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PHOTO: Mary Holm says unless first-home buyers have a pressing need to buy a home, they’re wise to keep saving. Photo credit: Supplied.

“Unless there’s a pressing need to own a home, stay on the sidelines.

“Concentrate on building your savings so if you reach retirement with no home, there’s enough money to cover the rent.

“Despite New Zealanders’ huge emphasis on homeownership, that’s a perfectly legitimate thing to do.”

Mary Holm, personal finance author, columnist and presenter.  

Money. It’s the driving factor behind many life choices, but is it the be-all and end-all?

‘Me and My Money’ is a regular feature that investigates Kiwi attitudes towards money and what drives the choices they make.

A financial commentator and author of a new bestselling book, ‘A Richer You: How to make the most of your money’, Mary Holm dislikes shopping. She refers to the supermarket as the ‘un-super’ market and admits to wearing clothes from 20 years ago.

Unless first-home buyers need to buy now, Holm says they’re wise to keep saving. House prices can’t continue to be eight or ten times household incomes and will flatten or fall at some point, she says.

After cutting her losses on the foreign exchange market, costing her $7000, Holm says statistically, second-guessing might work but it doesn’t make people rich.

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