Homebuyers Internet Roadmap
There are now considerable Internet resources available for prospective home buyers anywhere in New Zealand. Unfortunately unless you know where to look it will take you some time to track down the various sites. This page provides an Eight Step Internet Roadmap comprising guides, information and links to property related sites along the way.
Please note some of the links on this page are to a page within a larger site. Ensure you check any parent pages for qualifications of information provided. When you follow a link a new window will open. To return to this page close the new window. The inclusion of a link to any site is not an endorsement or recommendation by us. We have not accepted any inducement for inclusion of any link on this page. Links change from time to time. If you discover any broken links please email us.
Step One: The Process
Familiarise yourself with the home buying process first by reviewing the National Bank’s "Home Buyers Centre" page, followed by the Professionals' - "Top Tips for Buyers". When you’ve done that read our feature article - "Buying a Home - The Legal Process".
The ANZ website has a helpful section "Buying a Home" which includes advice on making an offer, insurance and moving in. Another good resource is the New Zealand Property Index article "Tips for Home Buyers".
Step Two: Loan Options
Lending institutions lend different percentages of the purchase price. They also have restrictions based on your net income. For a review of a range of loan options on offer use the following links (please check homepages for qualifications and disclaimers):
Mortgage Brokers can provide you with invaluable assistance in structuring your loans and finding the best deal for you:
Bricks and Mortgages Kiwi Mortgage Market
Step Three: Loan Rates
For current rates check out the following links (note-although we check our links often some sites use new pages to post rate changes which bypass our links. Check the rates are current through site homepages):
Step Four: The Cost of Borrowing
Taking the loan rate information from Step 3 now use one of the following loan calculator pages to work out what your loan will cost:
Step Five: What's for Sale?
The following links take you directly to pages within Real Estate Agent/industry websites. Each has a wide range of properties on the market in the greater Wellington area:
You could also visit Harcourts Marketing Consultant Graham Robinson's website which has helpful information on homebuying together with listings.
Step Six: Arranging Finance
Several law firms now provide loan finance services or have "in house" mortgage brokers. The funding of such services is met by commissions paid by Lenders. As a firm we have a policy of "sticking to the knitting". Residential loan financing has become a specialist industry. The primary assistance of a solicitor is no longer required. We prefer to retain our independence from lending institutions and brokers so we remain free to advise clients without any financial conflict of interest in the outcome of their loan applications.
We deal with the residential finance sector on a daily basis.
We would be pleased to pass on contact details of individuals and organisations we work closely with.
Step Seven: Inspection
You are now ready to check out the properties that interest you on the ground. When viewing properties keep in mind possible contract conditions that may apply. Go through step 8 before commencing your inspections. The ASB's "Homebuyers Checklist" page has a checklist of matters to look for and to be aware of.
Step Eight: Contract
When you are ready to submit an offer, if you have not already done so, you now need to instruct a solicitor. Don't be misled into thinking its a simple process that anyone can do, it could prove to be a costly mistake. Also, be cautious of agent recommendations. They may not always have your best interests as a prime concern. The New Zealand Property Index has a very useful section called "Choosing Property Professionals" covering selection of valuers, mortgage brokers, building inspectors, real estate agents and lawyers.
Remember this is a "big ticket" transaction. One of the biggest you are likely to enter into. A quick glance at the length of the standard form contract and its fine print gives an indication of the complexity of the legal issues and contingencies it addresses. There are a range of special conditions that may need to be added. The exact wording of contract conditions can be critical. If the wording is wrong, it will be too late after you sign. Don't be pressured into signing before you have had the contract form checked by your lawyer. You are the one that will have to live with its consequences. If you would like assistance request the agent to fax the contract to Michael Hofmann-Body on 04 569-3933. Email Michael Hofmann-Body with your contact details so he may expect it.
Conditions cover matters you need to resolve before being bound to proceed e.g. finance, builder’s report, prior sale. Each condition will have a time limit within which it has to be satisfied. The following conditions are common:
- Valuation
Is a valuation required? You may wish to have the reassurance of a valuation from a registered valuer if you are uncertain as to the true value of the property. It may be that your lender specifically requires that a valuation be obtained. In the Hutt Valley area Spencer Logan (ph 04 562 7555) and Malcolm Alexander (ph 04 566 3825) can assist you. To contact valuers elsewhere in New Zealand see Telecom Yellow Pages.
- LIM
Do you require a Land Information Memorandum (known as a "LIM")? LIMs are provided by local authorities and comprise detailed summaries of information held in relation to the property and zoning from Council records.They can be useful in disclosing information not available from the title search particularly in relation to improvements, easements, resource consents and other non-land transfer matters.
For LIM applications on properties in the greater Wellington area see:
- Builder’s Report
Do you need a builder’s report? Under the standard contract form remedies against vendors for defects are limited. There are a number of companies offering building inspection services. For a list of "Building Officials" visit the Building Officials Institute of New Zealand
All conditions should be drafted or checked by a solicitor. Wherever you live, whether in New Zealand or overseas, we are able to act for you relating to New Zealand property matters. If you would like our assistance contact Michael Hofmann-Body.