First Home Buyer Guide: Step 3 - Saving for Your Deposit

For many first home buyers, saving a deposit is one of the biggest challenges when buying a home. The good news is that most people don't save their deposit all at once. It's usually built up over time. Whether you're just starting out, or already growing your savings, every dollar you put aside brings you one step closer to owning your first home.

Important: This guide provides general information only. It does not constitute financial advice and does not take into account your objectives, financial situation or needs. Consider whether the information is appropriate for your circumstances and seek independent financial, legal or other professional advice if needed.

Start With a Clear Goal

Saving for a home is easier when you have a clear goal in mind. Instead of simply trying to save more money, set a target for the deposit you’ll need. Having a specific amount to work towards can help you stay motivated and you’ll be able to track your progress.

Remember that your deposit is only one of the costs involved in buying a home. You may also need to consider legal fees, moving costs, and insurance.

Take a Fresh Look at Your Spending

Saving for a home doesn't mean giving up everything you enjoy.  However, taking a closer look at where your money goes can help you understand your spending habits.

The key is to be aware of your spending and make choices that work for your goals and circumstances. Small steps can make a difference and help you move closer to your savings goal over time.

Separate Your Savings

Some people find it helpful to keep their savings separate from the account they use for everyday spending. Having a separate place for your savings can make it easier to see your progress and keep track of the amount you're putting aside over time.

Everyone manages their money differently, so it's important to find an approach that works for you and your circumstances.

Remember That Everyone's Situation Is Different

When it comes to saving for a home, everyone's journey is different. People have different incomes, expenses, family commitments, and personal circumstances, which can all affect how long it takes to reach a savings goal.

Instead of comparing yourself to others, focus on your own progress and celebrate the steps you're taking along the way. What works for one person may not work for another, so it's important to find an approach that suits your individual circumstances.

Ready to Take the Next Step?

If you're saving for your first home and would like to understand your home loan options, First Credit Union is here to help.

Complete our Home Loan Enquiry Form and one of our friendly team members will be in touch to discuss your situation and help you understand the next steps on your home ownership journey.

*Lending criteria, terms and conditions apply. First Credit Union Incorporated is not a registered bank. Fixed and floating options are available. Rates are subject to change, for more information about our home loan rates, visit www.firstcu.co.nz. First Credit Union's normal lending criteria and T&Cs apply. Subject to responsible lending enquiries. Property is to be owner occupied.