Making the transition from renter to first home buyer is notoriously hard: not only are you having to find affordable property in today’s crazy market, but you also have to save for a house deposit NZ while spending a fortune on rent!
Renters therefore need to make some sacrifices that seasoned investors don’t have to when it comes to buying a property.
Consider moving home or house sharing
If the amount you’re blowing on rent is the main hurdle you’re facing, seriously consider moving back home with your parents for some time or adding a housemate to the mix. While these aren’t ideal living conditions, it’s a small sacrifice to save big bucks that you can put towards your deposit instead.
Get strict with your budget
It’s well worth being more frugal for a year or two while you’re hustling to save for a deposit. Even little changes like getting rid of one subscription service or exercising from home instead of the gym can make a huge difference.
Think outside of the box
Instead of focusing on the suburbs that are most desirable right now, think of which outer suburbs could become extremely popular in five, 10 or 15 years. By moving just a few kilometres from your dream suburb, you can enjoy many of the same amenities for much less.
Get in touch with us to find out more about the NZ housing market and home loan rates. Secure competitive mortgage interest rates and tap into the First Home Buyers’ Grant by working with a reliable mortgage broker!