Each week, BusinessDesk and the NZ Herald’s Cooking the Books podcast tackles a different money problem. Today, it’s the first home tricks that can help you get over the line. Hosted by Frances Cook.


First-home buyers are being encouraged not to let mortgage myths hold them back from trying to get into a home. 

While issues like being single, self-employed, or not having the full 20% deposit can make buying a home more difficult, they don’t have to mean it’s an automatic no. 

Speaking on the Cooking the Books podcast, Claire Williamson, director and adviser with My Mortgage, said it was key to talk to a mortgage adviser or bank staff. 

She said clients were often closer to qualifying for a first home than they thought. 

“Nine times out of 10, we can make something work for people; it’s just how that fits in with their expectations and what they want out of their first home,” Williamson said. 

“Often people come to us and don’t realise that they’re really close to buying. 

“A classic one is young professionals who’ve had a couple of years in their career; they’ve got KiwiSaver; they might not have a 20% deposit but have been told they need to have it. 

“We can end up moving that process forward pretty quickly ... it might even be within a month or two.” 

Williamson said that first-home buyers could find schemes to help them buy with as little as a 5 per cent deposit, such as First Home Loan or BNZ’s new low-deposit loan option. 

Using deposit boosters like KiwiSaver and the First Home Grant could then help them get over the line. 

Williamson recommended teaming up with a friend or family member for those who were single and worried about having enough income for the repayments. 

“I’m seeing so many people, siblings, friends, even extended family, looking to purchase together. 

“Then they’re not only combining their deposit, they’re combining their income,” she said. 

“I had a conversation with some brothers last night; this was exactly their situation. One of them couldn’t have purchased on their own, but jointly, they were in a really good position.”

For the interview, listen to the podcast here.


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Listen to the full interview on the Cooking the Books podcast. You can subscribe on iHeartRadio, Apple Podcasts, or Spotify.