First Home Buyers
From "I want to buy a home" to holding the keys — here's exactly what happens, when, and what you need to do at each stage.
In this guide
Before you speak to anyone — bank, adviser, or real estate agent — it pays to understand your own financial position. Lenders will scrutinise your financial history, so getting ahead of any issues saves time and surprises down the track.
Check your credit score
Request a free credit report from Centrix or Equifax. Look for any defaults, incorrect entries, or unpaid debts. Disputes can take weeks to resolve — start early.
Close unused credit cards and buy-now-pay-later
Lenders assess your total credit limits — not just your current balances. A $10,000 credit card limit counts against your borrowing capacity even if the balance is zero.
Build a 3-month savings pattern
Lenders want to see genuine, consistent saving — not a lump sum that appeared last month. Three to six months of regular deposits to a savings account is what they're looking for.
Check your KiwiSaver balance and eligibility
Log in to your KiwiSaver provider and check your balance, your contribution history, and whether you've been a member for 3+ years — the threshold for first home withdrawal eligibility.
Most buyers go to their own bank first. This limits your options immediately — your bank can only offer its own products, at its own rates. A mortgage adviser works across multiple lenders and finds the most competitive deal for your situation — at no cost to you (advisers are paid by the lender, not the borrower).
At your first meeting with Trebla, we'll cover:
This meeting typically takes 45–60 minutes and can be done in person, over video call, or by phone. There is no obligation and no cost.
Pre-approval (also called approval in principle or conditional approval) is a written confirmation from a lender that they will lend you up to a certain amount — subject to finding a suitable property. It's not a guarantee, but it's the most important document you'll have going into the market.
Why pre-approval matters
What "conditional" means
Pre-approval is always conditional on finding a suitable property — one that meets the lender's valuation and LVR requirements. Some lenders also add conditions around income verification or property type. We'll explain any conditions upfront so you know exactly where you stand.
Pre-approvals are typically valid for 60–90 days. We manage the application process for you across multiple lenders simultaneously.
With pre-approval in hand, you can search with confidence and a clear budget ceiling. The NZ property market moves fast — particularly in major centres — so being prepared before you start looking is essential.
CV (Capital Value / RV) — the council's rating valuation, updated every 3 years. Useful as a rough benchmark, but often significantly different from market value. Never use CV as the sole basis for an offer.
Recent comparable sales — the most reliable indicator. Search sold prices on realestate.co.nz or ask a local agent for recent sales data in the area and property type you're looking at.
Registered valuation — an independent assessment by a qualified valuer. Your bank will often require one before formal approval. Costs $700–$1,200 but gives a reliable market value.
Freehold (fee simple) — you own the land and the building outright. Most desirable and most common for houses.
Cross-lease — you own a share of the land jointly with other owners and hold a lease on your dwelling. Any changes to the building (additions, garages, decks) need all cross-lease owners' agreement. Can complicate sales and financing.
Leasehold — you own the building but lease the land from a third party (often a council, iwi, or church). Ground rent is payable and can increase. Fewer lenders will finance leasehold, and resale can be harder.
Before you make an offer or commit to a property, you need to understand exactly what you're buying. Skipping due diligence to save a few hundred dollars is one of the most expensive mistakes buyers make. These checks protect you from buying a property with serious problems — and give you leverage to negotiate if issues are found.
A qualified building inspector examines the physical structure, roof, plumbing, electrical, insulation, weather-tightness, and any visible defects. For older homes — especially 1990s–2000s "leaky building era" properties — this is non-negotiable.
Cost: $500–$900 | Time: 2–4 hours on site, report within 24–48 hours
A Land Information Memorandum from the local council details the property's consenting history, building permits, rates balance, zoning, natural hazard risks (flooding, liquefaction, erosion), and any notices affecting the property.
Cost: $200–$400 | Time: 3–10 working days (urgent option available)
Your solicitor searches the property title on the LINZ register to check for encumbrances, covenants (restrictions on what you can build or do), easements (rights of way across the land), and caveats (third-party claims). Title issues can significantly affect what you can do with the property.
Included in standard solicitor conveyancing fees.
For unit title properties (apartments, townhouses), you should request the body corporate meeting minutes and financials for the last 2–3 years. This reveals deferred maintenance, disputes between owners, special levies, and the health of the building's long-term maintenance fund.
A poorly run or under-funded body corporate can cost you thousands in unexpected special levies after purchase.
In New Zealand, properties are sold through three main methods. Understanding how each works — and what's expected of you — is critical before you're in the room.
The most buyer-friendly method. You make a written offer via a Sale and Purchase Agreement, typically including standard conditions:
If any condition isn't met, you can cancel the agreement and get your deposit back. This is the safest method for buyers doing due diligence post-offer.
Buyers submit sealed written offers by a deadline. Offers are typically unconditional or have limited conditions. You don't know what other buyers are offering. The vendor can accept, decline, or counter any offer.
If you tender, your due diligence — building inspection, LIM, solicitor review — must be done before you submit. A conditional tender is accepted less often.
Bidding is done publicly on auction day. The highest bidder above the reserve signs an unconditional Sale and Purchase Agreement immediately and pays a 10% deposit on the day. There's no cooling-off period.
You must have formal finance approval, building inspection, and LIM complete before you bid. Pre-approval is not enough — get full unconditional lending approved in advance with the specific property as security.
A Sale and Purchase Agreement (S&P) is a legally binding contract. Always have your solicitor review it before you sign — preferably before you even make the offer. Once signed, you're committed to the terms within it.
Going unconditional means all your conditions have been satisfied and you're legally committed to buying the property. There's no backing out after this point without significant legal and financial consequences — so be certain before you waive conditions.
Before going unconditional, confirm:
What if you can't satisfy a condition?
If your finance condition isn't met (e.g., lender declines formal approval), you can cancel the agreement and recover your deposit. If the building inspection reveals serious issues, you can use it to renegotiate the price or withdraw. Always act through your solicitor.
Settlement typically happens 4–8 weeks after going unconditional. This period involves several parallel tasks — stay on top of all of them to avoid settlement delays, which can carry legal penalties.
Sign loan documents
Your lender will issue formal loan documents for signing. Read them carefully — they set out your interest rate, term, structure, and conditions. We'll walk you through them.
Arrange home insurance
Your lender requires home insurance to be in place from settlement day. Get this sorted a week before settlement — don't leave it to the day. Provide the policy number to your solicitor.
Complete your KiwiSaver withdrawal
If you're using KiwiSaver, your provider needs 10–15 working days notice. Submit the withdrawal application early — the funds are transferred directly to your solicitor's trust account for use on settlement day.
Pre-settlement inspection
You're entitled to inspect the property before settlement to confirm it's in the same condition as when you purchased. Check that all agreed chattels are present and nothing has been damaged or removed. Do this 1–2 days before settlement.
Settlement day is when ownership legally transfers. You don't need to be in an office — it all happens electronically between solicitors. Here's what takes place:
Settlement usually completes by 2–3pm. If there are any delays (late funds, documentation issues), your solicitor will keep you updated. You don't need to do anything on the day except be ready to collect your keys.
The paperwork is done — but there are a few practical and financial tasks to tick off in the first week, and one important financial review to put in the calendar for 12 months' time.
Change the locks
The previous owners may have given spare keys to neighbours, tradies, or family. Rekey or replace all external locks as a first priority.
Redirect your mail
Update your address with NZ Post, IRD, your bank, employer, and any subscriptions. A NZ Post mail redirect costs ~$30 and buys you time.
Set up rates and utilities
Register with your local council for rates. Set up electricity, gas, internet, and water accounts in your name from settlement day.
Book a mortgage review in 12 months
Put a calendar reminder now. A lot changes in 12 months — your income, your goals, interest rates. We'll contact you before any fixed terms expire, but an annual review keeps your strategy sharp.
This guide is general in nature and is not financial or legal advice. The home buying process in New Zealand can vary depending on the property, location, and individual circumstances. Always seek advice from a qualified solicitor and mortgage adviser specific to your situation. Read our disclosure statement →
