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.

5 minute read

Settling on your new home

When you settle on your home, you become the official owner. Most of the work on settlement day will be done by your bank and lawyer, which takes the pressure off you.

Firstly, your bank will arrange for your loan (mortgage) to be made available and transferred to your lawyer’s trust account. Once everything is ready to settle, your lawyer will transfer the final amount to the seller’s lawyer. When that money has arrived, your lawyer will register the property title to you. You’re now the new owner, and you can go pick up the keys!

What to do if settlement is delayed

Most people prefer to settle and move in on the same day, but settlement can be quite a complicated process. If there are hold-ups, you might have to wait until the following day.

You may have to pay a penalty if your funds don’t clear by a specific time on the settlement day and the seller is ready to settle. The penalty will be written into the contract between you and the seller, so make sure you’re familiar with that.

Your moving checklist

Once you’ve settled on your new home, it’s time to move in. There’s a lot involved in that, so here’s a checklist of things to think about, or do, before you turn the key.

Book a moving company if you’re using one and order boxes for packing.
Label your boxes with the contents and where they’re going in your new house.
Think about childcare or any pets that need looking after on the day.
Do a meter reading for both your old place, and your new home.
Leave time to clean your new home before you move your furniture in.
Arrange for services to be set up or transferred, including water, internet, electricity, gas, and phone.
Change your address with organisations like your bank, the Inland Revenue Department (IRD), mobile provider, insurance companies etc.
Arrange for your mail to be redirected, if necessary.
Make a list of anything you need to buy for your new place.
Make sure your insurance includes cover for your move, as things can sometimes get damaged.
Contact your landlord if you’re currently renting and apply to get your bond back.

Congratulations, you’ve done it!

You’re now the proud new owner of a home. You’ve worked hard to get here, so make sure you take some time to enjoy it.

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.

Paying your mortgage: the early days

Life has ups and downs, and so does your mortgage. Find out how to make the most of your mortgage in the early days.

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Living a mortgage-free life can feel like a pipe dream, but applying these six strategies could help make it a reality – and much sooner than you think.

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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.