Tip 2: Use a KiwiSaver.
- KiwiSaver allows you to set aside money for just this type of occasion.
- You can contribute 3, 4, 6, 8 or 10%.
- Consider contributing more if you're eyeing up a house right now.
- Take advantage of things like the First Home Grant or subsidies ($1,000 for every year you contribute to KiwiSaver).
- Don't rely on subsidies, though — many schemes have caps on things like income, house prices and current debt.
- Still, it's free money if you qualify! But find out if you're eligible first before you add it into your final budget.
Tip 3: Make a budget.
- Consider all your options — KiwiSaver, savings, weekly income, possible grants, subsidies, etc.
- Shop around for homes and pay close attention to interest rates.
- Use an online mortgage calculator if you're unsure what your deposit could get you.