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First Home Checklist NZ — Everything You Need to Buy Your First Home

Updated

Buying your first home involves dozens of steps across 6–18 months. This checklist guides you through every stage — from saving to settlement — so nothing gets missed.

Stage 1: Financial Preparation (6–18 Months Before)

KiwiSaver

  • Check your KiwiSaver balance (myIR or direct with your provider)
  • Confirm you have 3+ years of KiwiSaver membership
  • Check your KiwiSaver is in an appropriate fund for your timeline (growth fund if >3 years to buy, balanced/conservative if <3 years)
  • Consider increasing contributions to 10% to maximise withdrawal amount

Savings

  • Calculate your deposit target (see How Much Deposit?)
  • Set up an automatic savings plan to a separate high-interest account
  • Calculate total funds needed: deposit + buying costs ($8,000–$15,000)

Credit health

  • Check your credit report (free at CreditSimple)
  • Close any Buy Now Pay Later accounts (Afterpay, Laybuy, etc.) — they reduce assessed borrowing capacity
  • Reduce credit card limits if higher than you need
  • No missed payments on any accounts for at least 6 months

First Home Loan eligibility

  • Check your income against the caps: $95,000 single, $150,000 combined
  • Research property price caps for your target region (check Kāinga Ora)
  • Confirm you haven’t previously owned residential property

Stage 2: Pre-Approval (2–4 Months Before Searching)

  • Gather income documents: 3 payslips, employment contract, 3 months bank statements
  • Gather asset/liability list: all bank accounts, investments, KiwiSaver, all debts
  • Approach a mortgage broker or 2–3 banks for pre-approval
  • Compare rates and loan structures
  • Receive pre-approval letter/certificate
  • Understand your pre-approval conditions (what the bank still needs to assess)
  • Appoint a solicitor/conveyancer before you start searching
  • Research target suburbs (pricing, amenities, transport, schools)
  • Set up Trade Me Property and realestate.co.nz alerts for your criteria
  • Attend open homes (take notes; don’t make decisions under pressure)
  • Understand the buying method (offer and negotiation, auction, tender, deadline sale) for properties you’re interested in
  • If purchasing at auction: get due diligence done BEFORE auction day — auctions are unconditional

Stage 4: Due Diligence (For Each Serious Property)

  • Request a LIM (Land Information Memorandum) from the council ($150–$450)
  • Commission a building inspection ($400–$800)
  • Review council records and any conditions in the LIM
  • Check flood risk maps and natural hazard information
  • Investigate any noted issues in the building inspection report
  • Get an insurance quote before going unconditional (some properties are hard to insure)
  • Ask your solicitor to review the sale and purchase agreement before signing
  • If 1992–2004 home with monolithic cladding: consider specialist weathertightness inspection

Stage 5: Making an Offer

  • Determine your maximum price (based on pre-approval and personal comfort)
  • Include appropriate conditions: finance, building inspection (if not done), LIM (if not done)
  • Set a reasonable condition timeframe (5–10 working days)
  • Negotiate as needed
  • Once conditions are satisfied, go unconditional

Stage 6: Finance Confirmation

  • Notify your bank/broker that you have an accepted offer
  • Provide sale and purchase agreement to your bank
  • Bank commissions valuation (usually arranged by bank)
  • Bank confirms finance — receive formal loan offer
  • Review loan offer terms carefully (rate, term, repayment amount, conditions)
  • Sign and return loan documentation

Stage 7: Pre-Settlement Preparation

  • Arrange home insurance — must be in place from settlement day
  • Do final walkthrough inspection of the property (confirm chattels are present and property is in agreed condition)
  • Confirm settlement date and time with your solicitor
  • Transfer remaining settlement funds to solicitor’s trust account (minus deposit already paid)
  • Arrange utilities connections (power, internet, gas) for settlement date

Stage 8: Settlement Day

  • Your solicitor completes the transfer with the vendor’s solicitor
  • Funds are transferred; title is transferred to your name
  • Keys are released — typically via the real estate agent
  • Confirm contents insurance is active from this moment

Post-Settlement

  • Update your address with IRD, NZTA, Electoral Roll, banks, KiwiSaver
  • Set up mortgage repayments (if not already done)
  • Review mortgage terms at your fixed-rate rollover date
  • Plan maintenance budget for first year

Further Reading