A new year is the perfect time to reflect and plan for the future. If New Year’s resolutions aren’t for you, we suggest you set some goals and put a plan in place instead. This can be done without the ‘all or nothing’ pressure that can come with resolutions. So, what are your 2025 property goals? It could be buying your first home, paying down your mortgage faster, upsizing, or starting those long-awaited renovations. Whatever your situation, now’s the time to get serious about turning your dreams into reality. This blog is dedicated to helping you get started, so let’s get into it!
Make clear and realistic 2025 property goals
The first step in achieving any goal is to define it clearly. Think about what you want to accomplish in the next year. Make it realistic; if, for instance, you want to renovate your whole house but can’t fund it within the year, then focus on completing one or two key rooms in 2025.
Once you have your goals, set a clear savings target and timeline with small, actionable milestones.
Tips for saving for a deposit
- In New Zealand, the standard deposit for a first home is 20%, but there are sometimes ways to reduce this. Many banks are accepting as little as 10% deposits, especially for new builds. We can help find any opportunities for you to buy with a smaller deposit.
- Savings accounts in banks won’t help you grow your deposit substantially, so we recommend you save it in your KiwiSaver instead. You could potentially start in a growth fund, and then adjust to a more conservative as you get closer to buying your first home. This is general advice, and we would always recommend speaking with an Investment / KiwiSaver Specialist to gain specific advice.
- It’s important to understand your buying power. This means knowing the local market and what you’ll realistically have to spend on a home. We can tell you how much you can borrow.
Tips for homeowners wanting to pay down their mortgage
- Ask a mortgage adviser to review your current mortgage. Does your mortgage allow for additional payments? Would you benefit from refinancing?
- Budget for consistent extra payments into your mortgage. Treat it as an expense, not an optional extra.
Tips for making renovation goals
- Break down your renovation plans into mini projects (e.g., a new roof, kitchen refresh, landscaping), and set a budget and timeline for each project—plan for both the cost and the disruption to your daily life.
- When deciding whether to proceed with a project, remember to factor in any potential increases in property value and whether the renovation will help you achieve your long-term financial goals.
- Look for any current government or bank-led schemes to make your home more energy efficient or healthier.
- You can often use the equity in your home to fund your home improvements. We can identify the options available to you.
Tips for property investment goals
- When setting property investment goals, consider your long-term strategy. Are you looking for short-term gains, passive income or long-term capital growth?
- While investment properties typically require a higher deposit than an owner-occupied property, you can use the equity in any properties you own. At the time of writing, an older/existing property would require a 30% deposit with a main bank, and a new build may only need a 10% deposit . We can tell you how much you will be able to borrow.
Create a budget
A solid budget is the foundation for achieving your property goals. This means tracking your income, expenses, and savings. Here’s how you can get started:
- Track your spending: To set and track a budget, you need to understand where your money goes. Use tools like your bank app or budgeting apps like PocketSmith to get insight on where to cut back.
- Set savings targets: Identify an achievable amount to save each month and stick to it. It can be helpful to divide your savings into categories (e.g., emergency fund, deposit savings, mortgage top-up, renovation fund).
If, after setting a budget, you find that your identified goals aren’t achievable within the year, then adjust your goal.
Keep track of your progress
The key to achieving your property goals is to keep track of your progress and stay flexible. Life changes, and so do financial circumstances. It’s important to regularly reassess your plan and adjust your budget or savings strategy accordingly. Put in your diary reminders for quarterly reviews to check in on your progress and ensure that you’re still on track.
Tracking your progress means you can celebrate when you reach milestones—saving a certain amount for your deposit or completing a small renovation project.
We are here to help you make your dreams real
You don’t know what you don’t know, so get professional advice! A mortgage adviser can help you find the best mortgage offerings, structure your loans to suit your needs, optimise your savings and investment strategies and more.
Reaching your property goals in 2025 isn’t just about dreaming big—it’s about setting clear, realistic goals and taking steps to achieve them.
Start early, stay disciplined, and take advantage of the tools and resources available to you. Before you know it, you’ll be well on your way to achieving your property dreams.
Let’s make 2025 the year you take control of your property journey. Get in touch today, and we’ll get started!