- Hamilton teen Zack Kendrick, 19, bought his first home after saving $27,000 over two years.
- Kendrick worked 60 hours a week, drove an old car, and paused his social life to save.
- He used Kāinga Ora’s First Home Loan for a $520,000 three-bedroom unit in Hamilton East.
A young Hamilton buyer says the key to getting his first home was working nonstop, having no social life, and driving a “s*** car”.
Start your property search
Zack Kendrick, who just turned 20, took over the keys to his first home last month after frantically saving for two years.
The young welder fabricator built up $27,000, enough for a low-deposit loan to buy a three-bedroom unit in Hamilton East for $520,000.
The three-bedroom, one-bathroom unit had been pitched at first-home buyers and investors. Photo / Supplied
But getting on the property ladder at such a young age has not been without its sacrifices.
Kendrick told OneRoof that one of the best things he had done was buy a 2001 Toyota Corolla instead of borrowing money for a fancy car: “I just drive a s*** car.”
He also put his social life on hold. “I pretty much work about 60 hours a week, six days a week. I don’t go out with my friends - I spend all my time at work and saving money,” he said.
Discover more:
- 90 Mile Beach plot for sale at 'bargain' price of $295,000
- Fed-up vendors willing to sell 'hassle' home for $1
- Why fruit and veg man bought a church off the Brethren
Kendrick had initially dismissed his brother’s suggestion that he start saving for a house, but when he turned 18, he met Lily Davey, whose parents run LJ Hooker Hamilton City. The pair soon became a couple, and their relationship prompted Kendrick to give buying a home more serious thought.
Davey’s mother suggested he move in with them rather than pay rent for a property he was never at. This allowed him to save more money for a deposit.
Kendrick said living with real estate agents helped him better understand the housing market, but property was also a hot topic in his work tearoom, as his workmates made their own moves onto the property ladder.
The property, complete with a modern kitchen, was move-in ready. Photo / Supplied
Kendrick engaged the help of mortgage broker Debt Free Diva NZ and found out he was eligible for Kāinga Ora’s First Home Loan, which meant he only needed a 5% deposit.
In April, Kendrick and Davey started looking for a home. They missed out on a property in Forest Lake after it went into a multi-offer situation, but they found success with a unit in Hamilton East, which they snapped up for $520,000.
“The first home buyer market is just crazy. It’s just so competitive,” Davey said.
Kendrick settled on the property at the end of last month and decided to share his story to show other first-home buyers it was possible to get on the property ladder before you turned 20.
- Click here to find more properties for sale in Hamilton
