Your home buying journey.
Buying a home is one of the biggest financial decisions you'll ever make. This step-by-step journey — based on the Real Estate Authority's official buyer guide — walks you from first thoughts to moving day, so you can buy with confidence.
The real estate agent should treat everyone fairly, and your lawyer or conveyancer is there to support you through the process.
A sale and purchase agreement is legally binding — don't make an offer on a property before seeking legal advice.
The four phases of buying
Follow the arrows — each phase builds on the one before it.
- Phase 01
Thinking of buying
- 1
Agree on your goals
Decide what you're looking for and what your goals are. Talk it through with friends and family.
- 2
Sort your finance
Work out how much you can borrow or afford, and budget for the additional costs that come with buying. Understand your loan options and limits before you take out a home loan.
- 3
Build your support crew
You'll need a lawyer, an insurer and a bank or mortgage broker. You may need a property inspector later too.
- 4
Learn the lingo
The more prepared you are, the less confusing the process will be. Learn about methods of sale, types of property ownership and how to identify risks and potential issues.
- 1
- Phase 02
Finding a property
- 5
Attend open homes or arrange a private viewing
By now you'll know what you're looking for in a home and what red flags to watch out for. If a home meets your needs, let the agent know and start researching it in more detail.
- 6
Do your homework
When you've found the property you want to buy, find out as much as possible before you make an offer — doing your homework means you can make informed decisions.
- 7
Understand issues and hazards
Learn about the neighbourhood and what kind of natural hazards might happen in the area.
- 8
Ask for a title search
A record of title is essential. It is specific to the address you are looking at and will tell you if there are any restrictions against the property.
- 5
- Phase 03
Making an offer
- 9
Understand the offer process
The offer process varies depending on the method of sale, so learn how each one works before you offer.
- 10
Understand the multi-offer process
If another buyer also puts an offer on the property you want, it becomes a multi-offer process. Ask the agent to clearly explain the process and talk to your lawyer.
- 11
Confirm your finance
Confirm your finance with the lender. Most banks will ask for more information about the property and require proof that you've arranged insurance before settlement.
- 12
Make a conditional or unconditional offer
With some methods of sale you can make a conditional offer, such as subject to a property inspection or finance. Ask your lawyer for advice.
- 13
Meet conditions
Any contract conditions must be met by the specified dates. You may repeat the offer process several times before you are successful.
- 9
- Phase 04
Settling and moving in
- 14
Plan for settlement day
A number of things need to happen before settlement day, such as your pre-settlement inspection and ensuring your finances and insurance are in place.
- 15
Settle on settlement day
Many things need to happen in sequence between your lawyer, the seller's lawyer and the banks before the property becomes yours. This can take time, and you may not get the keys until late in the day — it's a good idea to plan to move in the day after settlement day.
- 14
Methods of sale
Before you can make an offer, you'll need to know the method of sale being used for that home. The offer process varies for each one.
The multi-offer process
A multi-offer process happens when more than one buyer makes a written offer on a property. It's important to put your best foot forward — you might not get a chance to increase your offer or to negotiate.
- Agents must clearly explain the process and any relevant paperwork to all buyers.
- There must be more than one offer in writing — an agent can't say you are in a multi-offer process if there are no other written offers.
- The seller can choose the offer that works best for them. A lower price with fewer conditions may be chosen over a higher price with more conditions. The seller can also decline all offers.
- If you have concerns about a multi-offer process you're part of, you can speak to the agent's manager.
If things go wrong
First discuss your concern with the real estate professional or their manager — all agencies must have in-house procedures for resolving complaints, including our own complaints process.
If you can't resolve the issue with the agency, or you don't feel comfortable discussing it with them, you can contact the Real Estate Authority (REA) — the independent government agency that regulates the New Zealand real estate profession — on 0800 367 7322, by email at info@rea.govt.nz, or online at rea.govt.nz.
Official guides and tools
Settled.govt.nz is brought to you by the Real Estate Authority. It guides you from when you're thinking of buying right through to moving in, with checklists, quizzes, videos and tools — from understanding LIMs to sale and purchase agreements.
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