Your first home is closer than you think. Let's work out exactly where you stand.
Your bank can only offer its own loans. We compare more than 25 lenders and take your application to the one most likely to say yes on good terms. Deposit, KiwiSaver, which loan: we'll explain it all in plain English.
Buying your first home can feel like everyone else knows the rules except you. The good news is that the rules are learnable, and most of the hard parts can be sorted out before you start looking at houses. That is where we come in.
Step one: your deposit
Most first home buyers put their deposit together from a few places. Savings, KiwiSaver, sometimes help from family. Lenders treat each of these a little differently, so it helps to know how yours will be seen before you apply.
KiwiSaver
You may be able to use some of your KiwiSaver towards your first home, as long as you meet the rules. The withdrawal takes time to process, so it needs to be lined up with your settlement date. We will help you get the timing right.
Money from family
If family are giving you money towards the deposit, the lender will want a signed letter confirming it is a gift, not a loan. They will also want to see where the money came from. This is a standard legal check, not a sign anything is wrong.
A family guarantee
Sometimes a parent can use the value in their own home to help you borrow. It can make buying possible sooner. It also puts part of their home on the line, so it needs to be set up carefully, with a clear plan to release them later. We will talk it through with everyone involved.
How much deposit do you need?
You will often hear 20 percent. That is a common starting point, not a hard rule. Some lenders will lend with a smaller deposit, but there are limits on how much of this they can do, the cost is usually higher, and they look more closely at your finances. Whether it is an option for you depends on your situation, the home, and the lender.
What lenders look at
- Can you afford the repayments? Lenders test this at a higher interest rate than today's, to make sure you could cope if rates rise. That is why the amount they offer can be lower than you expect.
- Where your deposit came from. Steady savings over time tell a good story. A recent lump sum just needs a bit more explaining.
- What else you owe. Car loans, Afterpay and other buy now pay later accounts, and credit cards all count. For credit cards, lenders look at the limit, not what you owe on it. Closing cards you don't use before you apply can make a real difference to what you can borrow.
Setting up your loan
The interest rate gets most of the attention, but how the loan is set up matters just as much. These choices stay with you for years, so it is worth understanding them.
Fixed or floating
A fixed rate means your repayments stay the same for a set time, like one or two years. A floating rate can go up or down, but lets you pay extra or pay the loan off early without penalty. Many people choose some of each. We will help you find the mix that suits your plans.
How long the loan runs
A 30-year loan has lower repayments than a 25-year loan, but you pay more interest overall. We will show you the actual numbers so you can decide with your eyes open.
Your accountant, lawyer and us
Buying on your own, with a partner, with family, or through a trust. This affects what happens if things change later, how tax is handled, and which lenders will say yes. Your lawyer and your accountant should both be part of this conversation, and so should we.
Accounts that can reduce your interest
Some loans let your savings or day-to-day money reduce the interest you pay. They work well for some people and not for others. It depends on how you manage your money, and we will give you an honest view.
How we help
- We tell you where you stand. If you are not quite ready, we will tell you early, and show you what would get you there.
- We get your application right first time. A declined application can make the next one harder. We would rather take a little longer and get it right.
- We explain everything. No jargon, and no question is too basic. Most people are doing this for the first time.
- We stay with you. When your fixed rate ends, when you want to renovate, and when you are ready for the next home.
When to talk to us
Earlier is better, ideally before you start going to open homes. That gives us time to fix anything that could hold you back. The first conversation is free, with no obligation.
Common questions.
Do I need a 20 percent deposit?
Not always. Twenty percent is a common starting point, but some lenders will consider a smaller deposit. The cost is usually higher and the checks are stricter. Whether it is an option depends on your situation, the property and the lender.
Can I use my KiwiSaver for a deposit?
You may be able to withdraw some of your KiwiSaver to buy your first home, as long as you meet the scheme rules. The withdrawal takes time to process, so it needs to be planned around your settlement date.
Can my family help with the deposit?
Yes. Family can gift money towards your deposit, or offer a guarantee using the value in their own home. Each option has different rules and risks, and the lender will want to see how it is set up.
What is a pre-approval?
A pre-approval is a lender saying how much it is likely to lend you, subject to conditions. It gives you a budget to shop with. It is not a final approval, and it usually expires after a few months. Read our guide to mortgage pre-approval.
Does it cost me anything to use Harbourstone?
The first conversation is free. How we are paid, and any fee that could apply, is set out in our Disclosure Statement and confirmed in writing before we give you advice.
What clients say about working with Carl.
Carl was an absolute pleasure to work with. His knowledge, professionalism and prompt communication gave us confidence throughout our first home purchase. He secured us an excellent deal with Westpac and made the entire process seamless. We highly recommend Carl to anyone looking for a mortgage broker.
Three of us, all self employed, wanted to get a home loan for a shared house. Without the expertise, help and the precise instructions to fill in the various documents or organise specific items we would not have had a chance to get the mortgage over the finish line. Carl was extraordinarily helpful and always found a way to continue this not so easy application. I can highly recommend Carl. Very grateful for his assistance.
Carl was fantastic to work with. Our mortgage application was not straightforward as we were multiple people, all self employed with new businesses. We had tried using other brokers but they weren't able to get our approval across the line. Carl was tenacious with the banks, and had so much knowledge he was able to guide us through all the information we required and how to present it. After a difficult process he was able to secure us a mortgage with very favourable terms. I couldn't recommend him enough, the effort and work he puts in is second to none!
Carl Mann is a fantastic mortgage broker. He is knowledgeable, professional, and has excellent communication. Carl kept us updated along the way and provided sound advice. I would definitely recommend Carl to anyone needing assistance with mortgage finance or refinancing.
Carl helped us work through the finance for our next investment property without losing sight of our existing lending. He understood what we were trying to build over the longer term and worked through the different options with us before we made an offer. That preparation made the purchase much smoother.
Development finance was very different from arranging a normal mortgage. Carl understood the feasibility, valuations, build costs and timing the lender needed to see, and helped us get everything organised before it went to credit. Having someone who understood the development side of the deal saved a lot of back and forth.
We were purchasing premises for our business and needed someone who could look at both the property and the strength of the business behind it. Carl worked through the numbers with us, explained what the lenders would focus on and helped structure the application properly from the start.
Start with a conversation.
A free, no-obligation chat. We'll work out where you stand today and what it will take to get you into your first home.
Every conversation is confidential.
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