In her latest blog, Manisha writes a letter to her Niece, Sim, about her experiences of getting into her first home in her early twenties.

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Manisha's Story

Moving around a lot when I was younger solidified my decision to buy a house as soon as I could (read more about Manisha's home buying journey in her previous blog). Growing up, I was always on the move. My family relocated frequently, and while each new place brought its own adventures, it also came with a sense of instability. The constant packing and unpacking, the new schools, and the ever-changing neighbourhoods made it hard to feel truly settled.

This lifestyle had a profound impact on me. It instilled a desire for stability and a place to call my own. As soon as I was able, I made it a priority to buy a house. I wanted a space where I could put down roots, create lasting memories, and build a sense of permanence that I had longed for during my childhood. I left school early, which meant I was working full-time by the time I was 18. I got my first approval at 19, and although it was only for around $250k, it motivated me to save harder so I could buy a house that wasn’t a total wreck.

Thankfully, I was able to do this at 21.  I then used that house to buy another home closer to work about four or five years later.

Yes, I missed out on some concerts, travel, and fun gadgets, but I finally got onto the property ladder, knowing this was just the beginning.

Owning a home represents more than just a financial investment for me; it’s a symbol of security and continuity. It’s a place where I can finally feel grounded, knowing that I won’t have to pack up and leave at a moment’s notice. Although sometimes things were a bit hard, ten years on, I can confidently say it was all worth it.

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Advice to My Niece, Sim

Dear Sim,

We've talked many times about our hopes and dreams, and while our plans may differ, we both share a common interest in property investment. My homeownership experiences will never be exactly like yours, but I used to love hearing people's home-buying stories and all the tips and tricks they had for me. I hope I can share some wisdom with you that will help you along the way.

You want to be in your own home in the next five years. Here's what I suggest:

First and foremost, start saving as soon as you can. Use a banking or budgeting app to track your spending and see if you're running at a deficit or a surplus. If you have a surplus, where does it go? Could it be put into a high-interest savings account or an investment? If you have a deficit, it's time to look at a budget. Are there expenses you can cut? Are there ways to increase your income?

Remember, you don’t have to miss out on everything; just choose the things you really want. Prioritize your spending on what truly matters to you and cut back on less important expenses. Get rid of unnecessary debt. Avoid Afterpay and don't go into unarranged overdrafts. Decide how you will gather your deposit – consider different ways to do this. Talk to a mortgage adviser to get an idea of what deposit you will need for the kind of house you want.

Start looking at your whole financial picture as a future homeowner. Prepare for an emergency fund and investigate the insurances you will need (house, contents, life, or income protection). Make a plan for how you will boost your KiwiSaver after using it for your deposit. Think about the legal aspects, such as a will or relationship property agreement. Ensure you have a cash surplus ready for unexpected expenses – houses always need something fixed, so allow 1% of the property value per year for maintenance.

Building a financial cushion early on will give you more flexibility and options when the time comes to buy your home. By taking charge of your finances, you can relax and enjoy life, doing what you love without money worries. I can't wait to be there with you when you get the keys!!

Love from your favourite Aunty

Manisha

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About Manisha

Kia Ora, my name is Manisha. My inspiration to start a career in financial services came from my personal experience of working with an adviser, Lance, who helped me realize how I could leverage my house to buy a second property. It was an awesome feeling to successfully get onto the property ladder at a young age, and that inspired me to help others do the same. My work as an adviser involves guiding clients towards financial freedom. Seeing them achieve their goals gives me so much satisfaction; it is incredibly rewarding to make a difference in someone’s life in that way. Outside of work, I love the outdoors and enjoy a good hike. My favourite pastime is working in my garden.

Disclaimer: Manisha Raman (FSP954660) is a Financial Adviser with Velocity Financial (FSP95466). No investment decision should be taken based on the information in this blog alone. Please see our disclosure statement on our website.

Always get professional advice

The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation.  As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures  https://www.velocityfinancial.co.nz/disclosure-statement.

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