A Whanganui teenager says buying a first home was easier than she thought - and it wasn't totally a case of "rich parents getting it" for her.
Tayla Wright, 19, and Xavier Dunn, 20, bought their first home earlier this year.
Whanganui's housing market remains within reach for many first-home buyers but those wanting keys to their own home are being encouraged to get their "ducks in a row".
"We had been living together in a rental for a year, just to see what it was like to be adults," Wright said.
Wright entered the workforce at the age of 16, putting aside a little bit from each pay cheque to build up a deposit, topped up with just $8000 from family members.
She currently works in the office at Newtech Bathroomware in Heads Rd. Dunn is an apprentice builder.
"Pretty soon into that we found out a mortgage could be less than what we were paying in rent. It would have been pretty silly not to see if getting a home of our own was any kind of possibility.
"At least with a mortgage we would have a house at the end of it."
Initial inquiries came to a halt because Wright hadn't turned 18 yet.
However, a meeting was set up with Kiwibank to get the ball rolling as soon as she did.
"They was amazing, and they had to 'dumb explain' everything to us because we didn't know what we were doing," Wright said.
The couple was eligible for a Kāinga Ora first home loan, 5 per cent deposit and their savings were enough to get them over the line for pre-approval.
Lawyer at Moore Law, Rob Moore, said the change in Whanganui's housing market in the past eight months was unbelievable.
"Properties that were going for $500,000 are now going for $350,000. It's a different world.
"If you're young you don't have to buy a house tomorrow. You just have to come up with a plan as to how to do it. That's all you need."
Mortgage Link adviser Moira Hart said it was far from impossible for people of any age to become homeowners, they just had to get their "ducks in a row".
"Stick to a budget, get rid of Afterpays, and watch what you spend.
"If we are going for a pre-approval we have to see your bank statements. We are going to look at a minimum of three months of spending, so get your accounts tidied up now."
Wright said they bought the property in early July.
"It was on the market for $420,000 and we offered 400,000. They declined initially but came back and accepted," Wright said.
For an existing home in Whanganui there is a $425,000 cap to access the Kāinga Ora first home grant (up to $5000 per person, depending on KiwiSaver).
After changes in this year's Budget there is no price cap for a Kāinga Ora low deposit loan (minimum 5 per cent).
Wright said it wasn't just the mortgage that had to be taken into account when buying a home.
"We got a (Whanganui District Council) rates letter the other day, and that was a bit of a shock.
"I think our biggest 'freak out' was how to pay our lawyer, which was $2500.
"Kiwibank actually gives you money back for using them. That basically paid for it."
If you have had a Notice Saver account at Kiwibank with a minimum balance of $2000 for six months you are eligible for its First Home Saver initiative, which contributes $2000 towards your first home expenses when the home loan is drawn down.
Wright said she didn't feel like it was "a hell of a lot more" in terms of expenses between renting and owning a home.
"It just means a little bit less in our savings than what we were doing before.
"I talk to a lot of people who haven't even looked into it (buying a home) because it's deemed to be one of those impossible things.
"Things aren't actually as hard as they are made out to be."
To access KiwiSaver funds for your deposit, you must have been in its system for a minimum of three years.
For a Kāinga Ora first home grant, you need to have contributed to KiwiSaver for a minimum of three years ($3000 grant), four years ($4000) or five years and over ($5000).
Property Brokers agent Vicky Todd said listings jumped by 170 per cent through January - from 100 houses to around 270.
That number had remained stable ever since.
"If we look back to the global financial crisis (2008), which I worked through, there were over 1000 houses on the market in Whanganui, Todd said.
"We saw prices plummet but that is not happening this time around. There has been a correction but it's still stable.
"It was the overpriced houses that had to correct."
Wright said rent on the couple's previous home was $460 per week.
"We thought 'if this is rent we are never going to afford a house'.
"It turns out it's only an extra $30 a week for the mortgage. That's how we have chosen to pay as well, we've locked in $495 and we are going for it. There was the option of paying much less than that per week."
Even if someone had the 5 per cent deposit, there had to be good income behind it, Hart said.
Interest rates moved constantly and banks tested applicants at a higher rate to make sure they could handle a change.
"The loan is greater with a five per cent deposit, which means the pressure is on your income and expenses to service that loan.
"There are hooks around everything. No one gives money away for nothing."
Not having children yet meant making ends meet was easier, Wright said.
"We are both pretty bloody close to minimum wage but we are still here.
"It's about what we make and where we put it."
Some potential first home buyers had said they would wait until prices dropped further, but even if they did, interest rates would go up, Todd said.
"In my opinion, you're better to buy now.
"There are some really good opportunities out there at the moment for first home buyers.
"Don't pay that dead money to a landlord, pay off a mortgage instead."
• This story has been updated to include the exact amount of money the couple received from family.
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