Your first home needs to work for the life you have now and the costs you will take on. Start with a comfortable budget and the practical things you need from a home, then build a search around those priorities. A smaller property that suits your working week may be a better fit than extra guest space you would rarely use.
Ask your lender or mortgage adviser what you can borrow, what deposit is required and what conditions attach to pre-approval. Confirm approval for the particular property before making an unconditional commitment. Allow for legal fees, building and specialist reports, a LIM, insurance, moving and any valuation your lender requires.
Then look beyond the purchase. Rates, insurance, maintenance and body corporate levies where applicable sit alongside mortgage payments. Keep a buffer for repairs and changing circumstances. If someone is helping with the deposit, have your lawyer explain how that contribution and the ownership arrangements should be recorded.
If you have KiwiSaver, ask your scheme provider whether you qualify for a first-home withdrawal, what evidence is needed and how long processing takes. Use Inland Revenue’s current first-home withdrawal information as a starting point. Do not count the money as available until the provider has confirmed your circumstances and the process.
Loan products and other assistance have their own criteria and can change. Ask the lender or responsible provider about current options rather than building your budget around an old grant or a general online example. Tell your lawyer early if withdrawn funds must be available for a deposit or settlement.
Make a short list of essentials and a second list of preferences. Consider your route to work, storage, parking, outdoor space and how much upkeep you want. In a coastal town, it is easy to imagine summer weekends; also picture a wet morning, winter light and the jobs the property will need through the year.
Compare the actual address and title rather than the label on a listing. An apartment may bring shared maintenance and levies. A cross-lease home has different questions from a freehold property. A section adds a building project and financing decisions. Our shared-ownership guide and land and lifestyle guide explain what to investigate.
Choose a lawyer or conveyancer before you are ready to offer. Arrange suitable independent inspection advice and ask an insurer about the property. At an open home, make notes and ask what buyer information is available. A viewing helps you decide whether to investigate; it cannot establish building condition, legal use or insurance terms.
Have your lawyer help with the agreement, including finance and investigation conditions, the deposit, chattels and settlement date. Understand each deadline and what happens if a condition is not satisfied. Auctions require different preparation because a successful purchase is unconditional; read our auction guide before planning to bid.
After agreement, keep in touch with your lawyer about conditions and settlement. Arrange insurance, funds and the pre-settlement inspection in good time. The Real Estate Authority’s first-home buying overview explains the wider journey.
Browse current properties, read our step-by-step buying guide or call 07 866 2190 to discuss a listing with Ray White Whitianga. The listing salesperson represents the seller; your own lawyer, lender and independent advisers support your purchase decisions.