Finalising the details

After you make your offer, there are a few loose ends that need to be tied up before you can settle on the home and move in.

5 minute read

Paying the deposit

Once your offer is unconditional, or if you’re the successful bidder at an auction, you’ll need to pay the deposit to the agent or your lawyer (depending on what you agreed on) so make sure you have it ready to go.

If you’re eligible to access your KiwiSaver savings for the deposit, get in touch with your KiwiSaver provider early – it can take some time for those funds to come through.

Getting house insurance

You’ll need to organise house insurance, to protect your new home. This is often a condition of your mortgage, and needs to cover you from the day you take possession of the home.

Finalise the details of your loan

Before you can go ahead with the purchase, you’ll work through the final details of your loan with your bank. At this stage, if they don’t already have it, your bank may ask for:

a copy of the Sale and Purchase agreement
a registered valuation of the property (they’ll usually organise this for you at a cost)
evidence of income
bank statements
any other document required to finalise your loan.

Confirm your loan structure

At this stage, you’ll discuss how you want to structure your home loan (e.g. fixed rate, floating rate, offsetting), your interest rate, repayments, and other financial conditions.

You could also think about splitting your home loan across different fixed terms (1 year, 2 year, 3 year etc.) to help lower any pressure you might feel if interest rates went up.

Once that’s decided, the bank will prepare the final loan and mortgage documentation and send it to your lawyer. Your banking advisor will discuss the paperwork in detail with you, but you should also talk it through with your lawyer before you sign. Once you’ve signed these documents, your lawyer sends the paperwork to the bank.

Final inspection

Before you settle (take official ownership of the house), you’re allowed one final inspection. Here’s a checklist of things to look out for.

All the chattels (items of property like curtains, oven etc.) in the Sale and Purchase agreement are there, and in the same condition as when you viewed the property.
The general condition of the property is the same as when you saw it, and there’s no new damage.
Any repairs the seller was due to carry out before settlement have been done.
If the house was rented, the tenants left it in a good condition when they moved.

It often helps to take photos during the inspection, and to take a copy of the Sale and Purchase agreement so you can check what was agreed on.

Try to arrange the inspection for at least two to three working days before settlement in case anything has changed or isn’t right. If you do discover any issues during final inspection, contact your lawyer for advice.

What’s next?

When all the paperwork has been signed, you can get ready to settle on your new home, and move in. Find out more about settlement and moving in.

Making an offer

You’ve found the house you want. Here are the three most common ways to make an offer, and an outline of what you need to do before you make your offer.

Moving in

Moving into your new home is one of the most exciting days of your life. Here’s an overview of how settlement works, and tips on how to make your move run smoothly.

What to consider before moving

There are many things to plan for and consider before moving to a new suburb, town, or city across Aotearoa. Here are some tips to help make the process run as smoothly as possible.

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This material is for general information purposes only and does not constitute, and is not intended as, personalised financial advice or as a replacement for legal advice. BNZ strongly recommends you seek advice specific to your personal financial or legal situation from a qualified adviser.