First Home Buyers: What You Need to Know
Buying your first home in New Zealand can feel overwhelming, but you don’t have to do it alone. There are a range of government schemes and support available to help you get on the property ladder, including:
First Home Grant: If you’ve been contributing to KiwiSaver for at least three years, you may be eligible for a First Home Grant of up to $10,000 for a newly built home, or up to $5,000 for an existing home.
KiwiSaver First Home Withdrawal: You can withdraw most of your KiwiSaver savings to put towards your deposit, as long as you meet the criteria.
First Home Loan: Some lenders, supported by Kāinga Ora, offer loans that require as little as a 5% deposit, making it easier to get started.
Our advisers are up to date with all the latest changes and requirements for these schemes, and can help you work out what you’re eligible for and how to apply.
How We Help
We offer a free, no-obligation consultation to talk through your situation and goals. Whether you’re ready to buy now or just starting to plan, we’ll help you understand what’s possible and what steps you need to take to get there.
We work with all the main banks and a wide range of non-bank lenders, so we can find the best fit for your needs. This means you get access to more options, better rates, and flexible terms.
Our team has years of experience helping Kiwis into their first homes. We know the process inside out and can guide you through every stage, including:
Working out how much you can borrow and what your repayments will look like
Getting your deposit together, including using KiwiSaver and government grants
Explaining the different types of loans and what might suit you best
Helping with pre-approvals so you can make offers with confidence
Supporting you through the paperwork and making sure you understand every step
For Investors
If you’re looking to buy your first investment property or grow your portfolio, we can help you structure your lending in a way that works for your long-term goals. We’ll talk you through things like interest-only loans, using equity, and the latest rules around investment lending.
Single Construction Drawdown Loan
A Single Construction Drawdown Loan is a home loan where the full amount you need for your build is paid out in one go, usually at the start of the project. This is less common for new builds, but it can be used for smaller projects or when the builder requires full payment upfront. With this type of loan, you start paying interest on the entire amount straight away, even if the build will take several months. It’s simple, but you need to be sure your builder is ready to start and finish on time, as you’ll be paying interest from day one.
Progressive Drawdown Loan
A Progressive Drawdown Loan is the most common way to finance a new home build in New Zealand. Instead of getting the full loan amount at once, the bank releases funds in stages as the build progresses. For example, money is paid out after the foundation is poured, the frame goes up, the roof is on, and so on. You only pay interest on the amount that’s been drawn down at each stage, not the full loan, which helps keep your costs down during construction. This approach also gives the bank confidence that the build is on track before releasing more funds.
Turn Key Contracts
A Turn Key Contract is a building agreement where the builder takes care of the entire project from start to finish, and you only pay the full price once the home is completely finished and ready for you to “turn the key” and move in. With this type of contract, you usually pay a deposit upfront and the balance when the build is complete. This is a popular option for buyers who want certainty and less involvement in the construction process, as the builder manages everything and you don’t have to make progress payments along the way.
Fixed Price Contracts
A Fixed Price Contract is a building contract where the total cost of the build is agreed upfront and won’t change unless you request extra work or upgrades. This gives you certainty about your budget and helps avoid unexpected costs. Fixed price contracts are common for new builds and are often required by banks when you’re applying for a construction loan, as they reduce the risk of cost overruns.
Provisional Costs
Provisional Costs (sometimes called PC Sums or Provisional Cost Sums) are estimates included in your building contract for items or work where the exact price isn’t known at the start—like kitchen appliances, landscaping, or driveways. These are allowances, and the final cost may be higher or lower depending on what you choose or what’s required. It’s important to keep an eye on provisional costs, as they can affect your final build price and your loan amount if they change during the project.