1. Starting out
Think about your long-term goals and sort out your savings plan and budget.
Let’s start by thinking about what home ownership might look like for you. It’s also time to sort out your savings plan and budget.
Thinking about your long-term goals can help you understand what you need in a home.
Here are a few key questions to help you get started:
- Where do you see yourself in 5 or 10 years?
- Are you looking for a first home or your forever home?
- Where do you want to be living – close to the city or in a specific location?
- Where will you be working – do you want to live nearby?
- If you have children or they may be in your future, what school enrolment zones do you need to consider?
- Will other family members be living with you? What are their needs?
- Are you buying for yourself or looking at buying with family? If buying with others, are they financially ready to buy a home with you?
- Do you want to be close to your marae and hapū? Is building on iwi-owned land an option?
- How much of your income will you be able to put towards regular mortgage repayments?
- Do you have any big expenses coming up that you need to budget for?
From here, you can create your budget and set a timeline.
It’s important to have a solid budget and a clear savings goal when buying a home – for most of us, it’s the biggest purchase we’ll make in our lives.
Getting your finances in order, setting up a savings plan and following it closely is key.
Sorted.org.nz(external link) is a great place to start for free budgeting advice, calculators and guides. You’ll also find tools to help manage debt and map out your money goals – from short-term to lifelong.
With the Sorted mortgage calculator, you can also get a sense of what your home loan and interest payments might be.
Many banking mobile apps also offer money management and saving services. If you’re already using your bank’s app, check out what’s available or talk to them to see how they can help.
Tip – getting financial guidance
MoneyTalks provides free and confidential budgeting advice by phone, text, email or online chat. They can also connect you with local financial mentor services and community organisations for further support. Visit www.moneytalks.co.nz(external link) for more information.
Tip - free workshops for Māori
Did you know there are free workshops that can help you and your whānau create a plan to reach your housing goals? Developed by Te Puni Kōkiri and the Commission for Financial Capability, the Sorted Kāinga Ora* programme is run by Māori, for Māori. With eight short weekly workshops, support to create a plan and then put it into action, the programme is designed to give Māori the skills and support to reach their housing goals. Find more information about Sorted Kāinga Ora(external link).
* While sharing a name, the Sorted Kāinga Ora programme is not administered by, or related to, the work of Kāinga Ora – Homes and Communities or Sorted.org.nz.
As you work on your savings plan, you’ll need to budget for one-off costs like:
- solicitor’s or conveyancer’s fees
- building inspections and reports
- LIM reports, council and property files
- a property valuation
- moving costs
- savings for any unexpected costs.
Once you’re living in your new home, you’ll have ongoing costs such as:
- home loan repayments
- insurance for your home and contents
- rates (fees for council services)
- utilities such as water, power and internet
- maintenance and renovations
- body corporate fees (if your home has shared space with other owners, like an apartment or townhouse).
A good team can build your confidence and simplify the technical steps of buying a home. Your team will grow as you work through this guide, but here’s who you may want to consider speaking to at this stage.
Banks and lenders - Your bank can take you through different options for savings accounts. They can also give you advice on ways to improve your chances of getting a loan. You might also find it helpful to speak with other lenders about the different ways they can support you.
Mortgage broker - Mortgage brokers can help you find the best banks and lenders for your situation. They will get a complete picture of your financial position and negotiate with banks and lenders on your behalf. Mortgage brokers are paid by the bank that approves your home loan. There’s no charge to you, even if you’re unable to secure a loan.
Family and friends - Family and friends may help you throughout your home-buying journey through financial support, giving their feedback, supporting you during the purchase process and celebrating with you once you’ve bought your new home.
Iwi - If you’re registered with your iwi or hapū, they may be able to support you on your home-buying journey with education, grants, financial support and savings help. We suggest connecting with them for more information. If you’re unsure of your whakapapa, research the history of your whānau here.(external link)
Tip – getting help in your language
If English isn’t your first language, you may be able to get free translation help through the Citizens Advice Bureau. Find your local office at CAB.org.nz(external link).
Here are some useful website links to assist you with the “Starting out” step.
- Checklist – Starting Out [PDF, 148 KB]
- Citizens Advice Bureau(external link)
- MoneyTalks(external link)
- Te Kāhui Māngai(external link) – Directory of iwi and Māori organisations
- Te Puni Kōkiri(external link) – Ministry of Māori development
Sorted resources:
- Sorted.org.nz(external link)
- Budgeting tool(external link)
- Goal planner(external link)
- How to save your money(external link)
- Mortgage calculator(external link)
- Savings calculator(external link)
FMA resources:
Page updated: 15 July 2026