Step 1: Get Your Finances Ready
Before you even look at properties, you need:
- Pre-approval from a bank or lender
- KiwiSaver withdrawal approved (or application in progress)
- First Home Grant pre-approved if eligible
- Solicitor/conveyancer lined up
Step 2: House Hunting
Use sites like Trade Me Property, realestate.co.nz, and OneRoof. Attend open homes. Take notes on:
- Sun, layout, condition
- School zones, transport, amenities
- Recent sales in the area (your agent can provide a CMA — Comparative Market Analysis)
Step 3: Making an Offer — Three Main Methods
Auction
- Unconditional — no finance or building report conditions
- You need your finances 100% ready beforehand
- Winning bid is legally binding immediately
- Tip: Set a firm budget limit and don't get caught in bidding fever
- If property passes in (doesn't reach reserve), you can negotiate after
Negotiation / Price by Negotiation
- You submit a written offer with conditions
- Seller can accept, reject, or counter-offer
- Conditional offers are common — subject to finance, builder's report, LIM, solicitor approval
- Flexible timeline — you can negotiate over several days
Tender
- You submit your best offer in a sealed envelope by a deadline
- Seller chooses the best offer — not just price but also conditions
- Less common for first home buyers, but used in competitive markets
Step 4: Due Diligence
If you make a conditional offer (not auction), you should arrange:
- Builder's report: A registered builder inspects the property
- LIM report: Land Information Memorandum from the council — shows consents, zoning, hazards
- Property valuation: Bank may require this for lending
- Solicitor check: Your solicitor reviews the title, body corporate rules, and any caveats
Step 5: Unconditional and Deposit
Once your conditions are satisfied, you go "unconditional":
- Pay the deposit (usually 10% of purchase price) into the real estate agent's trust account
- Contracts become legally binding
- Set a settlement date (typically 30–90 days from unconditional)
Step 6: Pre-Settlement
- Arrange home and contents insurance — your bank will require this
- Finalise your home loan documents
- Do a final walkthrough to check the property is as agreed
Step 7: Settlement
- Your solicitor transfers the balance of funds
- Keys are released
- You're a homeowner! Congratulations
Common Timeline
4–8 weeks: Pre-approval → house hunting → offer → due diligence → unconditional → settlement.