Staying safe when buying a home

When you’re buying a home, there can be a lot of information to review, decisions to make, and professionals involved in helping you through the process.

You may work with mortgage advisers, solicitors, property developers, real estate agents, valuers, or other professionals. It's important you understand any information they are giving on your behalf, make sure it is accurate, and ask questions if you're unsure about anything. If something doesn't seem right or you're still unsure, consider seeking independent advice before proceeding.

Even when someone is assisting you, you remain responsible for the information submitted as part of your home loan application. Taking an active role in the process and carefully checking information can help you make informed decisions, avoid scams, and stay safe throughout your home buying journey.

Your home loan application should accurately reflect your financial situation.

Before you submit an application or an application is submitted on your behalf, take the time to check it carefully. You should make sure it accurately reflects your income, expenses, assets, liabilities, employment details, and other financial information.

It's important that the information in your application is complete and accurate, and that supporting documents provided with your application are genuine and accurate. Taking time to review it carefully can help you avoid problems later.

If something doesn’t seem right, ask about it.

Your home loan deposit may come from more than one place. It could include your savings, a KiwiSaver First Home Withdrawal, gifted funds, or other sources.

The information in your application about your deposit needs to be accurate and supported by genuine documentation. It’s important you understand how your deposit is structured and check any supporting documentation provided on your behalf.

If you're unsure how your deposit or source of funds has been represented in your application, ask questions and seek clarification before proceeding.

Before buying a property, make sure you understand it’s value, and what may be affecting its price.

Some properties are sold with incentives, discounts, rebates, cash contributions, furniture packages, rental guarantees, or other special arrangements. It's important to understand how these arrangements work and whether they may affect the property's value or the amount you're paying.

Consider:

• Researching similar properties in the area
• Reviewing and understanding your sale and purchase agreement, including any incentives, rebates, cash contributions, rental guarantees, furniture packages, or other special arrangements before signing, and asking questions if you're unsure how these arrangements may affect the property's value, purchase price, or information included in your application
• Seeking independent advice if you're unsure or need additional support before proceeding.

Useful resources include OneRoof.co.nz, settled.govt.nz and the Citizens Advice Bureau. 

The more you understand about the property and purchase arrangement, the more confident you'll be in your decision.

The vast majority of professionals involved in the home buying process act with integrity, and support their customers appropriately.

But, if you see any warning signs, you should ask questions.

• Information being provided on your behalf doesn’t accurately reflect your circumstances. For example, your income, expenses, employment details, or other information included in your application is not accurate.
• You're asked to leave information out or change information after you’ve filled out your loan application
• You're asked to provide, sign, or submit information you know is inaccurate, incomplete, or misleading

• You're not sure where funds contributing to your deposit or property purchase have come from
• You're not sure how your deposit or sources of funds have been described in your application
• You're encouraged to describe funds differently from their true source
• The proposed loan repayments appear unaffordable or would place significant pressure on your finances

• You're pressured to act quickly, sign documents, proceed with a purchase, or make decisions before you're comfortable
• You feel pressured to accept incentives, rebates, special arrangements, or financing structures that you don't fully understand
• Your questions aren't answered clearly
• You're discouraged from getting independent advice
• You're asked to share your login details and passwords for your email account, internet banking, or IRD account. Never share passwords, security codes, or account access with another person, even if they are assisting with your application
• You're asked to sign documents that are blank, incomplete, or that you haven't had an opportunity to review and understand
• Something you’re told seems inconsistent with what you've been told before

If something doesn't seem right: pause, ask questions and get independent advice before you continue.

Buying a home involves large amounts of money, which can attract scammers. Criminals may contact you by email, phone, text message, or another way, pretending to be a solicitor or conveyancer, and give you false payment instructions.

Before you make a payment:

• Check bank account details by contacting the organisation or individual using trusted contact information
• Use Confirmation of Payee to check the account holder name and account number match before making a payment
• Be cautious if you're told that payment instructions or bank account details have changed
• Be wary of urgent requests to transfer funds
• Take extra care when receiving payment instructions electronically

If something doesn't seem right, stop and check it before you continue. A few moments spent checking payment details can help protect you from significant financial loss.

Buying a home can be complex, and it's okay to ask questions throughout the process.

Some questions you might want to ask:

• Why has this information been included in my application?
• How was the amount I can borrow calculated?
• Can you explain this document before I sign it?
• Can you explain where the funds being used to buy this property have come from?
• How was the property's value determined?
• Can you explain how my KiwiSaver first home withdrawal funds are being used within this purchase?
• Can I have some time to review this information?
• Can you explain any incentives, discounts, or special arrangements related to this property?
• How can I independently verify these payment details?

Any professional helping with your application should be willing to answer your questions and explain anything you're unsure about.

• Check all important documents before signing them and ensure you understand what you are agreeing to 
• Check that information accurately reflects your circumstances and ensure supporting documents and information submitted on your behalf are correct and genuine
• Make sure you get copies and keep records of key advice, instructions, and communications relating to your application and property purchase
• Ask questions when something isn't clear
• Check payment instructions before transferring money
• Get independent legal or financial advice if you're not sure about anything
• Be cautious when sharing identity documents and personal information

Remember: You should understand the information being submitted on your behalf, the source of your deposit, the property you're purchasing, and your ongoing repayment obligations. If you're unsure about any aspect of the process, pause and ask questions before proceeding.

If something doesn't seem right, don't ignore it.

If you’re worried about any aspect of your home loan application, or you don't fully understand information that has been prepared or submitted on your behalf, it's important to speak up and ask questions.

If you have concerns relating to your ANZ Home Loan application, please contact us on 0800 269 4663 (or +64 4 470 3165 from overseas, charges may apply) as soon as possible.

If you wish to raise a complaint about your experience with ANZ, you can do so through ANZ's complaints process. We are committed to understanding your concerns and working with you to resolve them fairly and promptly.