Making the move from renter to homeowner? Let us help you take the first step into your new home.
WHERE TO START
Buying your first home
Buying your first home is a big commitment, but we'll help to take some of the pressure off by keeping things simple. We'll provide guidance on each step of the process and chat through your options, so you feel informed along the way.
Every bit you've saved means the less you'll need to borrow. You may be in a position to have enough deposit saved that you don't need any extra help. In most cases, your deposit needs to be 20% of value of the property you're looking to buy.
You could be eligible to access one or all three of the government home ownership products designed to help people into their first home with a deposit of only 5%. Your deposit can come from your own savings, gifted from family or from your KiwiSaver.
Now you’ve got your deposit sorted, it’s time to get a pre-approval so you know exactly what price range you can start looking at.
A pre-approval gives you confirmation that you’re approved up to a certain sum of money, based on certain conditions. We’ll determine what you can borrow based on all the information you can provide us like – your income, employment history, and any debts or assets you may have.
What to bring with you
When you’re ready to talk with one of our team, you’ll need to provide us with the following to assess your loan application:
Evidence of your income if your wages aren't deposited directly into a TSB account (three months’ bank statements and your two most recent pay slips).
Or, updated financial statements for the last two years if you're self-employed.
Six months of statements for any credit cards, hire purchases or personal loan facilities.
Photo Identification (Driver’s License or Passport - these may need to be certified).
You may need to provide us further information, or additional documentation so we’ll let you know what else you need to bring along when you book an appointment.
Once you’ve received a pre-approval from us, you can confidently look for properties in that price range.
Once you’ve determined how you’ll get a deposit together, and spoken to us to sort a pre-approval, you’re ready for the fun part of house hunting!
Weekends will be filled up with trawling the internet looking at house listings and driving from suburb to suburb visiting open homes.
You’ll likely be searching for a while before finding the right home to buy. Your first home may not be your dream home, but it’s the first step on the property ladder.
New Zealand is full of a wide variety of property styles, from historic villas to sixties state houses and everything in between. Perhaps an apartment or townhouse is more your style? These can have different lending criteria, so make sure you let us know if you decide this is the best option for you.
Things to consider when buying your first home
- Location – do you need to be close to family or friends?
- Schools – is being in the right school zone important now or in the near future?
- Transport – if you’re taking the bus every day, is there a main bus route nearby?
- Bedrooms – how many bedrooms do you need? Will you have family visiting often that a spare room is essential?
While some properties might look in good condition from the outside, there can be hidden issues that a only building inspection will pick up on. The weather tightness of a property an be an issue, so educate yourself on what to look for when you’re viewing a property and always put a builder’s inspection as a condition for any property you’re looking to buy.
To think about
HOME LOAN OPTIONS
Manage your home loan
With a little planning and some helpful home loan tools, you can shorten the length of your loan term, reduce the amount of interest you pay, and save money in the long run.
See how our home loan features can help you pay off your loan sooner.
TSB Home Loan
Start your application by providing us with your key details. We'll then contact you for any further information we might need and to discuss the next steps. You can also make an appointment with your local branch, give us a call on 0800 872 226, let our Mobile Mortgage Managers come to you – whenever and wherever suits or set up a video call via Virtual Bank and chat to us from anywhere.