First-home buyer checklist for New Zealand

This is a plain checklist of the steps in buying a first home in New Zealand, from the money picture to the day the keys arrive. It can be ticked off as you go or printed.

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How to use this checklist

The stages run roughly in order, though buyers often jump around. Everything on the list is general information. A lender, home loan specialist and lawyer decide what applies to any one buyer. Costs are indicative and change, and quotes give the real figures. There is more on the deposit, KiwiSaver and pre-approval pages.

First-home buyer checklist

onlinemortgages.co.nz. Figures as at 5 October 2026. General information only, not financial advice.

1. The money picture

Many buyers start here, because it feeds every later step.

It can help to list income after tax and monthly spending, using the last 3 months of bank statements.
Many buyers list every debt: student loan, car loan, hire purchase, buy-now-pay-later, credit cards and overdrafts.
Lenders count a credit card limit, not only the balance, so many buyers write each limit down.
A credit file can contain mistakes. A copy can be requested from the credit reporting agencies.
Lenders usually look at new debt and at changes in job or pay during an application.

2. The deposit

Banks often ask for 20% on an existing home. A Kāinga Ora First Home Loan starts at 5%. The deposit page sets out the options.

Lenders usually ask for the history of savings, so many buyers add up their savings and where the money has been sitting.
A KiwiSaver provider can give a withdrawal estimate. Membership of at least 3 years is needed, and $1,000 stays in the account.
When family is helping, lenders usually ask for the details in writing: whether it is a gift or a loan, and who is giving it.
Kāinga Ora's income caps, as at October 2026, are $95,000 or less for one buyer without dependants, $150,000 or less for one buyer with dependants, and $150,000 or less combined for two or more buyers, before tax over the last 12 months, as listed on the Kāinga Ora First Home Loan page. Check the latest with Kāinga Ora or your lender.
It can help to work out the deposit for a price range at 5%, 10% and 20%, to see the gap in dollars.

3. Costs besides the deposit

These are indicative figures, and quotes give the real ones.

Legal and conveyancing: about $1,200 to $2,500.
Valuation, if the lender asks for one: about $700 to $1,200.
Builder’s report: about $400 to $800.
LIM report from the council: about $375.
Home insurance, moving costs, and a small cushion for first repairs.
Lender fees can apply, and the lender can say which.

4. Pre-approval

A lender looks at documents and gives a conditional view of how much it may lend.

Photo ID.
Proof of deposit and its source.
Lenders usually ask for about 3 months of payslips, or accountant-signed financials for the self-employed.
They usually ask for about 3 months of bank statements for every account, including cards and loans.
A KiwiSaver statement and any gift letter are common too.
Getting pre-approval usually takes about 5 to 10 working days as a guide, though lenders vary.
Once you have it, pre-approval is usually valid for 90 days, but it pays to check with your lender.

5. Looking at homes

These are things that are easy to miss.

Many buyers read the listing carefully and ask what is included in the sale.
A LIM report from the council shows what the council knows, and buyers often order one for homes they are serious about.
A builder’s report is a common step, and its cost is small next to the price of a home.
For a unit or townhouse, the title and any body corporate documents are worth reading.
Many buyers ask their insurer whether it will cover the home.
It can help to ask a home loan specialist whether the lender is comfortable with that type of property early on.

6. Making an offer

A lawyer reads the agreement before it is signed.

Many buyers have a lawyer read the sale and purchase agreement before signing it.
A lawyer can talk through which conditions suit a situation, such as finance, a LIM and a builder’s report.
It can help to leave enough time in each condition for the work to be done.
At auction, a winning bid is unconditional and usually needs about 10% on the day. KiwiSaver cannot be used for that deposit.

7. While the offer is conditional

This is the paperwork stage, and lender and lawyer are kept in the loop.

A KiwiSaver withdrawal takes about 10 to 15 working days.
Lenders usually ask for further documents quickly, and a fast reply keeps things moving.
The lender arranges the valuation if it wants one.
Home insurance is arranged to start when it needs to.
Lenders usually want to hear about new debt or a job change during this stage, and many buyers tell their home loan specialist.

8. Going unconditional

This is the point of no return, so it is worth slowing down.

Many buyers check that every condition is met, or that they and their lawyer have agreed what to do about it.
Lenders usually confirm their approval in writing.
It can help to confirm that the deposit funds are ready and that the lawyer knows where they are coming from.

9. Settlement and moving in

Nearly there.

A final inspection just before settlement is common.
Power, internet and mail forwarding are set up around the move.
Insurance and loan repayments are set up.
It can help to keep the agreement, title and loan papers somewhere safe.

Common questions

What do buyers usually do first?

Many buyers start by listing income, spending and debts. It is the base for everything else, including a deposit plan and pre-approval.

Do I need a lawyer before I make an offer?

Many buyers talk to a lawyer before they sign an agreement, so someone has read it first. Offers can move quickly, so some buyers find a lawyer before they need one.

Do I need a LIM and a builder’s report?

Neither is a legal must for every buyer, but they are common and low cost compared with the price of a home. A LIM is about $375 and a builder’s report about $400 to $800. A lawyer can say which conditions suit a situation.

Can I print this page?

Yes. The print button above the checklist does it. The site header, footer and buttons are hidden when you print.

Figures as at 5 October 2026. Sources:

Reviewed against Kāinga Ora, Inland Revenue, Settled.govt.nz, calculate.co.nz, ANZ and First Home Buyers Club. General information only, not financial advice. Online Mortgages is a referral service, not a lender.