Every developer will show you the kitchen. The benchtop, the tapware, the morning light. Almost none of them will show you the bank statement. This guide is the bank statement: the honest version of what happens after you buy your first home. We build homes for a living, and we would rather you walked in with your eyes open than walked in surprised.
One honest note before we start. If you buy off the plans, settlement can be a year or more away. So the first 90 days here means the first 90 days of owning your home, not 90 days from signing.
What happens on settlement day?
Settlement is the day the home becomes yours. It is also the day the money moves, so it pays to know what is coming. On the day, the balance is paid, your lending plus your deposit and KiwiSaver already sitting with your solicitor, along with legal fees and your share of rates from that point on. Your solicitor handles the mechanics. Your job is to have everything ready the week before, not the morning of.
Before settlement you get a pre-settlement inspection. Walk through, list anything that is not right, and because the home is brand new, there is a builder whose job is to fix it. Use that walk-through properly. It is yours.
When does the first mortgage payment land?
Your first mortgage payment usually lands two to four weeks after settlement. It should never be a surprise, and it will not be if you set it up the day you settle.
One simple rule carries you through: know your weekly number before you move in, not after. Whatever the repayment works out to per week, that is the number your life now runs on. Write it on the fridge if you have to. People who know their number sleep fine. People who find it out the hard way do not.
The bills nobody warned you about
The mortgage is the bill everyone expects. These are the ones that catch people out: council rates, home and contents insurance, body corporate levies on a townhouse, and getting the power and internet connected from day one. None of them are huge on their own. Together, in the first month, they add up faster than a first home buyer expects. The honest move is to map them before you move, so the total is a plan, not a shock.
The two-minute-noodle months
Here is the part the glossy brochures will never print. Moving in empties the account. The deposit went, the costs came, and for a while the fridge is emptier than the cupboard of good intentions. It does not have to be that way, and it does not last. A stocked first week and a simple plan for the first three months go a long way. You bought a home. You should get to enjoy the first months in it.
Your 90-day calendar
Day 0.
Settlement. Keys are yours. Confirm mortgage and direct debits are live.
Days 1 to 3.
Power, water account and internet connected. Update your address.
Week 1.
Stock the first week properly. Set your weekly number on the fridge.
Weeks 2 to 4.
First mortgage payment lands. Check it cleared.
Month 1.
First rates and insurance instalments. Body corporate levy if applicable.
Month 2.
Review the budget against reality. Adjust the weekly number if needed.
Month 3.
You are settled. The hard part is behind you. Breathe.
Want the full version? Our free guide The First 90 Days walks through all of this in detail, from the deposit to the day you stop thinking about it.
Download it, or register your interest in PARKSIDE on Devonport and we will keep you posted on the milestones that actually matter.
Frequently asked questions
What is a pre-settlement inspection?
A walk-through of your new home shortly before settlement where you list anything that is not right, so the builder can fix it before or after you move in.
When does the first mortgage payment come out?
Usually two to four weeks after settlement, depending on your lender and the payment date you set. Confirm the exact timing with your bank when you settle.
What ongoing costs should I plan for beyond the mortgage?
Council rates, home and contents insurance, body corporate levies if you buy a townhouse or apartment, and utilities such as power and internet.
