Settlement day is a big milestone. It's when the purchase price (less any deposit paid) is paid to the vendor and the title transfers to you. It's probably one of the most exciting parts of the process. On settlement day, most of the work is completed behind the scenes by your solicitor. Here's an overview of what will happen, including if you've used your KiwiSaver savings for settlement:
- Your KiwiSaver first home withdrawal, and if applicable, your First Home Grant from Kāinga Ora (Housing New Zealand), is paid directly to your solicitor on or before the settlement day.
- Your solicitor will notify the bank of the amount required to settle the purchase and will arrange for your loan to be drawn down and the money transferred to the vendor.
- Your solicitor will also check that the rates have been paid by the vendor and are up-to-date.
- Once they receive confirmation that the vendor has received the money, your solicitor will register the property in your name and arrange for you to receive the keys.
Once settlement has taken place, your solicitor or real estate agent will notify you, and you can then get the keys.
Congratulations, welcome to your new home!
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This material is for information purposes only. We recommend seeking financial advice about your situation and goals before getting a financial product. To talk to one of our team at ANZ, please call 0800 269 296, or for more information about ANZ’s financial advice service or to view our financial advice provider disclosure statement see anz.co.nz/fapdisclosure