First‑Home Buyer Checklist for 2025 – Everything Kiwis Need to Know

Buying your first home is one of the biggest financial decisions you’ll ever make – and in today’s New Zealand housing market, it can feel overwhelming. From navigating LVR rules to understanding how much you can borrow, the process can seem complicated. This guide breaks it down into clear steps so you can move forward with confidence.

Step 1: Work Out Your Budget

Before visiting open homes, know exactly how much you can borrow. Lenders use “test rates” – often higher than current interest rates – to ensure you can handle repayments if rates rise.

• Use online calculators as a starting point.
  
• Factor in ongoing costs: rates, insurance, maintenance.
  
• Remember, your deposit size will influence your borrowing power.
  

Step 2: Understand Deposit Requirements & LVR Rules

In 2025, most first‑home buyers need a 20% deposit, but low‑deposit options are available:

• First Home Loan (Kainga Ora): 5% deposit for eligible buyers.
  
• New Builds: LVR rules may allow 10% deposits for certain properties.
  
• Low‑Equity Premiums: If you borrow more than 80% of the property’s value, you may pay a small fee or a higher rate.
  

Step 3: Use KiwiSaver & Grants

If you’ve been in KiwiSaver for at least three years, you may be able to withdraw most of your balance for your first home. You might also be eligible for the First Home Grant – up to $10,000 for new builds.

Step 4: Get a Mortgage Adviser on Your Side

A bank can only offer its own products. An experienced mortgage adviser, like the team at Eureka, can:

• Compare multiple lenders for the best fit.
  
• Help with low‑deposit applications.
  
• Guide you through paperwork and conditions.
  
• Negotiate rates and terms on your behalf.
  

Step 5: Get Pre‑Approved Before You Shop

Pre‑approval confirms your maximum borrowing amount and makes your offer stronger in a competitive market.

Step 6: Make an Offer & Go Through Due Diligence

Your adviser will help you understand conditions such as finance clauses, building inspections, and LIM reports.

Step 7: Settlement & Moving In

Once your solicitor confirms settlement, it’s time to move in and start enjoying your new home.

Final Step:

Starting with a clear plan and expert support can make all the difference. If you’re ready to start your first‑home journey, contact our team today. We’ll guide you every step of the way.