If you’re over 40, juggling a few kids, and trying to get through work demands it’s easy to feel like you’ve “missed the boat” when it comes to buying your first home. Add in a small deposit and the ever-rising cost of living, and the dream can feel further away than ever.
But here’s the good news: it’s absolutely still possible. You just need a realistic plan, a clear understanding of your numbers, and the right advice.
Why It’s Not Too Late
Many people think banks won’t lend to them once they’re in their 40s, but that’s not the case. In New Zealand, most lenders only start to reduce the maximum loan term once you’re around 50. So if you’re 42, you could still be offered a standard 30-year loan term, giving you more manageable repayments.
Plus, if you’ve been in the workforce for a while, your KiwiSaver balance is likely bigger than that of a 25-year-old. That extra savings time can make a significant difference to your deposit and help you get to where you're wanting to go sooner.
The Challenge for Larger Families
Here’s the tricky part, raising kids isn’t cheap. Childcare costs, school expenses, groceries, sports fees… it all adds up and can seriously impact how much you can borrow.
Lenders assess your income against your expenses, so a family with three children will often be approved for less than a couple without kids earning the same income. That means you may need to:
Adjust your expectations - start with a smaller home, townhouse, or even a more affordable location.
Consider future income changes - if you or your partner are on parental leave now but plan to return to work, factor that into your long-term plan.
Review your budget - see where you can free up cash flow to boost savings or reduce debt.
Practical Tips for Making It Happen
Maximise KiwiSaver - Check your eligibility for withdrawal with your KiwiSaver provider
Clear short-term debts - Credit cards and personal loans can drastically reduce your borrowing power so reduce and close them
Get a realistic picture early - Speak to a mortgage adviser who understands the unique challenges of larger families
Think stepping-stone property - You don’t have to buy your forever home first. Build equity, then upgrade later
Final Thoughts
It’s never “too late” to buy your first home – but it might require a different approach than it would have in your 20s. Your KiwiSaver, experience, and stable career history can work in your favour, even if you’ve got a busy household and a smaller deposit.
The key is to start the conversation now. The sooner you know your numbers, the sooner you can put a plan in place – and you might be surprised at what’s possible. Touch base with one of the advisors at My Mortgage and we can let you know where you are at and steps to take to make the dream a reality.
