This feature is brought to you by Save my Bacon – A brighter way to borrow

 

Getting into your first home

Saving for your first home can be hard. But with a solid plan and determination, you can own your own home.

Here are some tips for making it easier:

  1. Have a plan
  2. Budget
  3. Get into Kiwi Saver
  4. Talk to your bank about its low-income options
  5. Consider building
  6. Make sure you have a healthy credit rating

Plan

Put together a plan that allows you to budget, have a surplus (no matter how small) and pay your bills on time. Putting it all down on paper really helps.

Budget

Put together a household budget and stick to it. There are lots of online budget tools that will help. If you still can’t make ends meet, then contact a free budget advisory service to help.

Kiwi Saver

You can use your contributions and your employer’s contributions towards your first home. It’s one of the best ways to get a house deposit together. You will be surprised how quickly it builds.

Low-income options

If you earn under a certain threshold then you might qualify for a lower deposit mortgage. Talk to your bank about the amount of deposit you might need.

Consider building

Many banks require a smaller deposit for building, talk to yours.

Healthy credit rating

Make sure you have a healthy credit rating. You can do this by paying your credit card, hire purchase, power and phone accounts and personal loans on time. Even being a few days late can negatively affect your credit rating. A poor credit rating can be improved by paying accounts on time.

 

CLICK HERE to visit Save my Bacon

 

Competitions

Enter into our latest competitions and win with NZRL.

NZRL Newsletter

Sign up to our newsletter & receive updates directly to your inbox.

Partners

Proudly supporting New Zealand Rugby League

Skip to toolbar