Outrigger Financial guide
Buying your first home
The order things actually happen in, and what the bank is really looking at.
The order of events
Your deposit, honestly counted
| Where it comes from | Worth knowing |
|---|---|
| Your savings | Genuine savings matter to the bank, not just a balance that appeared last week. |
| KiwiSaver investment first home withdrawal | Available after three years of membership. For many whānau this is most of the deposit. |
| A gift from family | Allowed, but the bank will want it confirmed in writing as a gift, not a loan. |
If you are buying within a couple of years, the KiwiSaver investment fund you are in matters far more than it did before. A growth fund can drop right when you need the money. This is worth a conversation well before you start looking.
What the bank is actually assessing
- Deposit size. Under 20% is possible but costs more and narrows your options.
- Income, and how steady it is. Same employer for a while helps. Casual or contract income is not a no, it just needs more paperwork.
- Your existing commitments. A car loan, an afterpay habit, a credit card limit you never use. The limit itself counts against you, even at zero balance.
- Whether you could still pay at a higher rate. They test you well above today's rate on purpose.
Five things to do three months out
- Cancel or reduce credit card limits you do not need.
- Clear or consolidate small debts, especially buy now pay later.
- Keep your account tidy. No dishonour fees, no overdraft, nothing that looks unmanaged.
- Check your KiwiSaver investment balance and confirm you qualify for a first home withdrawal.
- Save consistently, even a small amount. The pattern matters as much as the total.
Costs people forget
Budget for these on top of the deposit: legal fees, a builder's report, a LIM, moving costs, and insurance from the day you go unconditional. A couple of thousand dollars covers most of it, and it always arrives at once.
Not sure what you can actually borrow?
That is the first question we can answer, usually in one conversation, and it changes how you look at every listing.
This guide is general information, not personalised financial advice. Lending criteria and government support change. Outrigger Financial Service Limited, FSP1009635.