First home savers looking to turn their goal of owning a home into a reality can sign up for Kiwibank’s tips delivered straight into their inbox. The educational email programme from Kiwibank supports first home savers across Aotearoa as they follow their path to homeownership.
It’s natural that first home savers are on a learning journey, and the series offers a roadmap to homeownership, encompassing practical tips, expert strategies, and valuable insights to empower them.
The series is tailored to help Kiwi make more informed decisions in their homeownership journey and accelerate their deposit savings. The emails will offer something for everyone, no matter where they are on their path to saving for their first home.
Whether you're just beginning to put money aside or getting close to your deposit savings goal, this series is for you.
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Deposit options
The first home saver series kicks off with a deep dive into various deposit options, including how to make the most of KiwiSaver. It then debunks the myth that everyone needs a 20% deposit.
It explores alternative pathways to securing a deposit, such as family assistance, and Kiwibank’s Co-own programme which helps facilitate friends or whānau to buy a home together.
Kiwibank Mobile Mortgage Manager Joe Tongotea says customers find themselves in unknown territory when they start out in their home saving journey.
There are various options discussed in the email series that can help build a deposit faster, Tongotea says. That might include increasing your KiwiSaver contributions. Maybe you’ve been contributing 3%, but don't know it can be increased to 4%, 6%, 8% or even up to 10% of your pay.
Often overlooked or ruled out by savers is help from family, she says. Not all families can help with a deposit. But there are other ways family can assist. That might include moving home to save more. “I've just had my daughter buy out in Henderson [Auckland]. She returned home from flatting for a year and rented a cabin in the backyard.” Even asking friends and family to contribute to your deposit if they are able to, instead of buying gifts, can help, says Tongotea.
First home savers should also look into options like co-owning with friends or whānau, and into whether a lower deposit option is available to them based on their situation, Tongotea says. Not everyone needs a 20% deposit for their first home, as the series outlines.
Budgeting and debt reduction
Next the series moves to budgeting and debt reduction. You'll receive tips about how to cut back unnecessary spending, setting up automated savings, establishing clear financial goals that keep you on track and more.
These are some of the key commonly overlooked areas in saving for a deposit where the email series will help, says Tongotea.
“When I meet with first home buyers, we focus on identifying those little costs that can slip under the radar,” she explains. “It could be regular takeaways, frequent app purchases, or those extra items picked up during quick stops at the shop. These seemingly minor expenses can add up to significant amounts over a year. By recognising and adjusting these spending habits, we work together to free up more money to put towards a home deposit.”
The details around consumer debt covered in the series is important, especially as it’s often overlooked, says Tongotea. Credit card debt, personal loans, and using buy now pay later offerings can reduce the amount you’re approved to borrow from the bank to buy a home. Paying down that debt is a double bonus because it frees up money to divert to a house deposit.
“I had a customer with $47,000 in debt and several recreational items, such as motorbikes. They were more focused on homeownership than holding onto these items, so we discussed how selling some of them, combined with adjusting their spending and savings habits, could help reduce the debt. After working hard for two years and making these changes, they successfully paid down the debt and were able to buy their first home.
Another area sometimes overlooked by first home savers is the guidance they can get from their bank, such as this email series and the free one-to-one advice available from Kiwibank’s home loan specialists, Tongotea says. “Reach out for help.”
Investment insights and adaptability
Investment strategies take centre stage in the third email, where the series provides an overview of various savings options such as savings accounts, term deposits, bonds, KiwiSaver, managed funds, and shares. The emphasis is on how to align your investments with your personal risk tolerance and savings timeframe, to help ensure your money works as hard as you do. First home savers might find that diversifying investments can help manage risk and potentially boost returns, says Tongotea.
The final email in the series encourages persistence and flexibility in your savings journey. Whether things are going according to plan or you’re navigating one of life’s unpredictable turns, this email offers practical advice from adjusting your budget to seeking support from financial mentors to help you stay on track.
Take Action: Sign Up Today
Take the next step in your first home saving journey by signing up for Kiwibank’s first home saver email series. Subscribers will receive tailored advice and practical tips directly to their inbox, helping turn their homeownership goal into a reality. Don’t miss out on the opportunity to gain the knowledge and confidence to help navigate the path to owning a home.
