Council rates

Council rates fund essential local services like garbage collection, water supply, and infrastructure maintenance. The amount you pay depends on where you live and your property’s Capital Value (CV) - the value of your property for rating purposes, which is updated every three years.

Once you’ve found a house you like, make sure you look up these costs before buying. Most Councils’ websites have online calculator tools to find out the latest rates for any address.

Utility bills

Power, water, gas and broadband might not be new expenses if you’re used to renting, but they might increase if you’re moving to a larger space. It’s worth researching providers and factoring these costs into your monthly budget. A few energy-efficient choices like using LED lighting or adjusting heating settings can make a big difference.

Home insurance

Lenders require mortgage holders to protect their property. But home insurance is not just about ticking a box. Choosing the right level of cover is key, as opting for the bare minimum could leave you financially exposes in an emergency. Costs can vary based on factors like location, replacement value and risks like flooding and earthquakes.

Like to know more? We work closely with FG Link advisers who specialise in home and contents insurance, ensuring you get the right protection for both your property and everything inside it.

Personal risk insurance

Your home might be covered, but what about you? If something unexpected happens - like a serious illness, injury or worse - how would you continue making mortgage repayments?

While not mandatory like home insurance, considering personal risk insurance (e.g., life insurance, income protection etc.) can make good sense. Make sure you contact an Insurance Link adviser to enquire about costs and options.

Home maintenance

Owning a home comes with freedom to decorate and renovate, but it also comes with responsibility. There’s no landlord to call when things need fixing - you’re in charge. Regular maintenance is crucial to avoiding bigger (and more expensive) problems later.

Think about things like annual servicing for heat pumps, gutters and plumbing; lawn care and tree trimming; but also pest control and general home improvements. You may want to set aside a percentage (e.g., 1%) of your home’s value each year for ongoing maintenance costs.

Unexpected repairs

Even with the best maintenance, things don’t always go to plan. A burst pipe, a leaking roof or a failing hot water cylinder can happen when you least expect it - and these fixes aren’t cheap. Consider creating an emergency fund for home repairs, so that unexpected costs don’t derail your finances.

Body corporate fees

If you’re buying an apartment, townhouse, or a subdivided development, body corporate fees are something to be aware of. These cover shared building maintenance, insurance and common areas upkeep. They can range from a few hundred to several thousand dollars per year, depending on the property. Before buying, check these costs and what’s included.

Need a mortgage?

If you’re thinking about getting on the property ladder, get in touch. At Mortgage Link, we can work with you to secure the mortgage you need, as well as help you understand the full picture of homeownership.

Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.

Link Financial Group Ltd trading as Mortgage Link and Insurance Link FSP 696731 holds a licence issued by the Financial Markets Authority to provide financial advice. Please visit https://mortgagelink.co.nz/available-disclosure/ for more information and Disclosure information.