1. Starting
Tips and tools for the first home buyer to help you plan, budget and save money. Use our mortgage repayments calculator to compare home loans, interest rates, terms and mortgage payments.
Tips to help you on your house hunt
When you’re house hunting, checking the listings and planning weekends around viewing open homes can cut into precious evening and weekend downtime. Here are a few tips and tricks to help first home buyers streamline the house-hunting process.
If you find a home that you can afford and ticks all the boxes, don't delay. In a hot market, there’s a chance others like it too, and you don't want to come back a week later to find it's gone. The best thing to do is contact the agent to advise you’re interested and start your due diligence of building inspections and legal checks. If the house is going to auction, it’s time to arrange finance - confirm how much you can afford to offer with your bank.
House hunting tools
Here are a few sites to visit to help your house-hunting search:
Open home checklist
When you’re on the journey of first home ownership, you're bound to be full of questions. But, how do you know the right ones to ask?
Here’s our list to make sure you’re on the ball
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Create your must-have list and check if the properties meet your needs.
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Make notes and take pictures of all the properties—it's easy to forget which houses have what.
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Turn on the taps, shower and flush the toilet to check the water pressure.
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Check that windows open, lights turn on and that everything generally works as expected.
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Bring a measuring tape to make sure there's enough space in the bedrooms and furniture. Living spaces may appear large if the owner has professionally staged the house and has cleared all the clutter of day-to-day living.
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Check your mobile signal strength.
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A freshly painted room can look lovely but look closer to see if it’s hiding mould or any other issues. Open wardrobes and check the walls and ceiling for any mould spots too.
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Note where the sun rises and sets and which parts of the house see the most sunlight. Generally, you want your outdoors and living spaces to face the sun to make the most of its natural light. Check if the house is in shadow for some of the day due to nearby hills or high buildings.
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Listen for noise from the road, nearby schools or workplaces.
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Chat to the neighbours about the surrounding area to see if the location is the right fit for you or your family.
What to ask agents
Things to consider
- The style of home that suits you or your family now and in the future - a unit, apartment, townhouse or standalone house
- Location - quiet street, close to the central business district, good schools etc
- Minimum number of bedrooms
- Minimum number of bathrooms
- Garage
- Garden space
- Fully fenced section
- Outdoor living area
- Type of flooring
- Kitchen style/design
- Accessibility
- Heating and insulation
- Single level or multi story
Types of ownership
There are probably more types of land ownership in New Zealand than you're aware of, and while it's likely you won’t come across all of them in your house hunting search, it’s a good idea to become familiar with the different terms. You'll want to understand what they mean and take into account the pros and cons of each are. If you're buying the property with someone else, then you’ll also need to decide how you want to structure the ownership.
- Fee simple: The most common type of ownership in New Zealand (also known as freehold).
- Leasehold: Someone else owns the land. You purchase the right to possession of the land and buildings on it for a specific period of time.
- Cross lease: Two or more people own the same piece of freehold land, with more than one dwelling on the property and then lease the use of these from each other.
- Unit titles can involve either fee simple or leasehold developments (also known as strata title).
We recommend getting advice on ownership types from your solicitor before purchasing a new home.
Home loan pre-approval
Now that you've decided to buy a house and have your deposit together, it's time to get pre-approved by the bank.
What is a pre-approval?
A home loan pre-approval is an acknowledgement from the bank that you can borrow an agreed amount, provided the property you purchase meets its home lending criteria and general terms and conditions.
Pre-approvals often come with conditions you need to satisfy in order to finalise your home loan. Some requirements include providing a registered valuation completed by an approved registered valuer using our panel valuation service and house insurance.
Having an ASB pre-approval upfront can help you get a lot of the hassle out of the way and provide you with reasonable certainty on what you can spend to help you narrow down your search.
You should note that ASB pre-approval letters of offer are valid for up to 90 days from the date of issue, unless specified for a shorter period or a specific property.
Contact us about your home loan
Call us
We're here weekdays 8am - 8pm or Saturday 9:00am - 5:00pm to answer your home loan questions.
Apply online
Ready to take the next step? Apply online.
Next steps
The first step on the property ladder is to be armed with the best advice before you start. ASB has all the tools for your dream home buying process.
2. Power Saving
Ways you could boost your savings to help you on your journey to first home ownership.
3. Finding
How to hunt for the right home and who to talk to while you're looking.
4. Buying
Handy information for the lead up to and process of buying your first home.
ASB's lending criteria, terms conditions and fees apply.
