Buying a new build or building a first home

Whether you’re looking at buying a new home or building your own from scratch, choosing a new build could be a great option to get yourself onto the property ladder.

4 minute read

Buying a new build or building a first home

Michaela & Ben’s story

Michaela and her partner Ben never thought they'd be able to afford a house until much later on in their lives. Having entered several new home ballots without success, the couple were preparing for a long wait until something ‘popped up’. Fortunately, their time spent applying for ballots and dealing with the development salespeople had given them numerous contacts which finally paid off.

When a development property price was reduced, Ben and Michaela were immediately contacted about the house before it even went on the market. With help from their KiwiSaver savings, a Kāinga Ora First Home Grant, and a loan from Ben’s dad, the couple were able to put down a big enough deposit to secure the property.

While they wait for the development to be completed, Michaela is living with her parents and Ben is with his sister, giving them time to save up as much as possible.

Expert opinions

For more tips and tricks from BNZ property and finance experts, as well as BNZ customers, about buying or building a new home, you can watch the below video. The video covers doing your due diligence, choosing the right builder for your project and buying a house/real estate package rather than building from your own designs.

Buying a rental property

If it’s too expensive to buy in the city where you live, buying a property elsewhere and renting it out may be a good option for you.

Buying an apartment

Apartments are often more affordable than stand-alone houses, so can be a great first step in your journey to home ownership.

How two family members bought a house together

Friends or family combining funds can be a great way for several people to get on the property ladder at the same time.

Related tools

Home loan repayment calculator

Calculate how much you could borrow

TotalMoney offsetting calculator

Guide to owning a home

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All home loans are subject to lending criteria (including minimum equity requirements), term and fees apply. Read our full home loans terms and conditions

This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.

References to third party websites are provided for your convenience only. BNZ accepts no responsibility for the availability or content of such websites.