For the past few years, anyone trying to buy their first home could be forgiven for feeling hopeless. We've seen a frantic seller's market,
sky-high prices, and then a rapid spike in interest rates that crushed affordability.
But the market has shifted.
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After a period of rising costs, seeing interest rates begin to fall is a welcome relief for homeowners across New Zealand. While it’s
tempting to simply enjoy the extra cash in your account, this moment presents a powerful strategic opportunity to either improve your cash
flow or significantly accelerate your journey to being mortgage-free.
But what's the right move for you? It generally comes down to two common scenarios.
It’s the most common question I get from aspiring homeowners: "Do I really need a 20% deposit to buy a property?"
The short answer is no, but it certainly helps. While a 20% deposit is the traditional "gold standard," it's important to
understand why it's so beneficial, and what your options are if you're not quite there yet.
More first home buyers are getting into the market by choosing 'do-up' properties and building value through their own work - often called
'sweat equity'. With first-timers now making up around 26% of all buyers, it's clear this hands-on approach is working.
Buying a home that needs work isn't just a cheaper option; it's a smart financial strategy. However, before you start planning any
renovations, it's vital to understand the costs, the risks, and the overall game plan.