Buying your first home is one of the most exciting steps you’ll take. It can also be one of the most overwhelming. From saving for a deposit to understanding your loan options, the process can feel like a maze of forms, jargon, and fast-moving decisions.
Vega mortgage advisors work with first-home buyers every day, so we know how powerful the right advice can be. But with the right support and a clear plan, buying your first home doesn’t have to be stressful.
Here are our top five tips to help you get started with confidence.
1. Get Clear on What You Can Afford
Before you fall in love with a property, it’s important to understand what you can realistically borrow and afford to repay. That means looking closely at your income, expenses, and lifestyle – and factoring in things like insurance, rates, and maintenance costs.
Your borrowing power will vary depending on your financial profile and deposit size, so it’s a good idea to use an online mortgage calculator to get a rough idea. This gives you a clearer picture of your budget before you start house hunting and helps you stay focused on what’s achievable.
2. Know Your Deposit Options
You’ve probably heard that you need a 20% deposit to buy a home. While that’s ideal, it’s not always necessary. There are several pathways for low deposit home loans – and you might be eligible for help you didn’t know existed.
Some of the most common options include:
- KiwiSaver First Home Withdrawal
- First Home Loan (a government-backed scheme for low deposit borrowers)
The criteria can be a bit confusing, but this is where a mortgage advisor can make all the difference. At Vega Mortgages, we help you understand what you qualify for and how to pull all the pieces together.
3. Get Pre-Approved Before House Hunting
Pre-approval gives you clarity on your budget and makes you a more attractive buyer when you find a home you love. It shows sellers and agents that you're serious and ready to move, which can be a real advantage in a competitive market.
It also helps narrow down your property options and speeds up the process when it counts. Pre-approval is one of the smartest first steps you can take, and it can save you a lot of time and stress later on.
Pre-approval is one of the smartest first steps you can take, and it can save you a lot of time and stress later on.
Want to learn more? Watch this episode from the 2 Bald Brokers where Vega advisers Paul Marlow and Danny Blackman break down when to get pre-approved, what it really means, and how long it lasts. Whether you're just getting started or ready to make a move, it’s packed with helpful tips for first-home buyers.
4. Don’t Just Go with Your Bank
Many first-home buyers head straight to their bank, assuming it’s the easiest or safest choice. But the truth is, banks don’t always offer the best deal – especially if you have a smaller deposit, are self-employed, or need a bit of flexibility.
That’s where our mortgage advisors can make a real difference. We compare a wide range of lenders and loan products on your behalf and match you with options that suit your situation – not just your bank’s criteria. Our job is to find the best fit for you, not the other way around.
5. Know What to Expect at Each Stage
The home buying journey can feel fraught with curveballs – but it doesn’t have to. A clear roadmap can make all the difference, especially when you're navigating it for the first time.Here’s a quick breakdown of the key steps:
- Budgeting & planning – understanding your financial position
- Pre-approval – locking in your borrowing power
- House hunting – finding the right property
- Making an offer – navigating the negotiation
- Settlement – final paperwork and getting the keys
At every stage, there are important decisions to make. Leaning on expert guidance can help you make those decisions with confidence.
Want to go deeper? If you're keen to understand the full journey from two experienced brokers, check out this in-depth video from the 2 Bald Brokers (37 mins) - perfect if you’re after a full walk-through with real talk and practical advice.
Ready to Take the Next Step?
Buying your first home doesn’t have to be overwhelming. With the right support, it can be a lot simpler – and a lot more exciting!
Whether you're just starting to think about buying or you're ready to get pre-approved, Vega is here to help. Get in touch today for friendly, personalised advice.
