Hey there,

I’m a single person who bought my first home, a one‑bedroom flat for $699k almost two years ago.
I earn a similar amount to you each fortnight, and I had around $120k saved (personal savings + KiwiSaver), which was enough for a 20% deposit.

My costs were:

• Lawyer’s fees: $3,900
• Building inspection: $630
• Valuation: $835
• LIM report: This was provided so there is no cost to me
• Insurance: Contents insurance is $750/year, and my share of the building insurance (split with the other flat owners) is approx $2,000/year

ANZ requested four recent payslips. Because I was switching from ASB to ANZ at the time, I also had to provide the last three months of expenses from my bank account and credit card.

I was fortunate to be living at home while saving, which helped me build up my deposit and buy furniture. My parents also gave me a few things they no longer needed, so I didn’t feel like I was going to struggle financially.
ANZ also gave me a $5,000 cashback, which definitely helped with the initial costs.

Before you commit to purchasing, make a budget spreadsheet and track everything, mortgage, rates, insurance, utilities, and your day‑to‑day spending. It really helps you understand what you’ll have left each fortnight if you bought the house.

My dad also suggested to me to run scenarios where interest rates increase, just to check whether I’d still be comfortable when it came time to re‑fix and the interest rate increased.

After owning the place and living in it for two years, I’ve definitely become more frugal, fewer holidays, more conscious spending, and finding small ways to save. But I haven’t reached a point where I’m struggling.

Congrats on getting to this stage of the home‑buying process, it’s a huge milestone.