First time home buyer? Discover your funding options

Buying your first home can be an overwhelming experience that’s both exciting and worrying. It is a big commitment and a major milestone, so you’ll want to be prepared for the journey.

Let us be part of your journey, and we’ll provide you with the guidance you need at each step of the way, making sure you secure the best mortgage deal available.

Your deposit

Every dollar you save towards your deposit means the less you’ll need to borrow. The rule of thumb is that your deposit should be about 20% of the property’s value.

The hardest part of buying your first home is getting a deposit together. With a First Home Loan, you only need a 5 to 10% deposit which means the process just got a whole lot easier!

Your deposit can come from your savings, a gift/guarantee from family members or from your Kiwi Saver.

A gift from a relative

If you have the income to service the loan, but you are struggling to get a deposit together, reaching out to your relatives for help can make all the difference. Your deposit can be gifted, or you have discussed paying it back later. We recommend both parties seek legal advice to maintain clarity on expectations.

If you do have the arrangement to pay back the deposit, you should let us know as it may affect your loan depending on when you’ve agreed to repay the deposit.

Guarantee from family

Instead of your relatives gifting you a deposit, they may be able to act as your guarantor. A guarantor means that we will use the equity from your family’s property as security for your loan.

Having a family member act as a guarantor on your loan means they will be responsible for part of all of your loan if you’re unable to meet repayments. We strongly recommend seeking legal advice on this option.

KiwiSaver First-Home Withdrawal

You may be able to withdraw part or all of your KiwiSaver funds to put towards the purchase of your first home. To withdraw from your KiwiSaver funds, let’s look at what you need to be eligible.

KiwiSaver withdrawal criteria:

  • Your savings with KiwiSaver has been for at least three years.
  • This will be your first withdrawal from your KiwiSaver to purchase a house.
  • You intend to live in the property (KiwiSaver cannot be used to purchase an investment property)
  • Your minimum balance in your Kiwisaver account is of $1,000.
  • You do not currently own or have a share in a property.
  • The property is located in New Zealand.

KiwiSaver First-Home Grant

You might qualify for a KiwiSaver First Home Grant if you made contributions to your KiwiSaver for three years. Depending on whether you are buying an existing home or a new build, the KiwiSaver First Home Grant allows eligible first-home buyers to get up to $10,000 towards buying your first home.


Once you’ve got your deposit sorted, the next step is to get pre-approval so you know your property price range within which you’ll be looking for your ideal property.

A pre-approval is a confirmation from your lender that you can borrow up to a certain amount of money provided certain home lending criteria, and that you meet the general terms and conditions.

House Hunting

Once you know how much your loan is pre-approved for the real fun begin!

Just imagine…spending your weeknights looking for available properties then spending the weekend from one property viewing to the next. It’s fair to say that it may take a while of searching before you find ‘the one’ for you. Remember, while this is your first home purchase, it

may not be your last, so don’t get too hung up on finding the dream home. What’s important is getting your first step on the property ladder. You need to consider the location, school zone, public transport facility, size of the house etc. while buying your first home.


While some properties appear to be in good condition when you see it during an open home, there may be some hidden or underlying issues that will only be identified when you get a professional building inspection done. Make sure you do building inspection before you buy your new property.

Your Home

Sorting your home loan

You have found your house. You are about to put in your offer. What comes next?

Find a solicitor

Like with any contract, you will want to seek legal advice. A sale and purchase agreement is no different. Your solicitor will help you understand the terminology in the agreement, provide guidance on what conditions to include before you sign it.

Unconditional offer

Once you have met your financial conditions, we will give you an unconditional letter of offer. You can then pass this letter to your solicitor who will discuss it with the other parties’ solicitor. Once you meet all other conditions of the sale and purchase agreement, your offer is considered unconditional, and you will be that much closer to homeownership.

Home loan structure

It’s an understatement to say a house purchase will cost a fair few dollars, that’s why it’s essential to get the structure of your home loan correct – the difference could potentially save you thousands in interest payments and allow you to pay it off sooner.

Talk to us, and we’ll explain to you the different options available, what each option means when it comes to loan repayments, the term (length in years) of the loan, and whether a fixed or floating home loan rate will be better for you.

Are You Ready For Your First Home loan?

Buying your first home is a substantial financial and life-changing commitment, one that you can’t easily ‘undo’. Aside from your mortgage repayments, you need to budget for insurance, rates, maintenance, as well as the initial real estate agency and solicitors fees.

Talk to us, and let’s discuss your options. If you’re not quite ready for the commitment but want to be, we can guide to help you become ‘commitment-ready’ and get you that much closer to owning your first home.

Let Us Do The Hard Work

Searching for the right house to fit your needs can be fun, exciting and sometimes stressful, all at the same time. If you want the experience of buying your first home to be as stress-free and hassle-free as possible, then you have come to the right place. We will do the leg work for you.

OneLife Financial is in partnership with all major New Zealand. We can assist you in finding the best first time home buyer loan available in the market.

If you are interested in our services, please contact us.
OneLife Financial can also help you with mortgage repayment cover insurance.

Contact us today

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