
Buying Your First Home
We know buying your first home is a big deal. While we might not come and pack your boxes for you, we love helping people through the process.
What to expect when buying your first home with NZHL
Personalised
Service
We’ll help you navigate the home loan process, and keep supporting you for the life of your loan.
Financial Freedom,
Faster
Get ahead quicker and you could achieve your financial goals with our smart home loan structure.
Tools to Monitor
Your Progress
Plan, monitor and review your progress every step of the way with our DebtNav tool.
Frequently Asked Questions
What is channelling and why is it important?
The key to NZHL’s smart home loan structure lies in what we call channelling. This is where your income and savings are channelled through your home loan account to reduce your daily interest costs.
How much deposit do I need?
First home buyers need a deposit of at least 5%, with 20% or more being the optimum. Remember that this can be made up from a KiwiSaver first home withdrawal, and some first home buyers may also be eligible for a Kainga Ora First Home Loan.
What other costs do I need to factor in?
As well as a deposit, below is some guidance on other costs to consider:
- Legal fees – these can vary depending on how complicated the sale and purchase process is.
- Builder’s report – fees vary, shop around but ensure you’ve got someone reputable.
- LIM report – usually between $200 and $400 although some sellers may provide this information up front to buyers.
- Registered valuation – a valuation may be required in order to confirm your finance, expect to pay extra for this.
- Moving costs.
Can I withdrawal my Kiwisaver?
KiwiSaver advise that in order to withdraw from your KiwiSaver account you must:
- Be purchasing your first home;
- Have been a member of KiwiSaver for a minimum of three years;
- Have your KiwiSaver account with a KiwiSaver provider that allows saving withdrawals;
- Intend to live in the property for at least six months
We recommend that you contact your KiwiSaver provider and check their individual policy on withdrawals for first homes. If you are eligible to withdraw money from your KiwiSaver, you may also be eligible for a first home grant of up to $10,000 per person from Kainga Ora.
Why does the size of my deposit matter?
Generally speaking the bigger your deposit the better, as this can effect your interest rate and other fees. Not to mention the lifespan of your loan.
That said everyone has to start somewhere – so your best bet is to get in touch with an NZHL consultant today.
Thinking of a sustainable power source?
An NZHL Sustainable Energy Loan can make it easier for you to get a solar, small wind or mini hydro power system for your home. Imagine if you had a free source of power that never ran out and didn’t produce any CO2 emissions. You’d be buffered against rising power prices, and keeping New Zealand clean and green at the same time.
