First home buyers in Wellington
Book a chatBuying your first home comes with a strange combination of excitement and absolutely no idea what you're meant to do first
That’s normal.
Most people who contact us start with the same three questions:
How much deposit do I need?
How much can I borrow?
What would the repayments be?
They’re good questions. And they’re exactly where we’ll start.
Start with a real number
There’s no benefit in spending six weekends at open homes before discovering the bank’s idea of your budget is different from yours.
We’ll look at your income, deposit, expenses and existing financial commitments and give you a realistic idea of your borrowing position.
That means you’ll understand:
the deposit you’re likely to need
how much you may be able to borrow
what repayments could look like
what needs to happen before you apply
a realistic timeframe for buying
Sometimes you’re ready now. Sometimes you’re six or twelve months away.
Either answer is useful.
Using KiwiSaver to buy your first home
For many of the first home buyers we work with, KiwiSaver makes up a large part of the deposit.
If you’re eligible for a first-home withdrawal, we can help you understand how that money fits alongside your savings and the amount you need to purchase.
The old First Home Grant ended in May 2024, but eligible buyers can still use KiwiSaver first-home withdrawals.
We’ll help you separate what’s still available from what’s disappeared so you aren’t planning around outdated information.
Get pre-approved before you start bidding
Mortgage pre-approval means a lender has assessed you and indicated that it is prepared to lend up to a specified amount, subject to conditions.
Importantly, the bank still needs to be happy with the property you eventually choose.
Pre-approvals are commonly issued for around 90 days and can often be renewed if your circumstances haven’t materially changed.
Without one, you risk:
looking outside your realistic budget
making a weaker offer
or missing a property because you can’t get finance organised quickly enough
With one, you can start house hunting knowing what you can actually spend.
Much nicer.
Buying in Wellington has its quirks
This is where using someone who actually understands the local market becomes useful. A lot of Wellington’s more affordable entry-level stock is apartments.
Those can come with additional lending questions around things such as building size, seismic ratings or New Building Standard (NBS) ratings.
Across Wellington generally, insurance availability and cost can also influence lending. We also see properties affected by weathertightness issues, and banks won’t necessarily treat every property the same way.
A property that looks fine on Trade Me isn’t automatically a property every bank will lend on.
Talk to us before making the offer.
Frequently Asked Questions
How much deposit do you actually need?
A lot of first home buyers assume they can’t talk to a mortgage adviser until they have a 20% deposit. That’s not always the case.
There are lending options available with lower deposits for suitable borrowers, although we generally encourage people to start a conversation once they’re approaching around a 10% deposit. For an entry-level property, that can still be a substantial amount — which is why KiwiSaver is such an important part of the first-home conversation for many Wellington buyers.
We’ll help you understand what is realistic in your situation rather than working from a generic online rule.
What actually affects how much you can borrow?
Income matters. But banks look at much more than your salary.
Things that can affect borrowing capacity include:
- student loans
- credit card limits
- personal loans
- Buy Now Pay Later accounts such as Afterpay
- childcare costs
- insurance payments
- other ongoing financial commitments.
Even a credit card you barely use can matter because the lender may assess the available limit rather than the current balance.
This is why it’s worth talking to us before submitting applications everywhere.
We can usually get a pretty good read on your position very quickly.
Auction, tender or negotiation?
Wellington might be a slower market than it has been at various points over the past decade, but good properties can still move quickly.
Deadline sales can be brought forward and attractive properties can still attract multiple offers. If you’re making an unconditional offer — particularly at auction — you need to understand both your finance position and whether the lender is comfortable with the particular property.
We’ll help you work through that before bidding day.
What if I’m declined?
This is one of the biggest worries first home buyers have. Often unnecessarily.
We can usually tell within the first conversation whether an application looks realistic and what, if anything, needs to change first. If the timing isn’t right, we’ll say so.
Being six months away from an approval is considerably more useful when you know why and know what to do during those six months.
Are there any other costs I should know about?
The deposit isn’t the only money you’ll need.
Depending on the property and how you’re buying, you should also plan for things such as:
- lawyer’s fees
- LIM reports
- builder’s reports
- property valuation if required
- moving costs
- insurance
- rates
- immediate maintenance or furniture.
A mortgage repayment that looks similar to your rent also doesn’t mean owning the property costs the same as renting it.
Rates, insurance and maintenance need a seat at the table too.
Don’t see your question here?
Your first step doesn't involve applying for a mortgage
Start with a conversation.
We’ll work out your deposit, borrowing power and likely next steps.
Then you can go and look at houses with a real number in your head.