First-time homebuyer ! then
Choose an area & know the market
Don't house seek without pre-approval
Don't over borrow & don't drain savings
Plan Home Buying Finance
Follow Strict Plans
Pay off old debt first
Save regularly for house
Improve credit
Open KiwiSaver account.
Estimate monthly repayments.
Never accept an unaffordable mortgage. .
Mortgage Requirements
Key Mortgage Criteria
Citizen or Permanent Resident
Can't own property (First Home Buyer Criteria),
Singles under $95,000, couples under $150,000 .
Deposit-to-Loan-Amount Ratio
Government acknowledges 10% to 20%
Credit Score for Home Loan
Landing authorities like 700+
Get Government Assistance
Government-led Programmes such as
Kinga Ora offers homeownership options
Kiwisaver helps first-time homebuyers
Borrow from other retirement funds
Home Buyers' Expectations
Meet loan and family expectations first.
ENERGY STAR appliances, fixtures & home certification.
Living area hardwood floors
A location to watch kids and dogs play
Land Information Memorandum (LIM)
A LIM report consit of
Any previous alterations fulfilling Council regulations.
Detai of Erosion, slippage, & flood zones, affecting safety.
Land or building notices
Mortgage & insurance are harder to get without a LIM.
Property Lawyer
An lawyer assess acquisition, agreements, titles, and LIM
Ask for skills, insight, fees, clients, references, & features.
Prefer family, friend, or colleague referral
Pre-purchase Home Inspection
House Inspecton verifies appearance and condition.
Find a Building Inspector or Conveyancing Firm
Ask skills, insight, fees, clients, references, and special features.
House Inspectors' Role
Home inspections cover all issues.
Must reveal defects.
Check for flaws, maintenance needs, and decay.
Foundation -Houses rely on their foundations.
Roof -Quality and performance can also break a deal.
Plumbing -Leaks and replacement.
Wiring - Age & condition.
HVAC system
Council maintenance notices
Roof and Foundation Inspection
Decay, bending, or compromised timbers indicate the roof's age.
Insulation & insect checks for energy conservation and health.
Health and Safety Inspections
Major hazards can be costly to fix and delay loan approval.
Know healt & safety requirements using Healthy Housing Guidelines
Know Neighbourhood Home Prices
Accessibility, aesthetics, and amenities define great neighbourhoods.
Popular neighbourhoods sell homes quickly.
Why The Seller Leaving?
Knowing the seller's motivation helps negotiate.
Know Neighbourhood
Noisy or quiet; friendly or reclusive; pet-friendly or few pets.
Drive the neighbourhood and talk to neighbours.
Past Insurance Claims History
Prior claims and exclusions help you decide.
Over time, insurers reevaluate coverage.
Find Claims on home with the Insurance Council of New Zealand.
Know Utility Bills
Owners or utility services can provide 12-month averages.
It shows how gas and solar can reduce utility costs.
Local School Rating
A good school zone guarantees a child's future.
A home in a good school zone costs more than one outside one.
But you get a premium when you sell.
Homebuyers Pay Which Agent?
The buyer's agent isn't paid, but the seller's agent must.
Lawyers and home inspectors must be paid.
Each agent hired must first confirm tasks and fees.
Homebuying Takes Time
Budget, home availability, and seller's ability to vacate determine timeline.
Homebuying Additional Costs
There are costs beyond mortgage payments.
Home valuation costs - Home inspection fees - Professional cleaning costs - LIM fee - Furniture Removal Cost - Additional furniture and appliances - Security & Lock Smith - Mail redirection - Ongoing Charges - City Council Rates - Insurance - Building Maintenance - Home Improvement - Body Corporate Fees
The Importance of the Final Walkthrough
During a sale, much can change. Finally, check the furnace, toilets, and hot water. After the seller has moved out, final walk-throughs allow the buyer to confirm repairs have been made and there are no new issues. The final walk-through is homebuyers' last chance to check everything.
Purchase and Sale Agreement Key Elements!
The sales contract should include:
Name(s) of buyer(s) - Location - Titles (for example, freehold or leasehold) - COST of the house - Deposits - Property - Related personal property (for example, white-ware or curtains) - Your or the vendor's needs - What's the deadline? (with conditions) - Inception (the date you pay the rest of the amount for the property, which is usually also the day you can move in) - Late-payment interest rate.
When do I get the Key?
Once the Vendor's lawyer commits and the Buyer's lawyer pays, it's final.
The buyer pays the balance and gets the keys at settlement.
Buyer changes locks after getting key.
If you've never bought a house before, set yourself up for success.Consider your goals for your new home.
Consult friends, family, lawyers, real estate agents, and mortgage brokers for ideas.
We appreciate your time and wish you luck house-hunting.
Be safe and healthy, in the mean time.
