Should You Wait Until After the NZ Election to Buy Your First Home?
Planning to buy your first home? Understand your options before the NZ election.
With New Zealand's general election on 7 November 2026, you might be wondering whether to buy your first home now or wait to see what happens.
Election policies could affect your homebuying options, but proposed changes aren’t guaranteed to happen. It’s worth understanding what’s on the table to understand your options now.
Here's what to consider before deciding whether to move ahead with your first-home plans.
Could the NZ election change your first-home buying options?
One proposal worth watching is National's plan to expand the First Home Loan scheme.
If re-elected, National has proposed raising the scheme's income cap to $300,000. This could allow more eligible buyers to apply for a home loan with a deposit as low as 5%.
Under the currently published criteria, the income cap is $95,000 for a single buyer without dependants and $150,000 for a single buyer with dependants or multiple buyers combined.
Under the current First Home Loan eligibility criteria, the income cap is $95,000 for a single buyer without dependants and $150,000 for a single buyer with dependants or multiple buyers combined.
| Current income caps criteria | National's Proposal |
|---|---|
| $95,000 or less for a single buyer without dependants | $300,000 to all applicants |
| $150,000 or less for a single buyer with dependants or multiple buyers combined |
Should you buy your first home before or after the election?
Rather than focusing solely on the election, look at your financial situation and the options currently available to you.
The right timing depends on your budget, your readiness to buy and whether upcoming policy changes could affect your eligibility.
Buying now may make sense if:
- You've saved enough for your deposit and explored your borrowing options.
- You've found a home you can comfortably afford which fits your needs and budget.
Waiting may make sense if:
- You need more time to build your deposit or get your finances in order.
- A proposed policy change could affect your eligibility for a home loan.
What can you do now while waiting for the NZ election?
You can prepare for your first home without committing to a purchase straight away.
• Check your deposit options. A 20% deposit isn't the only possible route into homeownership. Eligible buyers may be able to apply for a First Home Loan with a 5% deposit, subject to the scheme's criteria and lender approval.
• Review your KiwiSaver. If you've been a KiwiSaver member for at least three years, you may be eligible to withdraw savings for your first home. Check the requirements with your provider.
Wondering how much your KiwiSaver could help with your first home?
We can help you understand your current position and work out what you need to get into your first home.
• Work out what you can afford. Factor in mortgage repayments, rates, insurance, maintenance and other regular expenses.
• Understand your borrowing options. A mortgage adviser can help you explore suitable home loan options and understand what you may be able to borrow.
• Keep your options open. Understand what you can do under the current rules while keeping an eye on possible changes.
You don't need to predict the election outcome to prepare for your first home.
Just remember, waiting doesn't guarantee lower house prices, cheaper mortgage rates or better lending options.
This article is for informational purposes only. It does not consider your personal financial situation or objectives. Please consult with Tella mortgage and financial experts before making any decisions regarding your mortgage or debt strategy.
