Balme is married to fellow actor Katie Wolfe, with whom he has two children; daughter Edie (born 2001) and son Nikau (born 2006). Balme also has a son, Sam (born 1987) from a previous relationship. He enjoys choral music to help him relax.
Balme graduated from Toi Whakaari in 1989, and his first lead role was in the 1992 film Braindead. Balme and his wife, along with Simon Bennett and Robyn Malcolm, founded the New Zealand Actors' Company, which ran for three productions before being dissolved. An actor for the better part of twenty years, he's recently branched out into writing, and has scripted episodes for television series such as Diplomatic Immunity and Outrageous Fortune. Balme also wrote the short film Redemption, directed by his wife, which was selected as part of the short film line-up at the Sundance Film Festival for 2011.