Want to make an offer?
You've found your dream home and want to make an offer.
It's time to tick a few things off your checklist, including getting all your reports and reviews done and finalising your finances.
- You can make a conditional offer, which means your offer is conditional on your finance being fully approved, along with other due diligence such as builder's reports and insurance.
- Your offer can go unconditional once everything has been approved by your lender and reviewed by your solicitor.
Different types of home purchasing:
1. Buying by negotiation
Make an offer through an agent using a sale and purchase agreement, with conditions (like finance or reports) that must be met before the purchase becomes final.
2. Private sale
You negotiate directly with the vendor, agreeing on terms together and using a sale and purchase agreement, usually with legal and valuation support.
3. Buying at auction
There is an arranged bet, and if you win, the purchase is unconditional with a deposit due immediately.
4. Tender
You submit your best offer by a deadline, often with one chance, and the vendor chooses or negotiates from the offers received.
5. Mortgagee sale
The lender sells the property (often by auction or tender) to recover debt, typically with higher risk and fewer protections for the buyer.
Making an offer
š Builders and registered evaluation
You'll want to know about any potential issues with any houses you're serious about.
Some lenders will require a builder's report and registered evaluation that will provide your lenders with important information about the house.
š If time is short, you can put forward an offer that's conditional on the builder's report being acceptable to you and your lender
šUnderstand what you're signing:
You'll need to sign a sale and purchase agreement, which is an agreement between you and the seller of the property. It acknowledges that you are aware of the state of the property inside and out.
Where applicable, ensure your sales and purchase agreement is subject to finance.
You should check what's included as fixtures and appliances can sometimes be negotiated as part of the sale. It's important to be clear what does or doesn't come with the house.
š Contact your lender
Once you've found your ideal property, you should contact your lender to confirm finance.
Your lender will need to review the property details before fully approving your loan, ensuring it fits within their criteria and your finances.
ā Contact your lawyer
Your solicitor reviews the record of title, property restrictions, lender requirements, council approvals, and the builderās report to make sure the property is suitable and meets all legal and lending conditions.
Settlement
Once your offer has been accepted and is unconditional, it's time to get ready to move.
You'll need to ensure you pay your deposit on time and meet all other sale and purchase conditions.
Your lender will send your home loan agreement and other documentation to your solicitor to arrange for you to sign.
Settled.org.nz have a handy Settlement Checklist to help get you to settlement day.
Checklist for Settlement
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The fine print
Normal lending criteria and a $100 establishment fee applies to all new loans.