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withdrawn later to be put towards building costs.
Insurance
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!
Contact
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.