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Buying a home in New Zealand (from search to settlement)

Buying a home: the process from search to settlement

Buying a home is a project with three moving parts: money, risk, and timing. The easiest way to stay sane is to run it like a pipeline: get finance ready, do your due diligence, make a clean offer, go unconditional, then settle and move in.

Note: This is general information, not legal or financial advice. Use a solicitor or licensed conveyancer before you sign anything.

1. Get your money organised before you fall in love with a house

Most buyers start with a budget, a deposit plan, and some form of lender conversation.

Key actions:

  • Work out your deposit and ongoing affordability.

  • Seek conditional pre approval so you can move quickly when the right property appears. [1]

  • If you are a first home buyer, check government supported pathways like the First Home Loan (which can allow a lower deposit for eligible buyers). [2]

  • If you have KiwiSaver, check eligibility and timing for a first home withdrawal. You generally need to have been in KiwiSaver for at least 3 years and must leave at least $1,000 in the account. [3] [4]

Reality check for first home buyers:

  • The First Home Grant was discontinued in May 2024 and new applications stopped from that point. [5] This means your planning should focus more on deposit, KiwiSaver withdrawal (if eligible), and lending options such as the First Home Loan. [2] [3]

2. Choose your search lanes and define what you will not compromise on

This is where Kiwi practicality helps. Decide your non negotiables early, so you are not renegotiating them at every open home.

Non negotiables might include:

  • Location and commute

  • School zones

  • Sun and layout

  • Parking

  • Renovation tolerance

  • Settlement date flexibility

Tip:
Treat your must haves like a checklist, not a vibe. You want consistent decisions, not adrenaline decisions.

3. Understand the method of sale before you act

In New Zealand, the method of sale changes the rules of engagement.

Common methods include:

  • Auction

  • Deadline sale

  • Tender

  • Negotiation or fixed price

Auctions are the big psychological trap because they are typically unconditional once you bid and win, so your finance and due diligence need to be done before auction day. [6] Pre approval is commonly expected if you plan to buy at auction. [1] [6]

4. Do due diligence like a grown up, even if the kitchen has a nice splashback

Before you sign an offer, plan the checks you need. Buyers commonly consider:

  • A builder’s report

  • LIM and property file checks

  • Title review

  • Insurance implications and bank requirements

  • Extra documents if it is a unit title property, including body corporate information that may be required before settlement. [7]

Settled’s buyer resources also highlight planning for insurance and settlement preparation as part of the journey. [8] [9]

5. Make an offer using the sale and purchase agreement

In New Zealand, the sale and purchase agreement is the contract. Once signed and accepted, it is legally binding. [10] [11]

Your offer usually includes:

  • Price

  • Deposit amount and timing

  • Conditions, such as finance, LIM, builder’s report, or sale of another property

  • Settlement date

  • Chattels included

  • Any specific clauses your solicitor advises

If you are working with a real estate agent, they must give you the REA approved guide before you sign a sale and purchase agreement. Even in a private purchase, the guide is a helpful plain English overview of how the agreement works. [12] [11]

6. Conditional phase: meet your conditions fast and keep the deal moving

If your offer is conditional, you have a defined window to complete checks and confirm finance. This is where deals can stall if you move slowly.

Practical moves:

  • Book reports immediately.

  • Keep your lender updated.

  • Have your solicitor review documents early.

  • Track condition dates like your life depends on it, because your deposit and settlement planning often does.

Once your conditions are satisfied or waived, the agreement becomes unconditional. [11]

7. Prepare for settlement properly, not the night before

Settlement is when you pay the balance and the property becomes yours. [9]

Key steps commonly include:

  • Arrange a pre settlement inspection, typically at least 2 working days before settlement, so issues can be addressed. [8]

  • Arrange insurance. Lenders commonly require proof of insurance before settlement. [13]

  • Confirm your lawyer’s settlement statement and banking arrangements.

8. Settlement day and keys

On settlement day, funds are transferred, and ownership changes hands. The legal title change is lodged by practitioners through the land transfer system. [14] Keys are normally released after settlement is confirmed. [9]

9. After settlement: the boring admin that stops future pain

Make a simple handover plan:

  • Utilities, internet, and insurance updates

  • Change of address notifications

  • Keep copies of key documents, settlement statements, and any warranties

A simple timeline to keep in your head

Many purchases follow this rough rhythm:

  • Weeks 1 to 4: finance prep, searching, due diligence planning

  • Weeks 2 to 8: viewings, offers, negotiation

  • Weeks 3 to 10: conditional to unconditional, then settlement planning

  • Weeks 6 to 12: settlement and move in

Your timeline depends heavily on the method of sale and settlement date.

Common mistakes that cost buyers money, sleep, or both

  • Bidding at auction without completing due diligence beforehand. [6]

  • Signing an agreement without understanding conditions, dates, and deposit rules. [10] [11]

  • Leaving insurance arrangements too late. [13]

  • Underestimating unit title complexity and body corporate requirements. [7]

  • Letting emotion set the budget rather than pre work and evidence.

citations for your reading pleasure

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