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Get on the property ladder

Buying your first home

How to go about buying a property

Getting ready to buy your first property is both an exciting and daunting prospect. There are a few steps you can take to ensure that you're well prepared, and the process goes more smoothly.

Understand how mortgages work

A property will probably be one of the largest purchases you make, and taking on a mortgage can be a bit overwhelming. It's important to get a good understanding of how mortgages work and what your obligations are when you take one out.

There are many different types of mortgages you can get. Talk to an AMP Adviser who can help guide you through the process and decide which type of mortgage would best suit your lifestyle.

Shop around for your house and understand what you can afford

If you're buying your first home you may not get all your 'dream home' boxes ticked, and may need to reconsider where you want to live and what type of property you can afford.

's a good idea to think through the most important factors you want in a home for you and your family, such as: price; neighbourhood, distance to transport links, schools and shops; and what you're willing to compromise on.

's very important to take your time and do as much homework as possible, so you can be confident in market prices and what would be a fair and affordable offer for the house you eventually find.

Choosing the right mortgage

There are a range of banks and specialist lenders who can offer mortgages. Your AMP Adviser can help you understand which would suit you best.

Things to consider when choosing a mortgage could be: the interest rate, fees and degree of flexibility to suit your needs and financial situation. All these aspects will affect how much the loan costs you and how quickly you could pay off your debt.

Choosing the right protection

When you take on large debt, such as a mortgage, and buy a big asset like a house, it's important to have the right insurance in place to protect yourself should anything happen. Often mortgage providers will require you to have insurance before they agree to settle on a property.

There are three types of insurance that you may need to get when you purchase a home, which your AMP Adviser can help you to understand:

  • Home insurance - to protect the actual building. Consider how much it would cost to rebuild the property.
  • Contents insurance - making sure the items in your house, including carpets, curtains and your belongings are protected.
  • Personal insurance - it's important to get protection in case you can no longer pay the debt you owe to the bank. This ensures your debts can be paid off so your family can continue to live in the family home in the case of injury, illness or death.

Considering the costs of setting up your new home 

There are a few costs involved with setting up and owning a new home. These might include:

  • moving services 
  • decorating 
  • legal expenses
  • builder's or valuation reports
  • body corporate fees.

Use your KiwiSaver funds to help buy your first home

While KiwiSaver is designed to help you save for retirement, it's also flexible enough to keep up with the other changes happening in your life.

If you're ready to buy your first home, you might qualify to use part or all of your KiwiSaver savings (excluding the kick-start or if you haven't received the kick-start, $1,000 must be retained) to help you with the purchase.

If you're looking to buy your first home you could also be eligible to receive a KiwiSaver HomeStart grant from the government. This is administered by Housing New Zealand, it is not part of the KiwiSaver initiative, but you must be a member to apply.

Find out more about using KiwiSaver to buy your first home.

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Find out more about the AMP KiwiSaver Scheme

What are the benefits of joining KiwiSaver?

Find out more

Ways to use KiwiSaver

You can use your KiwiSaver savings to get on the property ladder

Find out more
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Important information

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AMP Wealth Management New Zealand Limited is the issuer and manager of the AMP KiwiSaver Scheme (the 'Scheme'). The Supervisor of the Scheme is The New Zealand Guardian Trust Company Limited.

For more information, download a copy of the AMP KiwiSaver Scheme Product Disclosure Statement and Fund Update Booklet, which have been lodged on the Scheme's offers register entry at

The content provided is intended to be used as information only and does not constitute financial advice. Before acting on any of the results provided, we recommend that you seek advice which takes your individual circumstances into account.