The exhilarating moment when you receive the keys to your first home marks just the beginning of your homeownership journey. After the champagne toast and unpacking those moving boxes, there's a crucial next chapter that many first-time buyers overlook. What exactly should you be doing now to protect both your investment and your future?
We dive into three essential considerations that could save your financial future. First, it's time to reassess your KiwiSaver strategy. Having depleted this fund for your deposit, you're now looking at decades until retirement access. This dramatic shift in timeframe might warrant switching from a conservative first-home fund to something with greater growth potential – especially if you're in your thirties with 30+ years ahead.
Your mortgage represents a significant financial commitment, but have you protected your ability to meet those payments? While home insurance is mandatory, personal protection often gets overlooked. We tackle the common misconception that "ACC will cover me" – a dangerous assumption when you realize ACC only covers accidents, not illnesses. If cancer or another serious health condition prevents you from working, you'll need additional safeguards to avoid losing the home you worked so hard to secure. Income protection, mortgage protection, and life insurance deserve serious consideration in your post-purchase planning.
Finally, we stress the importance of maintaining a financial buffer specifically for mortgage payments and unexpected home expenses. Those water tanks can explode, roofs can leak, and surprises await even the most meticulously inspected properties. Having two to three months of mortgage payments saved provides crucial breathing room when life throws curveballs your way. Don't skip those takeaway coffees for months just to pour every last dollar into your deposit – maintain that emergency fund habit you developed while saving.
Ready to dive deeper into the home-buying process? Check out our previous season dedicated entirely to first-time buyers. From deposit strategies to settlement day, we've covered the complete journey to homeownership. Subscribe now and ensure your property investment remains protected for years to come!

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