The First Home Buying Journey: From Dream to Keys

Step 1: Get Your Finances in Order

Before you start house hunting, it’s essential to know your borrowing power. Begin by consulting a mortgage adviser or your bank to discuss loan options. Once you’ve determined a suitable loan structure, apply for a formal pre-approval to understand how much you can afford.

Step 2: Find the Right Property

With pre-approval in hand, it’s time to start your property search. Engage with real estate agents and explore homes that fit your budget and needs. Once you find the right property, consult your solicitor to review legal aspects before signing a Sale & Purchase (S&P) agreement, usually with a finance condition to protect yourself.

Step 3: Secure Your Mortgage

After signing the S&P agreement, inform your bank or mortgage adviser so they can arrange final loan approval. Depending on the lender, you may need to provide additional documents, such as a property valuation or building report. Once everything is in order, your lender will issue an unconditional approval, meaning your loan is fully secured.

Step 4: Legal & Insurance Requirements

If you are new to the bank, you’ll need to complete onboarding procedures. Your solicitor will help you sign the loan contracts and ensure all legal requirements are met. Additionally, arrange home insurance, ensuring the lender is noted as an Interested Party.

Step 5: Settlement & Move-In

On settlement day, your solicitor will transfer funds to the seller, and you’ll officially take ownership of the property. Once you receive the keys, it’s time to move in and celebrate—because you’ve just become a homeowner! 🎉

Let’s Make It Happen

Buying a home is a significant milestone, and having the right guidance makes all the difference. At Smartmortgages.co.nz, we specialise in making the mortgage process simple and stress-free. Get in touch today, and let’s take the first step toward your new home!