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Our home buying checklist – what to do when
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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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