Whether you're looking for a bigger home, downsizing, buying another home in a different city or getting on the investment property ladder, we can help you buy your next home. This is the next step.

Steps on buying your next home

  1. 1

    Work out a plan

    You generally have three options:

    • Selling your current house before buying your next one
    • Buying your next house before selling your current one
    • Keeping your current house as an investment property and buying a next one (or vice versa).
  2. 2

    Sort your finances

    You usually need a 20% deposit to qualify for a home loan.

    A larger deposit may sometimes be required for an investment property. However, if you already own a home, you might be able to use some of the equity you’ve built up in it as a deposit on an investment property.

    More about saving a deposit or buying an investment property

  3. 3

    Get conditional approval

    Conditional approval will give you an idea of how much money you could borrow. This means you can focus on houses within your budget and you’ll also be able to move quickly and make an offer when you find a house you want.

    Conditional approval lasts for 90 days.

    More about conditional approval

  4. 4

    Find your next property

    Once you’ve done all the prep work, it’s time to find the right property.

    If you find one that you like, talk to your lawyer before making an offer and make sure it includes terms and conditions to allow you to make all the checks you want.

    More about finding a home or an investment property

  5. 5

    Arrange your home loan

    Your home buying journey and home loan options will vary depending on your personal circumstances.

    You can talk through your options with our home loan specialists and how you can transition to your new home loan.

    More about structuring your home loan

  6. 6

    Go unconditional

    Once you’re happy that all of the conditions of your offer have been met and all the i’s are dotted and the t’s are crossed, then your contract will go unconditional and you’ll officially have your next home to move in to or be a property investor.

    More about moving into your home

Options for your current home

Buying a new home means you also have to think about your current one. You generally have three options and the process will vary depending on what you choose.

Sell before you buy

Selling your current house before you buy a new one means you won’t end up stuck with two mortgages. However, there’s no guarantee that you’ll be able to find your next house before your house sale settles. This means you could find yourself renting for a while as you house hunt.

If you already have a home loan with Kiwibank, we can usually switch it straight over to your new property. If you’re on a fixed rate, that will stay the same until the end of your current term. If you need to borrow more to afford your new home, this will be set up as an extra part of your home loan.

Buy before you sell

Found your dream home before selling your current one? You might need a bridging loan. It's a short-term loan that enables you to settle on your new property before you sell your current one. You’ll continue to pay your existing home loan at its usual repayment rate and pay the bridging loan on the new property. Interest rates on bridging loans are 1% p.a. higher than our standard variable rate.

Invest in property

You could join the property investor ranks by tapping into the value of your current house – whether you want to keep your current property as your primary home and buy an investment property or make your current property an investment property and buy a new home.

You might be able to use some of the equity you’ve built up in your current house as a deposit on the next property you buy. Talk to one of our home loan specialists to talk through your options.

Let's get you into your next home

We have home loans specialists and tools to help you through the process of buying your next home.

Talk to a specialist

Our home loan specialists can walk you through the process of buying a home and discuss what your options are.

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Use our calculators

Our first home buyer and repayment calculators can help you work out how to manage your home loan, pay your home loan off more quickly or get you into your new home.

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