Planning your finances once you’ve moved in

23 February 2018

There’s nothing quite like the feeling of coming home to your very own place.

It’s the little touches that put your stamp on it; and the freedom to decorate and renovate to suit your weird and wonderful ways.

So now you’re settling in to your new home, it’s time to get up to speed on the costs of owning a home.

Some new expenses you may need to account for are:

  • Mortgage repayments – mortgage repayments may be higher than rent so adjusting to an increase in outgoings may need to be accounted for
  • Rates or body corporate fees
  • Maintenance, repairs or renovations to your home
  • Extra insurance like home and contents to protect your house and possessions

Save or pay off the mortgage?

Now that you’re in your new home and paying off the mortgage, you might start thinking about your longer-term financial goals.

One of the questions many first-time homebuyers ask is whether it is better to start saving or pay off the mortgage as quickly as possible. Is it possible to get your savings going at the same time as you’re paying back debt on the mortgage, or is it better to focus on repaying the home loan quicker?  

There is no magic formula - the answer depends on your own individual circumstances. An Adviser can help you decide what’s best for you.

KiwiSaver check 

If you used your KiwiSaver savings to buy your first home and are a member of the AMP KiwiSaver Scheme, it might be time to look again at your fund choices. When you were saving for your first home, a more conservative fund with stable, modest returns would likely have made more sense.

Now you’re in your first home and planning for the future, depending on your age and personal circumstances growth funds may be a better fit for you as your save for retirement. Talk to an Adviser about your AMP KiwiSaver Scheme fund choices and how to maximise your savings for retirement.


* ‘Unable to work’ means not being able to perform your usual occupation for more than 10 hours per week. Different criteria may apply during waiting periods and after specified periods on claim.

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AMP Wealth Management New Zealand Limited is the issuer of the AMP KiwiSaver Scheme. For a copy of the AMP KiwiSaver Scheme Product Disclosure Statement or Fund Update Booklet please visit

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