Jesse and Shakira had seen a lot of stories about how hard it can be to buy a first home.
They knew they would achieve their first home dream one day … "We thought, hopefully, in about five years'.
But less than two months after their first meeting with mortgage advisor Vicki Kemp, they'd found the perfect place, put in an offer, had their home loan approved, settled and moved in - and all before Shakira's 22nd birthday.
Jesse (24) and Shakira (now 22) are still pinching themselves that it was really possible - and that it felt so easy."I think you have a good chance" and we thought, "okay". So we started looking at homes and this was the first one we looked at."
The house in the quiet suburb of Dallington, Christchurch was already under offer - but the first buyers' finance fell through, Jesse and Shakira put in a back up offer, "and now we are here!"
It took a quick two days to get their Kāinga Ora First Home Loan approved by The Co‑operative Bank. They had managed to get together a 9% deposit, including their KiwiSaver savings and a Kāinga Ora First Home Grant (just before the government grants were discontinued).
The Co‑operative Bank is one of a handful of banks that offer Kāinga Ora First Home Loans - which enable buyers to get into their first home with as little as 5% deposit (instead of the more standard 20% minimum deposit).
"We know people are signing with close to 8% interest rates, so ours was extremely low at 6.79% (in early July 2024). It's for one year so hopefully in that time the rates may also come back down," Shakira says.
The Co‑operative Bank believes in doing its best to offer fair pricing that provides long-term benefit to its customer owners. It's about building deeper, long-term relationships, that help create mutual benefit for customers and the co-operative.
Their advice to other first home buyers: "Go through a good broker - especially when it's your first home and there is so much you don't know."
"Thanks to our broker Vicki and The Co‑operative Bank the process was such a breeze." Now the pair a loving being new home owners. "It's every Kiwis dream,' Jesse says.*
If owning a first home is your dream, The Co‑operative Bank would love to help you get there too.
A first home dream come true
The Tariu family moved to New Zealand from Samoa in 2014 seeking a better future for their whānau, and with a big dream of one day buying their own home. That dream has finally come true, with a first home loan from The Co‑operative Bank.
The family of nine has spent 10 years moving between Christchurch rental properties. They spent the last two years in an apartment near an industrial area, with gang affiliates next door, constant noise, fumes, and nowhere for the children to play.
After eldest son Walter Tariu, now 25, graduated university with a Bachelor of Criminal Justice and got a full-time job in 2021, he thought it was time to start the house-buying process. Through perseverance and commitment, the Tariu family managed to save up enough for a deposit within two and a half years.
After getting a home loan pre-approval from another bank, finding their dream house with four big bedrooms plus potential for a sleepout, and putting in their offer, the loan was declined because the bank said the family needed more bedrooms.
Through their broker Willie Leota, they persevered, including applying to The Co‑operative Bank. And then they got the news they were hoping for.
“I got a call from Willie saying he had some good news... The Co‑operative Bank was willing to help and give us the mortgage. They came through.”
Walter says that owning their own home has been a blessing for the family. “It means a lot in so many ways. When we moved from Samoa to New Zealand we had nothing and, for me now, it is one of my biggest goals achieved,” he says.*
Ben and Elise, First Home Buyers
As a co-operative, we are committed to the long-term benefit of our customer owners, and helping them get into their own home is a key part of that.
The two words that Christchurch couple Elise and Ben would use to describe buying their first home: “easy and smooth”.
In early 2024 Elise and Ben, both architectural drafters, decided they were ready to buy their first home together.
“We were saving for quite a while, trying to figure it all out,” said Ben. “We didn’t really see many houses that spoke to us, and in the right suburb for the right price,” said Elise. Eventually they went to an open home in Halswell and decided the house was the one to put an offer on.
Once they decided to go for it, they needed to move quickly to get an offer in time for the deadline sale.
“Everything happened really fast. We didn’t have pre-approval so we only had two weeks to get organised. But in terms of the finance stuff, that part all happened really quickly.” The couple chose The Co‑operative Bank because the offering worked for them, and everything was simple.
“Honestly everything that (The Co‑operative Bank) gave and offered was just better, especially the interest rate and the 1% cash back on the loan” said Ben. “I was actually surprised at how easy it was,” said Elise.
Elise and Ben both used their KiwiSaver as first home buyers, and were eligible for a low deposit Kāinga Ora first home loan. “I knew about the Kāinga Ora programme, but not the extent of it. Honestly, I thought we wouldn’t be eligible to apply for it!”
“In the end our mortgage broker put us forward and it was really quick, maybe a 2 or 3 day process to find out we’d got approved for the Kāinga Ora loan. Because we used our KiwiSavers, our deposit was just over 10%, and as a Kāinga Ora loan the rates are better than a low deposit loan might normally get”
In terms of the most stressful part, Elise said it was competing with other buyers rather than the finance process.
Now they’re in their first home, Elise and Ben are excited to make the place their own. “We are going to re-do the bathroom, paint a few things. Endless trips to Bunnings,” Ben said.
“It’s nice to just be able to do what we want and have a space of our own.”
Read our tips for saving and learn about the ways you may be able to get help with getting your deposit together.
Ready to join our banking whānau?
- Start your application online now or apply using our mobile app from the App Store or Google Play.
- Enter a few simple details including your name and address, and let us know what products you're interested in.
- Verify your identification to complete your application through our mobile app. You'll need to have your NZ Driver Licence or NZ Passport handy and take a short video of yourself saying a phrase we provide.
- We’ll review your application and be in touch with you within 3-5 business days.
*The information and views expressed in this article are general in nature and for information purposes only, and do not constitute financial advice. Before making financial decisions, we recommend you seek financial advice which takes into account your individual circumstances.