First Home Buyer NZ: Mortgage Adviser for First Home Buyers — New Zealand
Your first home is closer than you think. We help every first home buyer in NZ, by phone or video, prepare strong applications and understand their options. Then we guide you with confidence, from pre-approval to settlement.
The New Zealand property market has changed significantly. Prices have shifted, interest rates have moved, and competition between buyers is real. Nevertheless, first home buyers still have options — and the right advice makes a real difference.
Every buyer’s situation is unique. Your income, savings, employment history, and living situation all matter. While some buyers come to us ready to purchase, others spend 6–12 months preparing. Ultimately, our job is to understand where you are and map out a realistic path forward.
You don’t need 20% saved, and perfect credit isn’t essential either. Instead, what you really need is the right advice and a plan that suits your circumstances. As an experienced first home buyer mortgage adviser, that’s exactly what we provide.
Our first conversation costs you nothing. Straight away, we’ll tell you where you stand, what’s realistic, and what to do next.
We’re not tied to one bank. So we can compare lenders across the market to find the right fit for you.
From your first question to collecting the keys, we guide you through every step. That includes KiwiSaver, Kāinga Ora, and beyond.
Above all, we know what NZ lenders look for. We know how to present your application clearly, and which lenders suit you.
Most first home buyers have never done this before. Therefore, here’s the complete process from saving your deposit to collecting the keys.
First, combine your KiwiSaver and personal savings. Most lenders want 20%, but low-deposit options exist from 5% — subject to eligibility and lender criteria.
The old First Home Grant has closed, so KiwiSaver and the First Home Loan do the heavy lifting now. When you are ready to compare real numbers, get a mortgage quote. Buying outside Auckland? We also help first home buyers in Gisborne and Dunedin.
Next, book a free, no-obligation chat. We assess your situation, explain what’s possible, and tell you exactly where you stand before you start house hunting.
Then we compare lenders, recommend the most suitable option, prepare your application, and work with the lender to obtain pre-approval. Typically 3–7 business days once your documents are ready.
Start House HuntingAfterwards, include finance, building inspection, and LIM conditions to protect yourself. Your lawyer should review the sale and purchase agreement before you sign.
Subsequently, the lender assesses the specific property and issues formal approval. Typically 5–10 business days. We manage this communication on your behalf.
Meanwhile, commission a building report and order a LIM from council. Review both with your lawyer before waiving conditions.
Once all conditions are satisfied, the sale is confirmed and you are legally committed to purchase.
On settlement day, your lawyer handles the money transfer. Have your home insurance in place from this date. Legal ownership then passes to you.
Finally, you’re a homeowner. Keys collected from the agent once your lawyer confirms settlement is complete.
Timelines vary depending on the lender, the property, your solicitor, the valuation, and how complex the application is. Throughout, we keep you informed at every stage.
Have you been a KiwiSaver member for at least 3 years? If so, you may be able to withdraw most of your balance for your first home. Indeed, many first home buyers overlook this advantage. So it’s always worth checking your balance early.
3 years of membership required — contributions, employer contributions, government contributions, and returns are all withdrawable.
At least $1,000 must remain in your account at all times.
The property must be one you intend to live in — not an investment property.
Funds are paid directly to your solicitor’s trust account — not to you — before settlement.
The withdrawal takes around 10 working days. Start it as soon as your offer is accepted — don’t leave it to the week before settlement.
First step: Check your KiwiSaver balance now. Many first home buyers are surprised by what they’ve built up over time.
The myth: you need a 20% deposit. The reality: several options exist, depending on your circumstances.
No additional low-equity costs. Access to the widest range of lenders and rates. Maximum flexibility and lowest overall borrowing cost.
A low-equity cost usually applies (see below). Suits buyers who’ve saved steadily and don’t want to wait another year to get into the market.
Often via the Kāinga Ora First Home Loan or a specialist lender. A low-equity cost or LMI premium usually applies. Suits buyers who can comfortably service the loan.
A family member guarantees part of the loan using equity in their own home. You may need less cash upfront. The guarantor takes on responsibility, so independent legal advice is essential for all parties.
When you borrow above 80% LVR, lenders price in the extra risk — but there’s no single standard approach. Different lenders handle this differently:
An ongoing margin added to your interest rate until you reach 20% equity
A one-off fee added to your loan balance at settlement
A one-off 1.2% charge on the loan amount for eligible First Home Loan borrowers
We compare these costs across lenders, so you see the real long-term cost of each option. Then you can choose what suits you best.
Ready to find out how much you could borrow with a low deposit?
Book Your Free ConsultationThe Kāinga Ora First Home Loan is a government-backed scheme. It helps eligible first home buyers purchase with as little as a 5% deposit. Importantly, it’s not a grant. Instead, Kāinga Ora underwrites part of the loan, so lenders can accept a smaller deposit than usual.
Because the government guarantees part of the risk, borrowers usually get standard rates rather than a low-equity premium. As a result, it’s one of the most cost-effective low-deposit options for eligible buyers.
There is one cost to be aware of: Kāinga Ora charges a Lenders Mortgage Insurance (LMI) premium of 1.2% of the loan amount. This is a one-off charge, and you can add it to your loan.
Notably, not all lenders participate in the scheme. As your first home buyer mortgage adviser, we know which lenders offer it. We can also compare their rates and terms for you.
Eligibility criteria and thresholds may change without notice. Always verify current details at kaingaora.govt.nz or speak with us.
⚠ LMI Premium: 1.2% of the loan amount (one-off, can be added to loan). This replaced the previous 0.5% premium in July 2025.
As a specialist first home buyer mortgage adviser across New Zealand, we do more than just apply to your bank. Here’s what that looks like in practice.
First, we calculate serviceability properly. We show you what different rates mean for your repayments. Then we stress-test your budget, so you know you can handle a rate rise.
KiwiSaver-rich? Family who could guarantee? Self-employed? Because every situation is different, we treat it that way — not a one-size-fits-all approach.
Rather than one bank’s products, we work with major banks and specialist lenders. Some have strong first home buyer programmes. That way, we find the right fit for you.
Additionally, we prepare clear, complete applications. We also handle the lender for you, so you always know what’s happening.
Where appropriate, we negotiate with lenders on your behalf to secure competitive lending terms for your circumstances.
Finally, we keep you informed at every step and explain what’s normal. We also help you understand the terms, so you can decide with confidence.
These are illustrative examples, not actual clients. Individual circumstances and timelines vary. All lending is subject to lender assessment, credit criteria and approval.
Both in permanent roles, saving steadily, with a clean credit history. Kept being told they needed a 20% deposit.
Explored a low-deposit lending strategy with a suitable lender and prepared their application, including structuring around their KiwiSaver contribution.
Real but variable income; an initial lender was hesitant due to income inconsistency typical of self-employment.
Worked with a lender experienced in self-employed lending. Presented several years of tax returns, an accountant’s letter, and a conservative view of income to demonstrate affordability.
Modest personal savings and a KiwiSaver balance they’d never checked. Felt the deposit gap was insurmountable.
Calculated the combined deposit position using their KiwiSaver withdrawal. Suddenly, buying was within reach.
Most first home buyers focus on the deposit and forget the other costs. Here’s what to plan for — and how Mortgage Sense can help you estimate them.
Set aside several thousand dollars in addition to your deposit to cover legal costs, inspections, insurance and other purchase expenses. We’ll help you estimate these based on your specific situation and purchase price. Don’t deplete your deposit savings to cover these — keep a buffer, because unexpected costs almost always come up.
Buying your first home involves a lot of moving parts. Our First Home Buyer’s Toolkit brings it together with eight practical checklists and planners. Mortgage Sense made it for New Zealand first home buyers.
Everything you need to go from scrolling Trade Me to collecting the keys.
8 Sections · Free Resource · Mortgage Sense NZ
These are the mistakes we see most often. Knowing them in advance means you won’t make them.
You don’t know what you can afford, so you waste time on homes outside your range. You also lose out to buyers who already have pre-approval. Speak with us about pre-approval before you start house hunting.
Your bank offers you one set of options. As your first home buyer mortgage adviser, we compare your position across 30+ lenders — a very different conversation.
Lenders value employment stability. A job change mid-application can complicate things significantly. If a change is coming, tell us early so we can plan around it.
Taking a car loan, credit card or personal loan before settlement can cut your approved borrowing. It can also delay formal approval. Keep your financial position stable until you have the keys.
BNPL shows up on your credit file and can affect your application. Consequently, avoid it completely during the mortgage process.
Unconditional means you’re committed — regardless of inspection findings or whether finance comes through. Always make your offer conditional on finance and a building inspection.
It costs $500–$800. However, a hidden defect can cost $50,000+. Always commission a building report before going unconditional. No exceptions.
The First Home Grant closed to new applications in May 2024. The First Home Loan, however, is still active — they are two completely different things.
Auction bids are unconditional. For that reason, only bid at auction once your finance is fully confirmed and you’ve completed all due diligence. If you win, you own that property whether your lender approves or not. Here is how buying at auction in NZ compares with tenders and multi-offers.
The withdrawal takes around 10 working days. Therefore, start it as soon as your offer is accepted — not the week before settlement.
If your available funds drop significantly between approval and settlement, the lender may reassess your application. Keep your deposit intact until settlement is confirmed.
Buying with 5 to 19% deposit, and what a low equity margin costs.
Low deposit →Government-backed loans from 5% deposit, through selected lenders.
Kāinga Ora →Construction loans, house and land packages and progress payments.
New builds →Buying with family, friends or a shared equity scheme.
Shared ownership →Everything first home buyers ask us — answered clearly and honestly.
Whether you’re six months away from buying or ready to make an offer today, Mortgage Sense is here to help. The first conversation is free and there’s no obligation.