Buying your first home can be an exciting process – but it can also be a lot of information to digest. We’ve broken down the home buying process into bite-size pieces below, so you can get your head around what comes next.


Getting your deposit together

The first step towards buying your first home is getting your deposit together. You usually need 20% of the total value of the home you’re looking to buy. For example, if you're looking to buy a $500,000 home, you'd need to have a deposit of $100,000.

There are a few ways you can make up your deposit - you can use your own savings, your KiwiSaver, or your deposit can be gifted to you from a family member. Plus, there's a number of government grants that you could be eligible for as a first home buyer, to help boost the deposit you've been saving hard for.

If you’ve been a member of KiwiSaver for at least three years, you may be able to withdraw your KiwiSaver funds to put towards your first home. There are a few criteria that need to be met – check out your eligibility here

Your family can also help you get your deposit together in a formal way such as gifting, or acting as a guarantor

As a first home buyer you could be eligible for one or all of the Government grants to help grow your deposit.




Once you've got your deposit, have a conversation with your bank to help work out how much you can borrow. Getting ‘pre-approval’ is about knowing how much the bank will lend you – which will also help you figure out your house price-range before you start looking. You’ll need to come in and see us or book a video call with one of our Home Lending Specialists to start this process. There are some documents you’ll have to provide as well – take a look at what you’ll need here.



Set up your contacts

After you’ve talked to your bank and received pre-approval, it could be a good time to start setting up your contacts. That includes:

  • A solicitor (a lawyer who will help with the purchase of your new home and handle all the paperwork);
  • Builder (someone qualified to perform a building inspection, making sure the house you buy is sound) and of course;
  • Someone from your bank (a lending specialist who can talk you through the home buying and home loan process).



House Hunting

After you know what price range you’re looking at, it’s time to start looking for a home! There’s a lot to consider like location, transport, number of bedrooms etc. This is also the time to do your due diligence, (like getting a building report) especially before putting in an offer.


  • Don’t forget to think about other costs of owning a home like insurance, solicitor/lawyer fees, rates and general maintenance as some of these will need to be paid before you even move into your home.



Buying your home

The final stages of getting into your first home include making your offer, engaging with a solicitor who will facilitate the sale (working with the vendor to buy your home and fill out all the paperwork), and deciding on how you’re going to structure / repay your loan.

If you’re starting to think about buying your first home, take a look at some more helpful information below. Or talk to one of our friendly TSB team today.