Training Camp S.03

Aera · First Home Training Camp S.03 · Day 6

Crunch your numbers.

Turn sacrifice into keys.

10 minutesCalculator + banking app

Today you find out exactly how far you are from your deposit — and what it takes to get there faster. No guessing. Just your numbers.

01 · Step 1

Find your deposit target.

Target price × deposit % = deposit target

Many new builds need a 10% deposit. Most existing homes need 20%.

Example: a $700,000 new build in Auckland

With a 10% deposit: $700,000 × 10% = $70,000

With a 5% deposit: $700,000 × 5% = $35,000

Good news

You might only need 5%.

With a Kāinga Ora First Home Loan, you may be able to buy with a 5% deposit if:

your income before tax is $95,000 or less (one buyer, no dependants), or $150,000 or less combined (two or more buyers, or one buyer with dependants)
you don't already own a home
you will live in the home

02 · Step 2

Find your gap.

Deposit target − what you've saved = your gap

Count the savings and KiwiSaver of everyone on the mortgage application (remember you need to leave $1000).

Example: You have $30,000 and your partner has $20,000. Together that's $50,000.

With a 10% deposit: $70,000 − $50,000 = a $20,000 gap

With a 5% deposit: $35,000 − $50,000 = no gap. You're already there.

03 · Step 3

See how far away you are.

Your gap ÷ what you save each month = months to go

Example: $20,000 ÷ $500 a month = 40 months (about 3 years and 4 months)

04 · Step 4

Set your stretch goal.

Pick a monthly savings number that pushes you, then run the maths again.

Example: $20,000 ÷ $1,000 a month = 20 months. That's 20 months sooner.

05 · Step 5

Name what you'll cut.

Your stretch goal needs extra money every month. Pick the cuts that get you there. Places to look:

Sell your car, or stop using it and take public transport
Takeaways, delivery apps and lunches out (meal prep instead)
Subscriptions and streaming you don't use
Nights out and alcohol
Afterpay and other buy-now-pay-later
Coffee on the way to work
Your power plan (compare on Powerswitch) and your phone or internet plan
Gym membership (train outdoors)
Holidays and weekends away (pause them for now)
Rent (move somewhere cheaper, or move home for a while)

Starting from $0?

That's fine.

Your gap is your full deposit. Pick a first monthly amount, even $100, and build from there. The first transfer is the hardest one.

06 · My numbers

Fill in your plan.

Jot these down as you go:

Who's on the mortgage application

—

Target price

Deposit % (5%, 10% or 20%)

Deposit target (Step 1)

Saved so far, everyone combined

My gap (Step 2)

What we save each month now

Months to go now (Step 3)

—

My stretch monthly savings

Months to go with my stretch goal (Step 4)

—

What I'll cut (Step 5)

—

What that saves each month

07 · Lock it in

Make it count.

Put your target price and new monthly savings into your profile in the Aera app, so your coach and Senna work from your real numbers.
Tap Complete on today's action in the app to keep your streak going.

Your first home plan. In 14 days.

Aera · First Home Training Camp S.03

Done? Tap Complete on today's action in the app to keep your streak going.