Will Never Tell You
Banks operate as profit-focused businesses with reputations that don't always reflect reality. Here are two recommendations that banks typically won't share.
Frequently asked questions
Why should couples bank with different banks?
Banks favor existing customers for mortgage applications, especially for grey zone cases where applications are on the lending boundary. By depositing salaries into different banks, couples establish existing customer status with two banks, potentially doubling their chances of approval with more flexible lending policies. This is particularly valuable when you have [low deposits](/blog/how-much-deposit-do-you-need-to-buy-your-first-home) or complex income situations.
How long do I need to bank with a lender to be considered an existing customer?
Income must be deposited for at least three months (sometimes six months) before you qualify as an existing customer at a bank. This means if you are planning to buy in the next year, start depositing your salary into your preferred bank now to establish that relationship before you apply for a mortgage.
Why should I keep business accounts separate from my mortgage?
Banks monitor business activity and can remove credit facilities like [Revolving Credit](/blog/what-is-a-revolving-credit-account) limits if they see business difficulties. Having your mortgage with a different bank protects your home lending from decisions based on business performance. One client had their $300,000 Revolving Credit removed because the bank saw an upcoming slow quarter in their business accounts.
What is a grey zone mortgage application?
Grey zone applications are those on the lending boundary that are not straightforward approvals. Examples include applicants with negative credit history (even if resolved), borrowing exceeding 80% [LVR](/blog/what-does-lvr-mean), significant reliance on rental income or government benefits, or self-managed construction projects. Banks are more flexible with existing customers for these applications.
Can we still have a joint account if we bank separately?
Yes, couples can maintain a joint account for shared expenses while depositing salaries into separate banks. Transfer spending money to the joint account while conducting personal transactions through separate institutions to demonstrate active customer status at both banks.
What lending regulations affect mortgage approvals?
Reserve Bank regulations including [loan-to-value ratio (LVR) restrictions](/blog/what-does-lvr-mean) and the Responsible Lending Code significantly impact banking practices. Banks must confirm they acted responsibly when approving loans, calculating mortgages at test rates around 7.5% and assuming 25% rental property vacancy rates.
How do banks decide between existing and new customers for difficult loans?
Mortgage advisers consistently report that banks favor existing customers over new applicants for borderline cases. Banks possess substantially more information about established customers through their transaction history, enabling better-informed decisions and greater willingness to be flexible on lending policies.
Should first-home buyers with low deposits use this strategy?
Absolutely. For first-home buyers or those purchasing with deposits below 20%, having salary deposits with different banks than your partner creates two cleaner mortgage-hunting options. This strategy is particularly valuable when you need every advantage to secure approval.