Guide to Buying Your First Home – New Builds Edition

August 2, 2024

Buying your first home is a thrilling milestone, especially when considering a new build in New Zealand. New builds offer modern designs, energy efficiency, and lower maintenance costs. Here’s a comprehensive guide to help you navigate your journey to homeownership with ease and confidence, particularly focusing on new builds.

Step 1: Determine Your Budget

Before starting your search, assess your savings, income, and financial commitments. New builds often come with fixed prices, making budgeting straightforward. Consider additional costs such as legal fees, moving expenses, and furnishing your new home.

Step 2: Secure Financing

Explore your financing options early. Many New Zealand lenders offer special mortgage packages for first-time buyers. Consider speaking with a mortgage broker to find the best deal and get pre-approval, giving you a clear picture of your affordability.

Financing Options for New Builds:

  • KiwiSaver HomeStart Grant: Eligible first-time buyers can receive up to $10,000 to put towards their new build deposit.
  • Welcome Home Loan: This government-backed loan requires only a 10% deposit and is available to those with lower incomes.
  • Bank Loans: Traditional mortgages often come with competitive rates for new builds. Check with your bank for specific new build mortgage packages.
  • Builder Financing: Some builders offer financing options with benefits like delayed payments during construction.

You can find out more about New Build Finance options for First Time Buyers here -

Step 3: Research New Build Developments

New Zealand has a range of new build developments. Research areas that suit your lifestyle needs and future plans. Look for developments that balance amenities, transport links, and growth potential.

Step 4: Visit Show Homes and Display Villages

Visiting show homes and display villages gives you a tangible sense of what’s available. Pay attention to construction quality, layout, and finishes. Meet developers and ask questions about the building process, timelines, and warranties.

Step 5: Understand the Buying Process

The buying process for new builds can differ from purchasing an existing property. Typically, you’ll buy off the plans, meaning the property may still be under construction or in planning stages. Ensure you understand contract terms, including payment schedules and clauses related to completion dates and quality standards.

Step 6: Consider Customisation Options

One benefit of new builds is the opportunity to customise certain aspects of your home. Discuss with the builder the available options for personalising the layout, finishes, and fixtures to suit your taste and needs.

Step 7: Conduct Due Diligence

Conduct thorough due diligence before committing. Check the developer’s reputation, read reviews, and, if possible, visit other projects they have completed. Ensure all necessary permits and consents are in place and that the development complies with local building regulations.

Step 8: Final Inspection and Handover

Once construction is complete, a final inspection ensures everything meets the agreed-upon standards. This is your chance to address any concerns or defects before taking possession. Once satisfied, the handover process begins, and you’ll receive the keys to your new home.

Step 9: Moving In

Moving into a new build is often a seamless process. Since everything is brand new, you can enjoy the benefits of modern living from day one. Settle into your new home, explore your community, and enjoy the fresh start that a new build provides.


Buying your first home, particularly a new build, is a rewarding experience. By following these steps and considering your financing options, you can navigate the process with confidence and find a home that meets your needs and lifestyle. At KEY2, we’re here to support you every step of the way. Contact us to learn more about our new build properties and how we can help you achieve your dream of homeownership.


KEY2 Real Estate Ltd

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