First Home Buyers – Getting Prepared

Buying your first home - Legal Solutions NZ

We are seeing a really busy market in property at the moment and it can be really demoralising for first home buyers.

What we’re suggesting to our clients who are purchasing property, is to make sure they’re as prepared as they possibly can be before even looking at houses and putting offers in.

One of the things that you can get ahead with is getting finance pre-approved with the bank. It’s really important to meet with someone, or get somebody on the phone (at whichever bank it is that you choose to go to), and find out what they need from you in the way of paperwork. Get the paperwork back to them as soon as possible and all in one go (it’s a time-saver).

Next what the bank will do is issue a pre-approval for finance.

In that pre-approval there are likely to be some conditions. And it’s important that we see what those conditions are. So get it to us quickly, so we can have a look through what those conditions are and then together we can work our way through the document and use that information when we’re putting any offers in on a property for you.

There’s likely to be a pre-condition of having finance (having the agreement approved by the bank). Once you find a property the pre approval doesn’t mean that the bank have approved you unconditionally, they will want to see a copy of the agreement for sale and purchase once you have found a property, signed the agreement and had your offer accepted.

So we generally have to put a finance condition in for at least a couple of days so that the bank can approve the agreement of sale and purchase. If you are having trouble with this or you’ve got any questions about putting in offers on properties, please don’t hesitate to contact us to make an appointment to discuss further.