First Home Buyers Club Blog

In short, the answer is “Now … at the start of your home-buying journey.” A mortgage adviser can serve as a valuable ally!

Embarking on the exciting journey of homeownership is a significant milestone in anyone's life. Whether you're a first-time buyer or a seasoned homeowner, the complexities of the real estate market can be overwhelming. One crucial decision that often arises during this process is whether or not to engage the services of a mortgage adviser, and when.

Making an offer on a house is both an exciting and nerve-racking time! What's the right amount to offer? Is it too much or too little? What conditions should you include? Finding the right balance between a competitive offer and one that fits your budget is crucial, and should be carefully considered. After all, buying your first home will likely be the biggest, and most expensive, purchase you’ll ever make.

Here’s 6 steps to help guide you through the process:

First Home Buyers are often nervous about the size of their Student Loan and how it will affect their chance of getting a mortgage. 

The Scenario

You’ve studied hard for many years and, to get there, you borrowed on your Student Loan for courses, books, and some money to live on. Now you have a deposit for a house … and a Student Loan of four times that!  How is your Student Loan going to affect your chances of getting a mortgage?

When reviewing a home loan application, banks consider a variety of factors to calculate affordability. However, all factors considered, it can be summarized into this simplified equation:

So, let’s look at these 4 components in more detail to understand what you can do to put your best foot forward when applying for a home loan, and identify any hurdles you may need to overcome.

When saving for your first home, creating a budget is an important step in managing your finances effectively. It helps you track your income and expenses, prioritize your spending, and work towards your financial goals.

DISCLAIMER:  This information is not intended as financial advice or a recommendation. It does not take into account your individual needs or financial situation. We recommend you always seek independent legal and financial advice.

There’s a misconception that having at least a 20% deposit is the only option for a First Home Buyer. Whereas, the amount of deposit needed to buy a house in New Zealand can be from as low as 5% ... enabling First Home Buyers to pursue their dream of owning a property by using low deposit home loans.

Buying your first home can be an exciting, yet daunting, prospect. One of the biggest hurdles to overcome is the deposit required to secure a mortgage. For many Kiwis, being able to make a one-off withdrawal from their KiwiSaver for a home deposit enables them to reach their home-buying dreams. 

Whether you’re a first home buyer or already a property owner, we’ve all been nervously watching interest rates continue to rise through 2023. And now with last week’s OCR rise of another 50 basis points … if only we had a crystal ball to know the impact this is going to have on home loan interest rates going forward, and whether it’s a good time for first-home buyers to dive into the property market.

This article was written April 2023.

Buying a home is a major milestone in anyone's life and the process of finding the right one can be overwhelming. Once you've arranged your pre-approval, know your budget, and have your home deposit ready, now the really exciting part begins ... it’s time to start house hunting!

Here are 5 tips to help make your home search a success.