Step 1: Secure Funding
This is the step in which you calculate your current finances, look into what home loan you may be eligible for, and contact a mortgage adviser. First home buyers may be eligible for help with securing a deposit.
Step 2: Get a Lawyer
You’ll need a lawyer each step of the way, to manage the conveyancing from the previous owners to you. They will also help you establish your mortgage and advise you on legal issues.
Step 3: Find the Property
There are three types of home purchases in New Zealand.
Buying a Home through Negotiation
This is the most common type of home purchase, where a seller will advertise a home and a selling price. There is no need for an unconditional offer. You can submit your best offer and if the vendor accepts, you continue on to a sale and purchase agreement.
Buying a Property at an Auction
Another common method is sale at an auction, which is used when the selling price is unknown or there is a high chance of a competitive bid. Offers are unconditional, meaning if you are the highest bidder and you have hit the reserve bid threshold, you have made a legally binding agreement to purchase the house. Make sure you have all your paperwork taken care of – building inspections, valuations, and your LIM, etc.
Buying a Property by Tender
Similar to an advertised price negotiation, bidders submit directly to the vendor. However, all offers are submitted confidentially so you do not know how much you are bidding against.
Step 4: Negotiate with the Vendor and Settle
This is the part where you create and settle a contract. Make sure before you start negotiations that the house has been properly inspected and the title examined by your lawyer. Once the contract is signed, you’ll submit your deposit and transition into paying your mortgage instead of rent.
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"I am a first home buyer, who had been battling for 7 months to secure a home for my family and I. Jeff was my third try at a mortgage broker/banker, and by the time I got to Jeff I'm just thinking about giving up, this is just too hard. Jeff brought assurance and calmness to my situation straight away. He answered all my questions with clarity, and without hesitation or annoyance. Just shy of 4 weeks since working with Jeff, I am now a home owner. I cannot recommend him enough!! Thank you for all your help Jeff."