Buying your first home in NZ, step by step

The usual order is deposit, KiwiSaver if it applies, a loan chat, an offer, its conditions, then settlement. In real life the steps overlap, so treat it as a map rather than a stopwatch.

1. Deposit

Your deposit is your share of the price, usually made up of savings, a gift or KiwiSaver, and its size shapes which lending paths are open. Kāinga Ora says most lenders ask for at least 20%, or 5% through the First Home Loan if you qualify (checked 5 October 2026). See how much deposit you need.

2. KiwiSaver, if it is part of the deposit

After three years of membership you can usually withdraw most of your balance for a first home you intend to live in, as long as $1,000 stays in (Australian super can't come out). You apply through your scheme provider, and the money goes to your lawyer on or before settlement, so don't count it as cash until it's approved. The First Home Grant closed to new applications on 22 May 2024. See KiwiSaver first-home withdrawal, and if you're buying as a couple, buying a house with a partner.

3. A loan conversation, often including pre-approval

A lender or home loan specialist looks at your income, debts and deposit. Pre-approval is a conditional view of what you might borrow. Getting pre-approval takes about 5 to 10 working days as a guide. Once you have it, it's usually valid for 90 days, but it pays to check with your lender. It doesn't lock in a rate. The First Home Loan is a separate scheme with its own rules. You don’t have to use a broker, and using get started doesn’t commit you to anything. Online Mortgages does not lend and does not approve.

4. The offer

Your offer is usually a sale and purchase agreement, and your lawyer should read it before you're bound. This site does not recommend a property or act in the sale.

5. Conditions

Common conditions are finance, title, a LIM and a building report, while auctions and tenders leave less room. Pre-approval alone doesn't satisfy a finance condition, because the lender still checks the property. When it's time, The week you go unconditional has a checklist.

6. Settlement

Money and ownership change hands through your lawyer, the loan is drawn and any KiwiSaver goes in. Most lenders want insurance sorted first, and if a condition wasn't met, your lawyer can explain where that leaves you.

A soft next step

If you want a home loan specialist to look at where you are on this path, use get started. The first home buyer checklist lists every step to print.

Online Mortgages shares general information for first home buyers in New Zealand. It is not financial advice, and it is not a lender. Rules, eligibility, and products change. Check the current position with the relevant provider before you act.

FAQ

Do I have to do these steps in this exact order?

No. Saving, looking and talking to a lender often overlap. Signing an agreement needs the most care, because that is where conditions and dates become yours.

Does Online Mortgages run the sale or the loan?

No. Your lawyer handles the agreement and settlement, and the lender decides the loan.