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First home purchaser series - Part 3: Settlement of your purchase

By - 1 Oct 2019

It's almost time for you to complete your purchase, what else do you need to get organised?

KiwiSaver / HomeStart Withdrawals

If you haven't already made a withdrawal for your deposit, you can withdraw funds for completing your purchase. For more information on this, see Part 1: Saving for Your Deposit.

Some KiwiSaver providers, and Housing New Zealand, require up to 20 working days to process your application and make the funds available. It is essential that you get your application sorted early so there is no risk of the funds not being available for settlement. We will guide you through the timeframes and when things need to be done.

It is important to note that if you are planning on buying a section and building your new home, the KiwiSaver and HomeStart withdrawals must be made when purchasing your section and cannot be withdrawn later to be put towards building costs.


If you are getting a mortgage, your bank will require evidence that the house is insured from the date of settlement. This insurance must have the bank's interest noted as mortgagee. The bank will not provide any funds until the insurance is confirmed so this needs to be organised well in advance.

Signing of Documents

Before settlement day we will need to meet with you to discuss and sign loan documents along with other forms we require to transfer the property to you on settlement.

Funds to be Paid to Us

All funds from KiwiSaver, HomeStart Grants and your lender will come directly to our trust account. If you are contributing money yourself, we will need to arrange for this to be deposited in our account a few days prior to settlement so the funds are cleared in time for us to use on the day.

Settlement Day

On settlement day, once we have received confirmation from the vendor that they are ready to settle, and all funds are in our trust account, we will forward the funds to the vendor's solicitor.

The title to the property will be released to us and we will complete the registration.

Once settled, we will call to advise this has happened. If you have purchased an existing home, you will be able to collect the keys from the real estate agent and move in!


For more information on this or any other part of the buying or selling process, contact Elise Markwick or any other member of property team.


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