Buying Your First Home in NZ, Simplified
Buying your first home is one of the biggest financial decisions you'll ever make — and in New Zealand, it involves more moving parts than most first-time buyers expect: saving a deposit, getting a mortgage pre-approval, finding the right property, making an offer, arranging a lawyer, and finally settling. This guide walks through the entire journey in order, so you know exactly what's coming next and when.
On average, the process takes 3–6 months from getting pre-approved to picking up the keys, though it can move faster if you're well prepared. The single biggest time-saver is doing your financial groundwork before you start looking at properties.
You don't need a 20% deposit to buy your first home — the Kāinga Ora First Home Loan lets eligible buyers purchase with as little as 5% deposit.
The 8 Stages of Buying Your First Home
Every first home purchase in NZ follows roughly the same sequence:
- Get financially ready — budget, check your credit file, and start saving a deposit.
- Get pre-approved — a lender confirms in principle how much you can borrow.
- Search and view properties — with a budget in hand, you can narrow your search fast.
- Do your due diligence — LIM report, building inspection, title search.
- Make an offer — negotiate, tender, or bid at auction depending on the sale method.
- Go unconditional — satisfy your finance and due diligence conditions.
- Prepare for settlement — your lawyer and bank finalise the paperwork and funds.
- Settle and move in — settlement day, keys, and moving day.
Existing Home
New Build / Off-the-Plan
Costs to Budget For, Beyond the Deposit
Most first home buyers underestimate the cash needed on top of the deposit. Budget for:
- Legal / conveyancing fees: Typically $1,500–$3,000 for a standard purchase.
- Building inspection: Usually $500–$1,200 depending on the property size and inspector.
- LIM report: Ordered from the local council, usually $250–$400.
- Moving and connection costs: Power, broadband, insurance and the actual move — budget a few hundred dollars more.
Your First 5 Action Steps
If you're just starting out, do these in order before you attend a single open home.
Check your KiwiSaver eligibility
If you've been contributing for 3+ years, you may be able to withdraw most of your balance towards a deposit.
Get a free credit check
Lenders will check this too — better to know what they'll see first.
Talk to a mortgage broker or bank
Get an indicative idea of how much you could borrow before you fall in love with a property.
Get pre-approved
A pre-approval gives you a real budget and makes your offers far more credible.
Line up a property lawyer
Have one ready before you make an offer, not after — see our guide on choosing a lawyer for buying a house.