Buying your first home in New Zealand is exciting — and overwhelming. Between mortgage pre-approvals, LIM reports, builder's inspections, and legal contracts, it's easy to miss something important.
This checklist walks you through every step of the NZ home-buying process in order, so nothing falls through the cracks.
💡 Before you start: New Zealand's property market moves fast. Having your finances, legal team, and inspection contacts ready before you find a property gives you a huge advantage.
Before you start attending open homes, get your financial position sorted. This phase can take 2–6 weeks.
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Check your credit scoreRequest a free credit report from Equifax or Centrix NZ. Fix any errors before applying for a mortgage.
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Save your depositMost NZ banks require at least 20% deposit. First home buyers may qualify for a 5–10% deposit under the First Home Loan scheme (Kainga Ora).
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Check First Home Grant eligibilityIf you've been contributing to KiwiSaver for 3+ years, you may qualify for a grant of up to $10,000 per buyer. Check Kainga Ora's website.
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Speak to a mortgage broker (free)A good broker compares rates across multiple lenders and helps you understand how much you can borrow. They're paid by the bank, not you.
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Get mortgage pre-approvalPre-approval tells you your maximum budget and makes your offers more credible to vendors. Valid for 60–90 days typically.
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Appoint a property solicitorFind a solicitor who specialises in property conveyancing before you need them — not after you find a house. Budget $1,500–$2,500 for legal fees.
⚠ KiwiSaver withdrawal: You can withdraw most of your KiwiSaver balance to buy your first home, but the process takes 10–15 working days. Start the application early.
Now the fun part — but stay disciplined. Know your must-haves, your budget ceiling, and your deal-breakers before you fall in love with a house.
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Set your search criteriaLocation, bedrooms, section size, property type (freehold vs leasehold), school zones if relevant.
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Research recent sales in target suburbsUse OneRoof, QV, or CoreLogic to understand what properties actually sell for — not just their RV (rateable value).
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Attend open homes systematicallyTake notes and photos. Ask the agent: why is the vendor selling? How long has it been on the market? Have there been any previous offers?
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Check the property's title typeFreehold (fee simple) is best. Cross-lease and leasehold titles come with restrictions and costs. Check before getting emotionally attached.
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Run a free AI property scoreBefore spending money on due diligence, get a quick risk snapshot. Verihome's free property score tool analyses risk across 6 dimensions for any NZ address.
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Make a conditional offerAlways include due diligence or finance conditions. A conditional offer protects you — unconditional offers are binding immediately.
💡 Negotiation tip: Ask for a due diligence period of at least 15 working days. This gives you enough time to complete all checks without rushing. Most vendors will agree.
This is where most first-home buyer mistakes happen. Due diligence is your only window to fully investigate the property before you're legally committed. Don't rush it.
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Order the LIM report from councilCosts ~$200–$350 depending on the council. Takes up to 10 working days. The LIM shows unpermitted work, flooding/hazard zones, drainage details, and more.
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Book a registered building inspectorUse a Licensed Building Practitioner (LBP). Costs ~$500–$900. Don't skip this even on new builds.
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Review the LIM report carefullyLook for unpermitted additions, flood/landslide risk, encroachments, and drainage easements. Flag anything unusual with your solicitor.
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Review the builder's reportPay special attention to weathertightness, subfloor moisture, electrical compliance, and any items flagged as "recommend further investigation."
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Get specialist reports if flaggedIf the builder's report flags weathertightness, hire a specialist. If electrical work looks non-compliant, bring in a registered electrician. Budget $300–$600 per specialist.
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Have your solicitor review the S&P agreementSpecifically ask them to check for non-standard clauses, the chattels list, indemnity provisions, and any vendor warranties.
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Confirm your mortgage approvalPre-approval is not the same as full approval. Your bank will also conduct a valuation of the property. Ensure full approval is confirmed before going unconditional.
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Arrange home insuranceNZ banks require confirmed insurance before settlement. Get quotes before you go unconditional — some properties are difficult or expensive to insure.
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Once you're satisfied with due diligence and your mortgage is confirmed, you notify the vendor that you're going unconditional. From this point, the sale is legally binding for both parties.
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Confirm all conditions are satisfiedFinance, due diligence, insurance — all conditions in your S&P agreement must be formally waived or satisfied before you can go unconditional.
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Pay your depositTypically 10% of the purchase price, paid to the vendor's solicitor's trust account on going unconditional.
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Arrange your final mortgage documentsYour solicitor will work with your bank to prepare loan documents for signing.
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Start planning your moveBook movers, notify utility providers, update your address with IRD, your bank, and any subscriptions.
⚠ Important: Going unconditional is a major commitment. If you pull out after this point without legal grounds, you will lose your deposit and may face further legal action from the vendor.
Settlement is the day the property officially becomes yours. Your solicitor handles most of it, but there are a few things you need to do.
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Do a pre-settlement inspectionUsually the morning of settlement day. Check the property is in the same condition as when you signed — all chattels present, no new damage.
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Confirm funds are readyYour solicitor will advise exactly how much you need to transfer and by when. Usually the day before settlement.
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Sign all mortgage documentsYour solicitor will have these ready — read them before signing.
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Collect your keysOnce settlement is confirmed (usually early afternoon), your solicitor or the vendor's agent will release the keys to you.
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Confirm your insurance is active from settlement dateMake sure your home insurance policy begins on settlement day, not after.
🎉 Congratulations! Once settlement is complete, the title transfers to your name and you're a homeowner. Your solicitor will handle the registration with LINZ (Land Information New Zealand).
Typical Costs to Budget For
Beyond the purchase price and deposit, first-home buyers need to budget for these upfront costs:
| Item | Typical Cost |
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| LIM Report | $200 – $350 |
| Building Inspection | $500 – $900 |
| Legal Fees (solicitor) | $1,500 – $2,500 |
| Specialist Reports (if needed) | $300 – $600 each |
| Mortgage Application Fee | $0 – $500 |
| Home Insurance (first year) | $1,200 – $3,000+ |
| Moving Costs | $500 – $2,500 |
| Total (est. upfront costs) | $4,200 – $10,000+ |
Frequently Asked Questions
How long does the first home buying process take in NZ?
From pre-approval to settlement, allow 3–6 months. The search phase varies widely — some buyers find a home in weeks, others take a year. Once you go unconditional, settlement is typically 4–6 weeks away.
Do I need a lawyer to buy a house in NZ?
Yes. Property conveyancing in New Zealand must be handled by a licensed solicitor or conveyancer. Don't try to do it yourself — the legal and financial risks are too high.
Can I buy a house in NZ without a 20% deposit?
Yes, through the Kainga Ora First Home Loan scheme, eligible buyers can purchase with as little as 5% deposit. Income caps and property price caps apply. Check kaingaora.govt.nz for current criteria.
What happens if I find problems during due diligence?
You have several options: negotiate a price reduction, ask the vendor to fix the issues before settlement, request a vendor warranty, or walk away (within the due diligence period, without penalty). Your solicitor can advise on the best approach for your situation.
What is a LIM report and do I need one?
A LIM (Land Information Memorandum) is an official council document containing records about the property — consented works, hazard zones, drainage, and more. It is strongly recommended for every property purchase. It costs $200–$350 and can reveal issues that save you tens of thousands of dollars.
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Disclaimer: This checklist is for general informational purposes only and does not constitute legal, financial, or property advice. Always consult a qualified New Zealand solicitor, mortgage broker, and building inspector before making property decisions. Verihome NZ is not a licensed legal or financial adviser.