Saving For A House

Housing prices are soaring at the moment meaning your ability to afford a house may seem out of reach. Thankfully, you don’t have to save up the full purchase price or only the richest among us would be able to own a home. But you do need to save enough for a deposit and that’s where the team at MyFuture can help.

Saving for a house means having the funds available to enter into a purchase contract, make a deposit, pay any administrative costs, and have the flexibility to make any emergency repairs. Unless you’re making more money than you know what to do with, a financial plan is the best way to save the money you need.

The good news is the Qualified Financial Advisers at MyFuture can put you on course for a successful savings plan that will secure your spot on the property ladder. With personalised and proven strategies, sound financial advice has helped people achieve their home ownership dreams – there’s no reason you can’t get there too.

Saving For A House In New Zealand

Property prices are skyrocketing across the country making many people’s dreams of homeownership seem further and further away.

But saving for a house is not an insurmountable task; it starts with contacting your financial adviser to assess your situation, your goals, your needs, and mapping a way to and through the front door of your new home.

Get Ahead With Quality Financial Advice

Our Qualified Financial Advisers can help you to get on the property ladder with a tailored savings plan and proven financial expertise.

Set A Realistic Savings Goal

First of all, we need to assess your financial situation and how much you will be able to realistically save and spend, over how long, and how far that will get you towards a house.

This can include your income, any existing assets, as well as any liabilities you have.

Make A Savings Plan

Our financial advisers can help you set a realistic budget, a sensible timeline, and achievable milestones. Once you have a plan you believe in, it will be much easier to accomplish. The plan helps you see the end result in a structured, easy to follow manner which enables you to take the necessary steps to get you there.

Reconfigure Your Spending

We’re more in control of our spending than we think we are. Evaluate your habitual spending so you can make adjustments to the way you live, what you drive, what you eat, and what you do for entertainment if there are areas where you can save. Once you create new spending habits and are able to save, you’ll quickly realise how easy it can be to reach your goals.

Tips To Help You Save For A Property


Take advantage of useful tools such as mortgage, savings, and budgeting calculators so you can see the bigger picture


Minimise or consolidate your existing debts to make saving for a deposit more achievable.

Saving Strategy

Set up a separate account for your home deposit savings so you know exactly where you stand.


Consider increasing your tax-deferred KiwiSaver contributions.

Financial Adviser

Speak to our Qualified Financial Advisers to get personalised advice on how to save for your deposit and afford your dream home.

How much should I save for a deposit for a home in NZ?

The property market in New Zealand is constantly in flux. With recent spikes in house prices, there are opportunities to borrow from your bank with as little as a 5-10% deposit. We can determine whether you meet the criteria for a Kāinga Ora First Home Loan which could enable you to buy your first home with only a 5% deposit. There are also other assistance options through KiwiSaver schemes which are worth exploring.

Keep in mind that the lower your initial deposit, the more risk there is to both the borrower and lender. If you take out a mortgage for more than 80% of the property’s value, you’ll likely have higher interest rates or fees to cover the higher risk that the lender faces in case you default.

To reduce this risk, lenders typically require a minimum deposit of at least 20% of the full house price. If the house is worth $700,000, you would need a deposit of at least $140,000.

Wherever you find yourself in the process of saving for a home, MyFuture is here to help you make the most of your resources and get you on track to secure a deposit. Reach out today for a FREE no obligation Discovery Session with our Qualified Financial Advisers.