Frequently asked questions

Honest answers to the questions first-home buyers ask most

Buying your first home comes with plenty of questions—and that’s completely normal.

Whether you’re wondering how much deposit you’ll need, if you can use your KiwiSaver, how pre-approval works, or what lenders look for, you’re in the right place.

I’ve answered some of the questions I’m asked most often to help you feel more informed and confident about your next step.

Can’t find the answer you’re looking for?

I’d be happy to help.

Before you buy

Questions about getting started, deposits and understanding what’s possible.

Do I need a 20% deposit?
Not necessarily. While a 20% deposit can provide access to more lending options and lower interest rates, many first-home buyers purchase with a smaller deposit. The right option depends on your deposit, income, overall financial position, and the lender’s criteria.
Can I buy with a 10% deposit?
Possibly. Many lenders will consider applications with a 10% deposit, provided you meet their lending criteria. Some buyers may also be eligible for other lending options depending on their circumstances. Every situation is different, so it’s worth understanding what may be available to you.
Can I use my KiwiSaver?
If you’re eligible, you may be able to withdraw most of your KiwiSaver savings to put towards your first home. There are eligibility criteria, so it’s important to understand what you can access and when to apply.
How much can I borrow?
There’s no one-size-fits-all answer. Lenders look at your income, living expenses, existing debts, deposit, and overall financial position when assessing how much you may be able to borrow. Different lenders can also assess the same application differently.
What costs should I budget for?
In addition to your deposit, you’ll also need to budget for costs such as legal fees, building and LIM reports (where applicable), valuations if required by the lender, insurance, moving costs, and any immediate maintenance or repairs. Planning for these upfront can help avoid surprises later.

Getting ready

Everything you need to know before applying.

What do banks look for?
Banks consider a range of factors when assessing a home loan application, including your income, living expenses, deposit, existing debts, savings habits and overall financial position. They want to see that you can comfortably afford your repayments now and into the future.
What documents will I need?
The documents required will vary depending on your situation, but typically include proof of income, identification, bank statements, evidence of your deposit, and details of any existing loans or financial commitments. I’ll let you know exactly what’s needed and help you gather everything before your application is submitted.
How does pre-approval work?
Pre-approval is an indication from a lender of how much you may be able to borrow, subject to certain conditions. It gives you a clearer budget before you start house hunting and allows you to make offers with greater confidence.
How long does pre-approval last?
Most pre-approvals are valid for around 60 to 90 days, although this can vary between lenders. If you haven’t found a property before it expires, it may be possible to renew or reassess your application depending on your circumstances.
How do I improve my chances of approval?
The best place to start is understanding your current position. Building regular savings, reducing unnecessary debt, managing your accounts well, and preparing the right documents can all strengthen your application. Sometimes, choosing the right lender or making a few small changes before applying can make a significant difference.

Finding a property

Questions about house hunting and making an offer.

Can I make an offer before finance is approved?
Yes, you can. Many buyers make offers subject to obtaining finance, using a finance clause to protect themselves. Having pre-approval before you start house hunting can give you greater confidence and make the process smoother.
What is a finance clause?
A finance clause is a condition in a Sale and Purchase Agreement that allows you time to arrange and confirm your home loan. If you’re unable to obtain satisfactory finance within the agreed timeframe, you may be able to cancel the contract without penalty. It’s one of the most important protections for first-home buyers.
Should I get a building report?
In most cases, yes. A building report can identify issues that may not be obvious during an open home, helping you make a more informed decision and avoid unexpected repair costs. It can also highlight matters that may affect a lender’s willingness to provide finance.
What’s a LIM report?
A LIM (Land Information Memorandum) report is provided by the local council and contains information about the property, including building consents, zoning, drainage, hazards and other matters that could affect your decision to buy. It’s an important part of your due diligence.
What happens after my offer is accepted?
Once your offer is accepted, you’ll work through any conditions in the agreement, such as confirming finance, completing a building report or reviewing the LIM. Once all conditions are satisfied, the agreement becomes unconditional and you’ll begin preparing for settlement, when ownership of the property transfers to you.

Buying your first home involves more than just arranging a mortgage.
I’ll help guide you through the entire process—from understanding the Sale and Purchase Agreement and working through your finance conditions to settlement day and beyond—so you always know what comes next.

Settlement and beyond

What happens once you’ve found your home.

What happens before settlement?
Once your finance is approved and your agreement is unconditional, we’ll work together to discuss and agree on a loan structure that suits your goals and helps set you up well from the start to put you in the best position to pay off your mortgage sooner. We’ll also organise your loan documents, insurance and settlement requirements, while your solicitor and lender work behind the scenes to prepare everything for settlement day.
When do I organise insurance?
Your home needs to be insured before settlement, as your lender will require confirmation that insurance is in place before they release the loan funds. Your insurer will provide a Certificate of Currency noting your lender as an interested party, and your solicitor will need a copy before settlement can proceed.
What should I expect on settlement day?
Settlement day is when the purchase is completed and ownership of the property officially transfers to you. Your solicitor and lender will arrange the transfer of funds, and once everything is finalised, you’ll be able to collect the keys to your new home and celebrate becoming a homeowner.
Can I make extra repayments?
In many cases, yes. Most lenders offer options to make additional repayments, although the amount and conditions can vary depending on your loan structure. We’ll discuss the flexibility offered by your chosen lender and use that to help determine the best loan structure for your situation and long-term goals.
What happens when my fixed rate expires?
When your fixed rate comes to an end, you’ll have the opportunity to review your loan and choose a new fixed or floating rate. This is also a great time to review your loan structure, consider your equity position, and make sure your mortgage still supports your goals. I’ll be in touch before your fixed rate expires to help you review your options and make an informed decision.

Looking for more detailed answers?

Download my complete first-home buyer FAQ guide, which covers over 50 of the questions I hear most often.

Popular resources

Looking for more detailed guidance?

First home faster toolkit A practical guide to understanding the first-home buying journey from start to finish.

Success stories Read how everyday New Zealanders achieved home ownership with the right guidance and a clear plan.

Can I buy? Learn about deposits, KiwiSaver and borrowing power.

How do I buy sooner? Discover practical strategies that could help you reach your goal sooner.

Still have a question?

Every first-home buyer’s situation is different, so it’s natural to have questions that aren’t covered here.

Whether you’re just getting started or already looking at properties, I’m happy to point you in the right direction.

You don’t need to have everything figured out before reaching out.

No pressure. No obligation. No silly questions.