Buying your first home is one of life’s biggest milestones. It’s an exciting, and let’s be honest, sometimes overwhelming journey. But here in Christchurch, getting onto the property ladder is an achievable dream.
This guide is your step-by-step roadmap, built specifically for first-time buyers in the Ōtautahi market. We’ll cut through the jargon and walk you through the entire process, from saving your first dollar to the amazing feeling of unlocking your own front door.
Let’s get started.
Before you even look at a single open home, your first step is getting your finances sorted.
The standard answer is 20% of the property’s purchase price. However, for a first-time buyer, this isn’t always the case. Many banks are open to lending on a 10% deposit, and some even 5%, especially if you qualify for specific government support.
Your main tools for building this deposit are:
KiwiSaver: This is your secret weapon. After three years of contributing, you can likely withdraw all your savings (except the $1,000 government kick-start).
The First Home Grant (Kainga Ora): You may be eligible for a grant of up to $10,000 per person ($20,000 for a couple) for a newly built home, or $5,000 per person ($10,000 for a couple) for an existing home. There are criteria, including income caps and regional house price caps for Christchurch.
The First Home Loan: This is a special loan designed for first-timers with a smaller (5%+) deposit, underwritten by Kainga Ora.
Savings & Gifts: Good old-fashioned savings or a gift from family (the “Bank of Mum and Dad”) can also form part of your deposit.
Once you think you’re close to your deposit goal, it’s time to talk to a bank or a mortgage broker. They will assess your income, expenses, and debts to determine how much you can safely borrow.
This gives you a pre-approval, which is a conditional letter stating the maximum amount the bank will lend you. This is your “shopping licence”—it proves you’re a serious buyer and gives you a clear budget to work with.
You don’t have to do this alone. A good team will protect your interests and guide you.
A Mortgage Broker (Optional, but Recommended): A broker can compare all the banks for you, often finding better rates or deals (like cash-back) and can be invaluable if your financial situation is unique.
A Lawyer or Conveyancer: This is non-negotiable. You must have a property lawyer. They will review all legal documents, check the property title, handle the transfer of money, and be your legal safeguard.
A Real Estate Agent: That’s us! A good agent who understands your goals can alert you to new properties (sometimes before they even hit the market), provide local market insights, and guide you through the offer process.
This is the fun part! Now that you have your budget, you can start your search.
Be realistic. Your first home is a step onto the ladder, not necessarily your “forever home.”
Needs: These are your non-negotiables. (e.g., “Must have 3 bedrooms,” “Must be in a specific school zone,” “Must have a garage.”)
Wants: These are the nice-to-haves. (e.g., “Would love a new kitchen,” “A home office would be great,” “A large garden.”)
Think about your lifestyle. Do you want to be close to the new city centre? Do you value the community feel of suburbs like Marshland, Halswell, or Redwood? Or do you want to be near the beach or the Port Hills?
Pro Tip: Spend your weekends exploring. Visit open homes, but also visit the local café, walk through the parks, and do the commute to work at rush hour. This gives you a real feel for the area.
You’ve found “the one.” Now you need to make an offer. In Christchurch, you’ll mainly encounter three types of sales:
Auction: You bid against other buyers in a public setting. If the hammer falls and you’re the highest bidder (and the ‘reserve’ price is met), you are unconditional. You must have all your checks done before the auction.
Deadline Sale / By Negotiation: You submit a written offer by a set date. The seller then reviews all offers. Your offer will almost always be “conditional.”
Priced / Price by Negotiation (PON): The property has an asking price. You can negotiate on this price, and your offer will be conditional.
As a first-time buyer, a conditional offer is your best friend. It means your offer is subject to certain conditions being met.
Common conditions include:
Subject to Finance: Your bank formally approves the loan for this specific property.
Subject to a Building Report: You get a professional builder to check the home for any issues.
Subject to a LIM Report: Your lawyer checks the Land Information Memorandum for any council data you need to know (e.g., consents, hazards).
Subject to Insurance: You can get a written policy to insure the home.
Your conditional offer has been accepted! This “locks in” the property for you for a set period (usually 5-10 working days) while you do your homework.
The history of our city means we have a few extra checks that are vital.
Get a Building Report: A good builder will check foundations, cladding, and the roof. This is your best protection against hidden problems.
Get Your Lawyer to Check the LIM: Look for any unconsented work, zoning information, or potential land hazards.
Check the EQC and Insurance History: This is critical in Christchurch. Your lawyer must request the full insurance and EQC file for the property. This shows what earthquake repairs were done, who signed them off, and if any claims were cashed out and not completed.
Understand “As Is, Where Is”: You may see properties for sale “As Is, Where Is.” This is a red flag for a first-time buyer. It usually means there are significant, un-repaired issues, and you often cannot get insurance or a mortgage on it. We generally advise steering clear.
If all your conditions are met (the builder’s report is good, the LIM is clear, and the bank gives final approval), your lawyer will declare the offer “unconditional.”
Congratulations—you are now legally committed to buying the house!
Between going unconditional and settlement day (usually 2-4 weeks), your lawyer and bank will be busy arranging the final transfer.
Your main job is to get your insurance policy confirmed to start on settlement day (your bank won’t transfer the money without it!).
On Settlement Day:
You’ll do a “pre-settlement inspection” (usually the morning of) to ensure the house is in the same condition as when you offered on it.
Your bank will “draw down” your loan, giving the money to your lawyer.
Your lawyer will transfer the money to the seller’s lawyer.
Once the seller’s lawyer confirms they have the money, they will release the keys (usually via the real estate agent).
Your lawyer will call you with the magic words: “It’s all yours!”
It’s time to pop the bubbles. You’re not just a first-time buyer anymore—you’re a Christchurch homeowner.
We know this is a lot of information, but you don’t have to remember it all. Our team at Ray White Marshland has helped hundreds of first-time buyers navigate this exact process.
If you’re ready to start your journey, or even if you just have a few questions about your KiwiSaver, we’d love to help.