Buying your first home is an exciting milestone, but navigating the current property market in New Zealand can be challenging. Here are 10 essential things every first-time homebuyer should know:

1. Understand Your Financial Position: Assess your income, savings, and expenses to determine how much you can realistically afford. Consult a mortgage advisor to get pre-approval and set a clear budget.
   
2. Research Mortgage Options: Explore different mortgage types, including fixed-rate, floating-rate, and split loans, to find the best fit for your financial situation.
   
3. Government Support Schemes: Take advantage of government initiatives like the First Home Grant(no longer available) and KiwiSaver First Home Withdrawal to boost your deposit.
   
4. Save for a Sufficient Deposit: Aim for at least a 20% deposit to avoid additional costs like Lenders Mortgage Insurance (LMI) or Low Equity Margin / Premiums.
   
5. Account for Hidden Costs: Factor in additional costs such as legal fees, valuation reports, property inspections, and ongoing maintenance.
   
6. Understand the Property Market: Research the property market in your desired location to identify trends, average prices, and potential growth areas.
   
7. Get a Property Inspection: Always conduct a thorough property inspection to uncover potential issues before finalizing the purchase.
   
8. Think Long-Term: Consider your long-term plans, including job stability, family growth, and potential relocation, when choosing a property.
   
9. Work with Trusted Professionals: Collaborate with experienced mortgage advisors, real estate agents, and legal professionals to guide you through the process.
   
10. Stay Informed: Stay updated on market changes, interest rate trends, and lending policies to make informed decisions.
    

By being well-prepared and seeking expert advice, first-time homebuyers can confidently step into the property market and make informed choices for a secure financial future.