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Our home buying checklist – what to do when
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This home buying checklist outlines the key steps for purchasing property in New Zealand, with separate guides for existing homes and new builds.
The process begins with getting started, which includes securing mortgage pre-approval and engaging a lawyer. The house hunting phase involves crucial due diligence, like building reports or developer checks. Key pre-settlement tasks include arranging insurance, finalising your mortgage structure, and conducting a pre-settlement inspection to ensure a smooth transition to your new home.
For existing homes
Step 1: Getting started
- Get an ‘eligibility to withdraw’ letter from your KiwiSaver provider
- Engage a mortgage adviser and get pre-approval from a bank
- Find a solicitor/lawyer
Step 2: House hunting
- Find a house that you like
- Meet the finance conditions of your offer from the bank
- Get security approval from the bank
- Ensure solicitor has carried out due diligence on the sale and purchase agreement, title and Land Information Memorandum (LIM) report
- Get a building report from a registered builder
Step 3: Going unconditional
- Pay your initial deposit
- Give notice to your landlord if you’re renting
- Open a bank account with bank giving you the mortgage
Step 4: Before you settle
- Confirm structure of your mortgage (interest rates, cash back etc)
- Solicitor has applied to withdraw your KiwiSaver funds
- Arrange home insurance
- Arrange personal insurance
- Signed loan documents with your solicitor
- Transfer other deposit funds to solicitor
- Arrange utilities (phone, internet, power)
- Organise a moving company or friends and family to help you move
- Conduct pre-settlement inspection
Step 5: After you settle
- CELEBRATE 🥳
For new builds
Step 1: Getting started
- Get an ‘eligibility to withdraw’ letter from your KiwiSaver provider
- Engage a mortgage adviser and get pre-approval from a bank
- Find a solicitor/lawyer
Step 2: House hunting
- Do developer due diligence (developer history, completed projects)
- Review settlement – when is the completion date?
- Check for a body corp or residence association
- Check building specifications (materials, cladding, chattels etc)
- Review sunset clause
- Get a registered valuation (if applicable)
- Solicitor has carried out due diligence on the sale and purchase agreement
- Meet the finance conditions of your offer from the bank
- Check bank approval will be valid until completion date
Step 3: Going unconditional
- Solicitor has applied to withdraw your KiwiSaver funds
- Pay your initial deposit
- Open a bank account with the bank giving you the mortgage
Step 4: Before you settle
- Keep your bank account conduct ‘tidy’ during the build time
- Don’t take on any additional debt during build time
- Check if the bank offer requires a Valuer’s Completion Certificate
- Confirm the structure of your mortgage (interest rates, cash back etc)
- Arrange personal insurance
- Sign loan documents with your solicitor
- Transfer other deposit funds to your solicitor
- Arrange utilities (phone/ internet/ power)
- Organise a moving company/friends and family to help you move
- Solicitor has applied to withdraw your KiwiSaver funds
- Pay your initial deposit
- Conduct pre-settlement inspection
Step 5: After you settle
- CELEBRATE 🥳
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