How Tegan Yowrath bought her first home in Auckland, in her 20s
- 11 minutes ago
- 4 min read
Buying your first home can feel like stepping into a maze without a map. The process often seems confusing, serious, and overwhelming. In Episode 4 of How We Money, Māori Millionaire Te Kahukura chats with Mai FM radio host Tegan Yowrath to break down the home-buying journey in a way that feels approachable and real. This kōrero covers everything from whether owning a home is realistic today, to how KiwiSaver helps with deposits, what banks look for, and the hidden challenges many face.
If you’re thinking about buying your first home or just want to understand the process better, this episode offers practical advice and honest conversation without the usual finance jargon. Here’s a detailed look at the key points from their talk and how you can take your next step with confidence.
Is Owning a Home Realistic Right Now?
One of the first questions many people ask is whether buying a home is even possible in today’s market. House prices have risen, and the cost of living is high, making it feel out of reach for many. Tegan and Te Kahukura acknowledge this reality but emphasize that owning a home is still achievable with the right planning.
They suggest starting by understanding your personal financial situation clearly. This means:
Checking your current savings and KiwiSaver balance
Reviewing your income and expenses to see what you can realistically set aside
Considering different home-buying pathways, such as buying with family or friends
The key message is that progress matters, no matter how small. Even mapping out your next milestone, like saving for a deposit or learning about government schemes, moves you closer to your goal.
How KiwiSaver Plays a Big Role in Deposits
KiwiSaver is often a crucial part of the deposit for first-home buyers. The conversation highlights how this savings scheme can give you a significant boost, especially with the First Home Grant and First Home Withdrawal options.
Tegan explains that many people don’t realize they can use their KiwiSaver funds to help with their deposit, which can reduce the amount they need to save outside of KiwiSaver. However, it’s important to understand the rules around withdrawing these funds and how it affects your long-term savings.
Te Kahukura encourages listeners to:
Check their KiwiSaver balance regularly
Talk to their KiwiSaver provider about first-home withdrawal options
Factor in KiwiSaver when planning their deposit savings
What Banks Are Looking For When You Apply
Understanding what banks want can make the home loan application less intimidating. The episode breaks down the main things banks look for:
A stable income and employment history
A good credit history
A deposit, sometimes (not always) 20% of the property price
Evidence of your ability to manage repayments within your budget
Tegan shares that banks also consider your overall financial health, including any debts or regular expenses. Preparing your documents and knowing your numbers before applying can make the process smoother.
What Might Be Quietly Holding People Back
Sometimes, the biggest barriers to buying a home aren’t financial but mental or emotional. The kōrero touches on common fears and misconceptions that hold people back, such as:
Feeling like the market is too competitive
Worrying about making the wrong decision
Being unsure about where to start or who to trust
Te Kahukura and Tegan encourage listeners to seek support, ask questions, and remember that no one has all the answers at the start. Taking small steps and learning along the way builds confidence.
Saving in Today’s Cost of Living
With rising living costs, saving for a home can feel impossible. The episode offers practical tips for saving without sacrificing too much:
Setting a realistic budget and tracking spending
Cutting back on non-essential expenses
Exploring side income opportunities
Using automatic savings plans to build your deposit steadily
They also discuss how sharing costs by buying with others can be a smart way to enter the market sooner.
Extra Costs to Expect When Buying a Home
Many first-home buyers focus on the deposit but overlook other costs that come with buying a property. These can include:
Legal fees and conveyancing
Building inspections and valuations
Moving costs
Insurance and rates
Tegan and Te Kahukura stress the importance of budgeting for these extras to avoid surprises.
What Happens to Your KiwiSaver After You Buy
After using KiwiSaver for your home deposit, it’s important to understand what happens next. The episode explains that your KiwiSaver savings continue to grow and can be used for retirement or other goals.
They recommend keeping your KiwiSaver active and reviewing your investment settings to make sure they still fit your needs after buying a home.
Taking Your Next Step
The conversation ends with a clear call to action: map out your next home-buying milestone. This could be:
Checking your deposit savings
Reviewing your budget
Learning about first-home schemes
Booking a chat with a Home Loan Coach
ANZ offers tools to calculate how much you could borrow and what repayments might look like. You can also book a free, no-obligation session with a Home Loan Coach, even if you’re not an ANZ customer.
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