First Home Buyers NZ: The Complete Step-by-Step Guide for 2025
uying your first home in New Zealand is one of life’s biggest milestones — but it can also feel like a maze of jargon, paperwork, and big decisions. With property rules, lending criteria, and support schemes changing often, it’s important to know exactly what steps to take. This step-by-step guide for first-home buyers in NZ in 2025 will help you go from renter to proud homeowner with confidence.
Step 1: Work Out Your Budget
Before you start scrolling through property listings, figure out what you can realistically afford. Lenders look at your income, existing debts, and spending habits. Use an online mortgage calculator to estimate repayments at different interest rates, and don’t forget to budget for rates, insurance, and maintenance costs.
Step 2: Save and Boost Your Deposit
Most banks want at least a 20% deposit, but some buyers can qualify with as little as 5–10% through the First Home Loan scheme. Check whether you can withdraw KiwiSaver savings to top up your deposit. Many first-home buyers also receive help from family — either as a gift, loan, or by using them as guarantors.
Step 3: Get Pre-Approval
A mortgage pre-approval gives you clarity on how much you can borrow and strengthens your offers when you find the right home. It also protects you from wasting time looking at properties outside your budget. A mortgage adviser can help compare banks and negotiate better terms.
Step 4: Start House Hunting
Once you know your budget, you can hit the open homes. Be clear about your “must-haves” versus “nice-to-haves.” Don’t forget to consider school zones, commute times, and future resale value. Explore both auctions and private treaty sales — each comes with different strategies for buying.
Step 5: Do Your Due Diligence
Before making an offer, review the property’s LIM report, title, and building inspection. These checks ensure there are no hidden legal or structural issues. Skipping this step could cost thousands in repairs or legal headaches later.
Step 6: Make an Offer or Bid at Auction
When you find the right home, it’s time to make your move. If you’re buying by negotiation, you’ll submit a conditional or unconditional offer. At auction, you’ll need to be fully prepared with your deposit and finance in place before bidding.
Step 7: Go Unconditional and Settle
Once your offer is accepted (and any conditions are met), the purchase becomes unconditional. Settlement day is when the property officially transfers to you, and you can finally pick up the keys. Don’t forget to have house insurance organised before this date — most banks require it.
Final Thoughts
Buying your first home in New Zealand can feel overwhelming, but following this step-by-step process makes it far easier. From budgeting and saving your deposit, to pre-approval and settlement, each stage brings you closer to your goal of home ownership.
If you’re ready to start the journey, talking to a mortgage adviser is one of the smartest first steps you can take in 2025. They’ll help you navigate lenders, KiwiSaver rules, and support options so you can move into your new home with confidence.