First home guide

YOUR FIRST HOME MADE SIMPLE

YOUR FIRST HOME MADE SIMPLE

Moving into your first home may seem like a distant dream at times.
We created this First Home Guide for you,
to make the process simpler.

First home guide

FIRST HOME SUCCESS

Deposit

One of the first things you’ll need to think about when buying your first home is saving for a deposit. It’s important to know there are two types of deposits that are relevant when it comes to buying a house – the “bank deposit” and the “purchase deposit”.

KiwiSaver

KiwiSaver is a retirement savings scheme, but it can also help first home buyers. If you’ve been contributing to KiwiSaver for at least three years, you may be able to use your KiwiSaver savings towards the purchase of your first home.

FIRST HOME SUCCESS

Home Loans

Once you’ve saved your deposit, it’s time to look at home loan options. A home loan is a loan from a bank that helps you finance the purchase of your home.

The bank will look at factors like your income, existing debts and the bank deposit you’ve saved to determine how much they are willing to lend you and at what interest rate.

Finding Your Home

The next step in the process is finding the right home for you. You’ll need to decide on the location, type of home and your budget. Research the housing market, attend open homes, and engage with a real estate agent who can help you navigate your options.

FIRST HOME SUCCESS

Insurance

It’s important to arrange insurance for your new home as soon as possible, preferably before your agreement is unconditional. Your bank will require proof that your home is fully insured before your loan can be drawn down for settlement. Your home insurance policy will need to start from the moment you become the legal owner (usually on the settlement date), which your lawyer can advise you on.

Moving In

After settlement is complete and you’ve received the keys, it’s time to move into your new home. This is the moment you’ve been working towards, so take time to enjoy the process. Make sure you’ve arranged utility services like power and internet, and update your address with relevant parties such as banks, employers and government agencies.

Other

While buying your first home is a significant milestone, there are a few other important legal matters to think about: Making a Will, Enduring Power of Attorney (EPOA), Contracting Out Agreement and Trusts.