First home buyer's guide

1. Start with repayments you can live with

Your first home starts with a household budget. List take-home income, regular spending, debt repayments and savings. Then add the costs of owning: rates, insurance, maintenance and body corporate fees where relevant.

Keep an emergency buffer rather than using every available dollar at settlement. Try the loan repayment calculator at more than one interest rate, and read what a rate rise does to your repayments. A lender's maximum loan and your comfortable budget can be different amounts.

2. Work out your deposit and buying costs

For an illustrative $700,000 home, a 20% deposit is $140,000, 10% is $70,000 and 5% is $35,000. These are deposit calculations, not promises of loan approval. A smaller deposit means a larger loan and may mean different pricing or conditions.

Keep money aside for legal advice, property checks, any valuation the lender requires and moving costs. Confirm whether family help is a gift or a loan, because repayments affect your budget.

Kāinga Ora's First Home Loan can allow eligible buyers to apply with a 5% deposit through participating lenders. Eligibility and the lender's credit assessment still apply. See our low-deposit guide and check current criteria before relying on this pathway.

3. Check KiwiSaver early

Under Kāinga Ora's withdrawal guidance, eligible members who have belonged to KiwiSaver for at least three years may withdraw savings for a first home they intend to live in. At least $1,000 must remain in the account.

Contact your scheme provider to confirm eligibility, the available amount, required documents and processing time. Tell your solicitor if KiwiSaver will fund an agreement deposit or settlement. Do this before committing to dates; the balance on your statement is not automatically the amount you can use.

4. Prepare for pre-approval

Gather ID, income evidence, complete statements, details of debts and credit limits, and proof of deposit. Our home-loan document checklist helps you organise these before your appointment.

Ask the lender or adviser to explain every pre-approval condition and its expiry date. Confirm what must happen once you find a property. Avoid assuming that an indicative borrowing amount is final approval, especially if your income, debts or plans change.

5. Check the property before committing

Settled's buying guide covers the journey from researching a home to settlement. Have your lawyer review the agreement and title, and discuss a LIM, building inspection, insurance availability and any body corporate records. Ask your lender whether it needs a valuation or has concerns about the property.

Agree suitable conditions with your lawyer before signing. Auctions generally require an unconditional purchase, so complete legal, property and finance checks before bidding. Do not treat pre-approval alone as permission to bid.

6. Choose the loan and plan settlement

Compare the proposed repayments, fees, fixed periods and flexibility to make extra payments. Ask for the implications of any cashback conditions and an explanation of the loan documents. A lower starting repayment can come with a longer term and greater total interest.

Coordinate your lender, lawyer, KiwiSaver provider and insurer so funds and cover are ready when required. Arrange the pre-settlement inspection with your agent. Keep your first repayment date and homeownership costs in your budget after you move.

Your first appointment checklist

• Your target area, property type and comfortable purchase budget.
• Income, spending, current debts and deposit evidence.
• KiwiSaver eligibility and any family contribution details.
• Questions about pre-approval conditions, property checks and settlement timing.

Explore CorePath's first-home buyer support or speak with an adviser about the next step for your circumstances.