You’ve made an offer to buy a house and it’s been accepted. Before you can move in, there are three more steps to complete.
Step 1: When your offer is accepted
At this stage you’ll need to:
- Contact your lawyer – they’ll do a title search, which is always done when you buy a house to make sure there the title is clear (e.g. that there are no other claims on it). They’ll also begin preparing all the documents required for buying a house, including the Memorandum of Transfer which transfers the title into your name.
- Contact ANZ – we’ll help you decide the best way to structure your mortgage, ensure your deposit is available when you need it, and help you set up the right bank accounts to manage your repayments. When you’re buying a house you’ll also need insurance to protect your investment – we can help you with that too.
- Arrange for any conditions to be met - for example if your offer was conditional on a satisfactory valuation report, we can request an independent valuation for you. The valuer will visit the property so they can write their report. We’ll facilitate this process for you, but you will need to pay for the valuation yourself.
Step 2: When your offer goes unconditional
Once any conditions are met, your offer becomes unconditional. That means it’s legally binding and both you and the seller are committed to buying (or selling) the house. If you do need to retract from the sale, you may lose the deposit you will have provided to the seller.
When your offer is unconditional, you’ll need to:
- Contact ANZ to let us know (your lawyer may do this on your behalf). If a deposit is required we’ll help you organise payment. We’ll also draw up a home loan agreement and send it to your lawyer.
- Contact your lawyer – they will go over the home loan agreement with you, explain what it means and your responsibilities, and answer any questions you may have. We will liaise with your lawyer to have your home loan funds available on settlement day.
Step 3: On settlement day
Settlement day is one of the easiest and most exciting parts of the process. Most of the work is done behind the scenes by the bank and your solicitors.
- Your lawyer will send a settlement statement to us, showing the amount required to ‘settle’ the transaction. We’ll then liaise with your lawyer to draw down your loan and transfer the money to the seller’s account. Your lawyer will also check that the rates and any other utilities have been paid by the seller and are up to date.
- Once the seller confirms they have received the funds your lawyer will arrange for you to pick up the keys (or have them sent to you). They will then complete the registration of the property title into your name and provide you with a copy for your records.
- All that remains is for you to move into your new home!
For more information or to apply for an ANZ Home Loan:
Contact an ANZ Mobile Mortgage Manager
Call 0800 ANZ HOME (0800 269 4663)
Visit your nearest ANZ branch
For the ANZ First Home package, you need an ANZ everyday account with your salary, wages or business income direct credited and an ANZ Serious Saver account. ANZ lending criteria, terms and conditions and fees apply to all loans.
A copy of the Reserve Bank Disclosure Statement published by ANZ Bank New Zealand Limited may be obtained on request from any ANZ branch.
This material is for information purposes only. Its content is intended to be of a general nature, does not take into account your financial situation or goals, and is not a personalised financial adviser service under the Financial Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your individual circumstances before you acquire a financial product. If you wish to consult one of ANZ's financial advisers, please contact us on 0800 269 296.
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