Buying Your First Home in NZ - Step by Step

Step 1: Get Financially Ready

Step 2: Explore Mortgage & Loan Options

Step 3: Start Your Property Search

Step 4: Do Your Due Diligence

Step 5: Making an Offer

Step 6: Completing the purchase

Step 7: You’re a Homeowner!

Pre-approval is your green light — it shows agents and sellers that you’re a serious buyer and gives you a clear idea of your price range. You can apply for pre-approval directly through a bank or work with a mortgage adviser.

For a quick estimate of what your repayments might look like, try our mortgage calculator.

We’ve also put together a helpful guide to walk you through mortgages and interest rates in New Zealand — so you can feel confident navigating your options.

💡 Tip: Don’t just focus on the interest rate — the structure of your loan and its flexibility can make a big difference in the long run.

Now for the fun part! Start by defining your must-haves vs nice-to-haves, then dive into your property search.

Tips:

• Use saved searches and add properties to your watchlist on Trade Me Property
• Visit open homes and don’t be shy about asking questions
• Check school zones, commute times, and the general vibe of the neighbourhood

This is also a great time to engage a property lawyer. Having a professional on your side ensures everything is done by the book. Ask friends or whānau for recommendations, talk to your mortgage adviser, or visit the New Zealand Law Society to find a lawyer who suits your needs.

You’ve found a place you love — now it’s time for some good old-fashioned due diligence, to make sure it’s as good as it looks.

What to organise:

• A LIM report from the council (this covers zoning, drainage, hazards etc.)
• A builder’s report from a qualified, independent inspector
• Legal review of the Sale & Purchase Agreement by your property lawyer

💡 Tip: Even if the seller provides reports, it’s worth getting your own. Independent advice gives you peace of mind and protects your investment.

Once you’ve found the right place, it’s time to make an offer — but how you do that will depend on the type of sale. Here are the main ones to know:

• Auction: Bidding happens live, and if you win, the sale is unconditional — so you’ll need to have finance and checks sorted beforehand.
• Deadline Sale or Tender: You submit your best offer by a set date. You can usually include conditions, but you won’t see what others are offering.
• By Negotiation: You work directly with the agent to make an offer and negotiate terms. This is the most flexible option, especially for first-home buyers.

Once your offer is accepted, you’ll go “under contract” — but you’re not quite done yet!

You’ll need to:

• Satisfy any conditions and go unconditional (e.g. confirm finance, complete inspections)
• Pay your deposit (usually 10% of the purchase price)
• Prepare for settlement day — the exciting moment when the keys officially become yours

💡 Organise insurance, power, internet and movers ahead of time to make the transition smooth.

The keys are in your hand — and your new chapter begins.

Whether you’re diving into a renovation, picking paint colours, or simply soaking up the joy of having a place to call your own, take a moment to appreciate the milestone.