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Starting out

Tips and tools to help you plan, budget and save for your first home.

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Set your budget

The budget. Some may call it a fun-stopper, but as tricky as it can be, it's the best way to start making some serious savings. Who knows? Maybe you'll eventually convince yourself it's not weird to take your own popcorn to the movies, it's smart. 

1. See where you're at

By figuring out how much you’re earning versus spending you can see realistically how much you can save. You can use our Track My Spending tool to see where your money’s going.

2. Build your budget

A budget gives you a plan for how you’ll split your income out across your expenses and savings. Our handy How to budget blog or the Sorted budgeting tool can help you put one together.

3. Save a regular amount

To help you stick to your plan you can set up an automatic payment to transfer your savings to a separate account each payday. That way you don’t even have to think about it!

How much do I need to save?

To get a home loan your deposit will generally have to be 20% of the property’s value - but it all depends on your individual situation. You may be able to get into your home sooner with a deposit as little as 10%.

Start looking at how much houses in the area you’re interested in have been selling for recently. Tools like homes.co.nz or TradeMe Property Insights can help you with this, or you can speak to a local real estate agent. If the prices are higher than you can afford, you might want to widen your search.

Use ASB Suburb Seeker to get an idea of current house prices in different locations. Our home loan borrowing calculator can give you can idea of what you afford to borrow, or or you can get in touch to talk through your situation.

Borrowing calculator

Tips to help boost your savings

  • Be conscious of your spending, cancel services you're not using like gym memberships or subscription TV. Could you cut back on any small luxuries like coffee or meal deliveries?

  • Do you have any debt you could clear? Clearing debt means you could begin to save more toward your deposit sooner. Start by paying off debt with the highest interest rate, or talk to us about making it easier to manage with an ASB debt consolidation loan.

  • You may be able to withdraw your KiwiSaver funds to buy your first home - check you are eligible. If you’re not already an ASB KiwiSaver Scheme member, it might be a good idea to join now.

  • Save money as you spend with Save the Change. We automatically round up your electronic transactions and put the difference into a savings account you choose. You'll be surprised how quickly it can add up.

Budget check in

When your goal is set and it's been a few weeks since you started budgeting, look at how it's going. Is it realistic? Do you need to make any minor adjustments? Once you're happy with where it's at, stick to it and watch your savings grow. You can even set milestones to hit on the way to your goal, and celebrate as you hit them!

Contact us about your home loan

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ASB's terms and lending criteria apply.

Interests in the ASB KiwiSaver Scheme (Scheme) are issued by ASB Group Investments Limited, a wholly owned subsidiary of ASB Bank Limited (ASB). ASB provides Scheme administration and distribution services. No person guarantees interests in the Scheme. Interests in the Scheme are not deposits or other liabilities of ASB. They are subject to investment risk, including possible loss of income and principal invested. For more information see the ASB KiwiSaver Scheme Product Disclosure Statement available from this website and the register of offers of financial products at www.disclose-register.companiesoffice.govt.nz (search for ASB KiwiSaver Scheme).