First Home Buyer? Here’s What Support You May Be Eligible for.
Taking the leap into homeownership for the first time can feel overwhelming. Between saving a deposit, navigating the lending and finance process, and figuring out where to even start looking, it’s a lot to wrap your head around.
But the good news? With the right guidance and a bit of know-how, buying your first home doesn’t have to be so complicated. There are some great support options available to first-home buyers in New Zealand, and we’re here to help you take full advantage of them.
Let’s explore what might be available to help get you into your first home sooner.
Using KiwiSaver to Help With Your First Home
If you’ve been a KiwiSaver member for at least three years, you may be eligible to use some of your savings towards purchasing your first home. Most of your KiwiSaver balance can be withdrawn (you just need to leave at least $1,000 in your account).
To qualify, you’ll need to be buying the home to live in yourself and not as an investment property. It must also be your first home. That said, if you've previously owned property but are in a similar financial position to a first-time buyer, you may still be eligible under certain conditions.
It’s important to check that your KiwiSaver provider allows for home purchase withdrawals, as not all do. We can help you confirm this and guide you through the process.
Plus, your KiwiSaver balance might be more substantial than you realise, so it’s a great place to start when looking to boost your deposit.
The First Home Loan
The First Home Loan is a government initiative designed to make homeownership more accessible, especially if saving a large deposit feels out of reach. Supported by Kāinga Ora, this loan allows eligible buyers to purchase a home with as little as a 5% deposit, compared to the typical 20%.
To qualify, you’ll need to meet specific income and residency requirements, be buying the property to live in, and not currently own any other property (excluding Māori land).
These loans are available through selected banks and lenders, each of which has their own lending criteria. This can include affordability checks, your current financial commitments, and your credit history. Some lenders may also require you to pay a Lenders Mortgage Insurance (LMI) premium of 0.5%.
Since every lender is different, one might decline your application while another gives the green light. That’s where we come in, we’ll help match you with the lender that best fits your financial situation and long-term goals.
Why Work With a Mortgage Adviser?
When you’re buying your first home, having a mortgage adviser in your corner can make all the difference. Not only do we help you crunch the numbers and figure out what you can afford, but we also do the legwork of comparing lenders, securing pre-approval, and navigating the paperwork.
Best of all? Our advice is usually completely free to you.
We can also assist with both KiwiSaver withdrawal applications and the First Home Loan process, saving you time, reducing stress, and ensuring you don’t miss out on any opportunities.
If you’re thinking about buying your first home, get in touch with our local mortgage advisers in both Christchurch and South Canterbury. We’d love to help you take the first step toward homeownership.
Book your free, no-obligation chat today and let’s make a plan that works for you.