For Millennials and Gen Z, stepping onto the property ladder can feel like an uphill climb in today’s economy. But with focused planning and smart strategies, owning your first home is achievable.

I’ve had the pleasure of helping many clients achieve their dreams, and today I’m going to share some practical financial tips to help you save faster, manage costs, and make informed decisions which will make you one step closer to owning your first home.

How can you boost your income to save for a home?

Increasing your income can accelerate your homeownership journey by enabling you to save faster for a deposit, reduce reliance on high-interest loans, and strengthen your financial profile for mortgage approvals. After all, more money = more savings = buying a better home sooner!

Have you considered the following?

Upskill and certify

Investing in courses or certifications  can lead to better-paying roles. Platforms like LinkedIn Learning or Coursera offer affordable options.

Explore side hustles‍

Freelancing, remote work, or even selling  handmade goods can add to your savings.

Boost your KiwiSaver contributions‍

 Increase your contributions above the 3% minimum (choose from 4%, 6%, 8%,  or 10%) to grow your deposit faster.

Automate your savings‍

Set up automatic transfers on payday to funnel a set amount directly into your  savings account.

Ask for a raise

‍If you’re performing well at work,  consider negotiating a raise to boost your income without taking on extra  hours.

How should you plan your savings?

Setting clear financial goals is critical for effective savings. Begin by determining your target—whether it’s a house deposit, a rainy-day fund, or other financial milestones. Break your goal into manageable, actionable steps to stay on track.

Create a target‍

Research property prices in your desired  location and set a savings target for your deposit.

Budget monthly contributions‍

Use tools like budgeting apps to track  expenses and identify areas where you can cut back.

What creative ways can you save?

Small adjustments to your lifestyle can make big strides in your savings over time. Consider the following.

Consider shared housing‍

Splitting rent or moving in with family  temporarily can slash costs.

Cut unnecessary expenses‍

Audit subscriptions and memberships expenses  like streaming services or gym memberships that are no longer needed—cancel  those you don’t use.

Embrace DIY‍

From home-cooked meals to repairs, saving  on small expenses adds up quickly.

Adopt energy-efficient habits

‍Turn off lights, use energy-saving  appliances, and consider solar energy to lower utility bills.

Track recurring expenses

‍Regularly review insurance plans or  recurring charges to ensure you're not overpaying.

Commit to consistency

‍Make these small changes part of your daily routine to build long-term savings.

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Tips to consider before buying your first home

Shared ownership schemes‍

Kiwibank offers co-ownership loans, perfect for those teaming up with  friends or family to buy a home.

Competitive rates

‍Check out SBS Bank’s low first-home buyer rates to save on interest over time.

Low-deposit mortgages

‍Some banks and lenders provide options  for buyers with less than a 20% deposit, easing the upfront financial  burden.

Fixed vs. floating rates

‍Learn the pros and cons of fixed and  floating mortgage rates to determine which suits your financial goals and  risk tolerance.

Choose an affordable property

‍Opt for a home well within your price  range, avoiding maxing out your approval amount. This shows you can  comfortably handle the monthly payments.

Build an emergency fund

‍Ensure you have savings beyond your  deposit to cover unforeseen expenses.

Pick the right mortgage

‍Work with an experienced mortgage broker  to select the mortgage product that best fits your financial profile.

Want to get a clearer picture of your borrowing capacity? Use our easy-to-use Mortgage Calculator to estimate your loan potential and repayment plan.

Your first home starts here

Owning your first home is within reach with the right strategies. The team at Benchmark Mortgages and I specialises in helping first-home buyers navigate the complexities of mortgages, providing personalised advice and access to competitive rates.

My commitment to creatively structuring mortgages to help you save money and maintain low costs has earned me recognition as one of NZA’s inaugural Top 25 Brokers.

If you need to achieve the best possible solution for your financial future, reach out today for a no-obligation, free consultation and let’s work together to get you into your first home.

Take the first step today—contact us to start your journey toward homeownership!

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