Settling
At the last stage of buying your home, you'll confirm your home loan structure and house insurance, and complete paperwork and tasks required to get you across the line.
Choosing the right home loan for you
At ANZ, we have a range of home loan options. Your ANZ Home Loan Coach can help you understand the different loan types and interest rates, so we can set up a loan structure that meets your needs.
Bridging finance
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.
Managing your home loan
A home loan is a big commitment – so once you’ve got one, it pays to review it from time to time. Making a few simple changes to your home loan could help pay it off sooner and reduce the overall amount of interest you'll pay.
Pre-settlement tasks
While your solicitor handles the settlement of your house, there are a couple of things you need to think about ahead of settlement day.
Insurance
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.
KiwiSaver and First Home Grant
If applicable, you'll need to submit your KiwiSaver first home withdrawal application and apply for the First Home Grant.
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.
Final inspections
Before settlement, 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. Inform your solicitor of the outcome of the inspection. For more on what to look for in your final inspection, visit settled.govt.nz.
Remaining funds
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.
Settlement day
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!
Important information
ANZ lending criteria, terms, conditions, and fees apply. Interest rates and fees are subject to change.
A copy of the Bank's General Disclosure Statement under the Reserve Bank of New Zealand Act 1989 is available on this website or on request from any ANZ branch, free of charge.
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