Accelerate your deposit

Think about opportunities to increase your income. If you do a few extra gigs and save 100% of your earnings, your deposit can grow much faster over and above your regular transfers.

There are plenty of options and you could leverage your strengths and your network. You might be able to earn from childcare, petcare, events or neighbourhood jobs, to name a few.

Fixed costs like rent often take the biggest slice of your income and appear necessary — after all, you need somewhere to live. But reducing your large fixed costs can channel a lot more into your deposit savings.

While it might not be ideal long-term, could you consider a few changes if you're on the home straight? For example, if you're living alone, can you flat with others? Can you downsize your rental, or move in with family, or do house sitting? Exploring these options could surprise you.

Getting family assistance to help buy property doesn't have to mean them contributing cash. There are other ways they could help too.

For example, if your parents own a home, you might be able to leverage the equity on that home to help you buy yours. Of course, there are risks that come with this, but it's something we can look into together if your situation allows.

You might have been doing the mahi, saving hard for your deposit, but where are you keeping it? Let's make sure you're getting the best possible return for your situation. Depending on your time frame, a Term Deposit might be suitable, or you could seek advice from Fisher Funds about their Managed Funds options.

Whilst being careful you're not locking in for longer than you want to be, using the money you've already saved to grow your deposit balance further is a smart move.

As well as looking at boosting your income and decreasing your biggest overheads, take a look at your everyday spending again. Is there anything that you could change or adjust, to divert more money into your deposit savings?

When you're ready to apply for a home loan, we'll ask you about any debt you have. Having debt doesn't mean you can't get a home loan, but it's important for us to know. Check back in on any debt that you have, such as a student loan, credit card or layby debt. Make a plan to clear it, lower it or consolidate it.

As your deposit has grown, your KiwiSaver balance probably has too. You might be planning to withdraw it for your first home, or you might not know yet. Have a look at how KiwiSaver withdrawal works, understand the process, and calculate this figure into your deposit plan if it's relevant to you.

The property market might have moved since you started saving your deposit. Run your numbers in our first home buyer calculator again and see whether what you're aiming for still stacks up.

It might turn out that you can get there quicker than you thought, or it might mean you need to save a little longer. Keeping your finger on the pulse means staying realistic.