Buying an apartment

Apartments are often more affordable than stand-alone houses, so can be a great first step in your journey to home ownership.

4 minute read

Amy and Scott’s story

“It was pretty hard to find a regular house with a picket fence...that wasn’t going to be over our threshold” - Scott

Amy and her fiancé Scott were living separately but wanted to move in together. To pull together a large enough deposit, they both needed to use some of their KiwiSaver savings and apply for a First Home Grant from Kāinga Ora. With that funding arranged, they visited almost every real estate development showroom in Auckland until they finally found one that met their extensive criteria, which included proximity to town, 2-bedrooms, car park, amenities, and more.

Buying off a plan meant the apartment was cheaper than the same completed property, plus they were each eligible for the First Home Grant.

Expert opinions

Simon Crang has over 16 years’ experience as a BNZ Home Loan Partner, and a total of 41 years in the finance industry. Simon regularly helps customers fulfil their financial dreams of buying the house they’ve always wanted.

Here Simon talks about what you should be aware of before buying an apartment, including how much deposit you need, how the size of your apartment could affect how much you can borrow, using KiwiSaver savings for your deposit, and much more.

For more tips and tricks from BNZ property and finance experts, as well as BNZ customers about buying an apartment, watch the below video. The video covers improving the look of an apartment to get a better return on investment when you come to sell, the benefits of buying an apartment off plan, developing a set of criteria vs budget, and some key things to watch out for.

Buying a new build or building a first home

Whether you’re looking at buying a new home or building your own from scratch, choosing a new build could be a great option to get yourself onto the property ladder.

Buying a rental property

If it’s too expensive to buy in the city where you live, buying a property elsewhere and renting it out may be a good option for you.

How two family members bought a house together

Friends or family combining funds can be a great way for several people to get on the property ladder at the same time.

Related tools

Home loan repayment calculator

Calculate how much you could borrow

TotalMoney offsetting calculator

Guide to owning a home

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All home loans are subject to lending criteria (including minimum equity requirements), term and fees apply. Read our full home loans terms and conditions

This article is solely for information purposes and is not intended to be advice with respect to any matter discussed in it. If you need help, please contact BNZ or your professional adviser. Neither BNZ nor any person involved in the material accepts any liability for any direct or indirect loss or damage arising out of the use of, or reliance on, all or any part of the content.

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