Settling your home purchase

When you're buying your next home, your new home may settle before your current home. ANZ may be able to help bridge this gap with a short-term, interest-only loan.

While your solicitor handles the settlement of your house, there are a couple of things you need to complete before settlement day.

Make sure you carry out a final inspection of the property, which can be arranged through the real estate agent. You may want to ensure any inclusions in the Sale and Purchase Agreement remain and there's been no damage to the property since the Sale and Purchase Agreement was signed.

Then inform your solicitor of the outcome of the inspection. For more on what to look for in your final inspection, visit settled.govt.nz.

You'll need to arrange house insurance prior to your settlement day and provide proof of insurance to your solicitor. As we're providing a mortgage for the home, ANZ must be recorded on the policy as the interested party.

If you haven't already, it's also a good time to talk to us about other insurance options to ensure you and your family are protected – for example, ensuring that if you can't work because of injury or illness, your mortgage will still be paid.

If applicable, you'll need to submit your KiwiSaver first home withdrawal application to your KiwiSaver provider.

If your KiwiSaver account is with ANZ Investments, submit your application at least 15 business days (10 business days if you haven’t lived overseas) before payment is due.

Ensure you have transferred any remaining funds as per your solicitor's instructions prior to settlement (if required). If you're sending by bank transfer, call 0800 269 296 to check your transfer limit.

Check in with your Home Loan Coach to ensure you have completed all your pre-settlement conditions and everything is on track for settlement.

Settlement day is when the purchase price (less any deposit paid) is paid to the vendor and the title transfers to you. 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 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.

It's important to ensure your funds have cleared by the agreed time on settlement day to avoid possible penalties.

Once settlement has taken place, your solicitor or real estate agent will notify you, and you can then get the keys.