FIRST HOME BUYER HANDBOOK - ANZ

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FIRST HOME BUYER HANDBOOK - ANZ
FIRST HOME
       BUYER
  HANDBOOK

 HELPING YOU AT EVERY
STEP OF YOUR JOURNEY
FIRST HOME BUYER HANDBOOK - ANZ
FIRST

         HOME
         BUYER
                HANDBOOK

 The home buying process can be challenging, but
with the right help, you can move through each step
 with confidence. In this guide, we break down the
home buying process into easy-to-understand steps.

                                                      DON’T GO IT ALONE
                                                      First things first, get in touch with an ANZ Home Loan Coach. They’ll be in your
                                                      corner at every stage of the home buying journey, from getting a pre-approval
                                                      through to getting your keys.

                                                           Call 0800 269 4663
                                                           Visit anz.co.nz/homeloancoach
                                                           Come into any branch
                                                           Arrange for an ANZ Mobile Mortgage Manager to
                                                           visit at a time that suits you at anz.co.nz/mmm
FIRST HOME BUYER HANDBOOK - ANZ
THE HOME BUYING PROCESS

          PL ANNING                                            HOUSE                                     SETTLING
             KNOW YOUR BUYING
                                                              HUNTING                                          BRINGING IT

               POWER                                             FINDING THE ONE                              HOME
                           1                                                2                                          3
    •   Meet with your ANZ Home Loan Coach                •   Understand what to look for                • Confirm your home loan and
    •   Understand the cost of buying and owning a home   •   Do your homework on potential properties     repayment structure
    •   Put together your support team                    •   Get an ANZ Property Profile Report         • Complete pre-settlement tasks
    •   Work through your deposit options                 •   Engage a solicitor                           – Submit your KiwiSaver first home
                                                                                                              withdrawal and/or First Home
        – Check your KiwiSaver withdrawal                •   Complete required inspections & reports
                                                                                                              grant applications
          & First Home grant eligibility                  •   Understand different types of offers
                                                                                                           – Confirm your insurances are
        – Request your KiwiSaver eligibility letter      •   Find out how the house will be sold             in place
            Get your home loan pre-approved               •   Follow the steps in our road maps            – Carry out your pre-settlement
                                                              – F inalise your deposit payment               inspection
    • Discuss your insurance needs                            – Submit your KiwiSaver first home          – S et up your settlement payment
                                                                 withdrawal application
                                                                                                              Settlement day –
                                                                 Apply for full loan approval
                                                                                                              pick up the keys and move in!
2                                                                                                                                                3
FIRST HOME BUYER HANDBOOK - ANZ
MEET WITH AN ANZ HOME LOAN COACH

                                                  Your coach will take you through your loan          You can also find a range of tools and
                                                  options and help with your plan of getting          calculators to help you understand
                                                  to where you want to be. They’ll give you an        what you may be able to afford at
                                                  approximate idea of what you could borrow,          anz.co.nz/firsthome, including how
                                                  work through your deposit options, and              much you could borrow and how
                                                  what your repayments might look like.               much your repayments may be.

                                                  THE COSTS OF BUYING AND OWNING A HOME

     PLANNING                                      Buying Costs – One off                      Owning Costs – Ongoing

                                                   •   Solicitor fees                          •   Home loan repayments
        KNOW YOUR BUYING                           •   LIM reports                             •   Council rates

           POWER
                                                   •   Property Files                          •   Insurance – Home & Contents
                                                   •   Building inspections                    •   Utilities and maintenance
                                                   •   Moving costs                            •   Body corporate fees
                                                   •   Utility setup and                           (if buying a Unit title)
                                                       reconnecting services
                        1
                                                  Your coach can help you compare these               is suitable and how much of your income
                                                  ongoing costs to your current living                you should attribute to your mortgage,
                                                  costs, like rent, to work out the costs of          talk to your coach. For helpful budgeting
      The first stage of buying a home involves   owning a home and help you set your                 tools visit sorted.org.nz
                                                  budget. To figure out which loan option
    reviewing your finances to understand what
                you can afford to spend.

                                                                 Your coach can help you assess your insurance needs and tailor
                                                       TIP
                                                                 a plan to fit your needs and budget.
4                                                                                                                                                 5
FIRST HOME BUYER HANDBOOK - ANZ
HOW KIWISAVER CAN HELP
                                                                                                       Unlocking your KiwiSaver can help you get into your first home sooner. If you’ve been a
    PUTTING TOGETHER YOUR SUPPORT TEAM                                                                 KiwiSaver member for at least three years, you may be able to use your KiwiSaver savings
                                                                                                       to help you into your first home. There are two ways KiwiSaver can help:
    Aside from your ANZ Home Loan Coach you will need:
                                                                                                       1. Make a first home withdrawal from your KiwiSaver account.
    • A solicitor – There are a number of legal        whether it’s the one for you. You can find
      matters associated with purchasing a             a list of building inspectors in your area at   2. Apply for a First Home grant from Kāinga Ora (previously known as Housing New Zealand).
      home, so it’s important to involve your          boinz.org.nz
      solicitor before you make an offer or bid at                                                     FIRST HOME WITHDRAWAL
                                                • Family and friends – Family and friends
      an auction. If you need to find one check   can help you throughout your home                    Your KiwiSaver savings can be used either to buy your first home or buy land to build your
      out propertylawyers.org.nz. Legal fees      buying journey, whether that be giving               first home on (but if you’ve already bought land you can’t use your KiwiSaver savings).
      vary, so ask around and get an estimate.    their honest feedback on potential
    • Building inspector – A building inspector   properties, supporting you at an auction             Are you eligible?
      can tell you about the condition of a       or celebrating with you once you’ve
      property, which might help you decide       bought your new home.                                        Have you been a member                        You need to be a member
                                                                                                               of KiwiSaver or a complying                   of KiwiSaver or a complying
                                                                                                               superannuation fund for
                                                                                                                                                        N    superannuation fund for at least
                                                                                                               at least three years?                         three years before you can apply.

    DEPOSIT OPTIONS
                                                                                                               Is this the first time you’re
    What size deposit will you need?                 Getting the deposit together for a new                    withdrawing from a KiwiSaver                  You can only make one first
    Generally, you’ll need a 20% deposit for         home can be challenging. If your savings             Y    scheme to buy a home, or land
                                                                                                                                                        N    home withdrawal.
    an ANZ Home Loan, but depending on               are not enough, there are other options                   to build a home on?
    your situation and the type of home you’re       available. You may be able to get help from:
    buying, there may be exceptions – so talk        • KiwiSaver (if you’re eligible);
                                                                                                                                                             As a previous home owner, you
    to your coach today.                             • Family and friends.                                                                                   may still be eligible. Kāinga Ora can
                                                                                                               Will this be your first time owning
    You can also work out how much you                                                                    Y    a home or a piece of land?
                                                                                                                                                        N    determine if you’re eligible as
                                                                                                                                                             a previous home owner. Find out
    could borrow by using our home loan                                                                                                                      more at kaingaora.govt.nz
    calculator at anz.co.nz/homeloancoach

                                                                                                                                                             First home withdrawals are only
                                                                                                               Is the home or land you’re looking
                                                                                                          Y    to buy in New Zealand?
                                                                                                                                                        N    available for homes or land located
          IN 2018, ANZ HELPED OVER 9,000 KIWIS INTO THEIR                                                                                                    in New Zealand.
               FIRST HOME WITH THEIR KIWISAVER SAVINGS.
                                                                                                                                                             You must intend to live in the home
                                                                                                               Do you intend to live in the home
                                                                                                                                                             or on the land you’re buying. The
                                                                                                          Y    you’re buying, or build a home to        N    first home withdrawal can’t be used
                                                                                                               live in on the land you’re buying?
                                                                                                                                                             to purchase an investment property.
                  If you’re a member of an ANZ KiwiSaver scheme, your coach can
         TIP      help you understand your eligibility and how much you could
                  withdraw for your first home.                                                                Great! Sounds like you
6                                                                                                         Y    may be eligible.                                                                      7
FIRST HOME BUYER HANDBOOK - ANZ
How much can you withdraw?                       Once you’ve found the home or land           FIRST HOME GRANT
    If you’re eligible, you can apply to             you want to buy, it’s important to apply
                                                                                                  Kāinga Ora offers First Home grants for        The Government pays this directly to
    withdraw the total amount in your                for your first home withdrawal early to
                                                                                                  eligible KiwiSaver members to help them        your solicitor on settlement day – it
    KiwiSaver account, except for $1,000 and         ensure your savings are available when
                                                                                                  buy their first home.                          doesn’t come out of your KiwiSaver
    any amount transferred from an Australian        needed. If you’re eligible, you can choose
                                                                                                                                                 account. For details on how to apply,
    complying superannuation scheme.                 to put your KiwiSaver savings towards        To find out if you meet Kāinga Ora’s
                                                                                                                                                 visit kaingaora.govt.nz/firsthomegrant
                                                     the deposit you pay to the vendor (seller)   eligibility criteria, visit
    If you lived overseas since joining              while your Sale and Purchase Agreement       kaingaora.govt.nz/firsthomegrant               Please allow plenty of time for Kāinga Ora
    KiwiSaver and didn’t have permanent              is still conditional (generally 10% of the                                                  to process your application.
    residence in New Zealand over that time,                                                      How much can you get?
                                                     purchase price). Or alternatively, once
    you won’t be able to withdraw any of             your offer goes unconditional, you can       The amount of the First Home grant
    the Government contributions received            put your KiwiSaver savings towards the       depends on whether the house you’re
    during that period.                              purchase price at settlement.                buying is existing or newly built.
    What do you need to do?                          You’ll need to:
    When you apply for your home loan
                                                     • Talk to your New Zealand solicitor –                  EXISTING HOME                                  NEW BUILD
    pre-approval, you generally need to
                                                       they can help you through the process
    provide a KiwiSaver eligibility letter.
    This letter includes confirmation of             • Take the application form to your                     $5,000                                     $10,000
    your eligibility to make a first home              solicitor so they can help you                              Maximum                                      Maximum
    withdrawal, as well as your estimated              complete it and gather all the
    withdrawal amount.                                 required documents
                                                     • Check the processing time for
    Your KiwiSaver scheme provider can
                                                       KiwiSaver first home withdrawals with                                                OR
    give you an eligibility letter and a first
                                                       your KiwiSaver scheme provider – if
    home withdrawal application form.
                                                       this is ANZ Investments, submit your
    If your KiwiSaver account is with ANZ
                                                       application at least 15 business days
    Investments, you can request these at
                                                       (10 business days if you haven’t lived
    anz.co.nz/fhwrequest or call 0800 736 034.
                                                       overseas) before payment is due.                         $1,000                                       $2,000
                                                                                                           For each year you’ve been a                  For each year you’ve been a
                                                                                                        contributing member of KiwiSaver             contributing member of KiwiSaver
                                                       Any Australian        Your first home
       Your KiwiSaver
                         –         $1,000        –     Super you have   =      withdrawal
          balance
                                                         transferred            amount
                                                                                                                 Applying for a First Home grant
                                                                                                         !       If you apply for a First Home grant, you’ll need to provide Kāinga Ora
                  If you’re looking at withdrawing your KiwiSaver savings, it’s a                                with proof of your regular contributions to your KiwiSaver account.
         TIP      good time to review your fund choice. If your KiwiSaver account                                You can get your transaction history from ANZ Internet Banking or
                  is with ANZ Investments you can use our risk profile tool to see                               from our KiwiSaver portal.
                  if you’re in the right fund at anz.co.nz/riskprofiletool                                       To register for access, visit anz.co.nz/keeptrack

8                                                                                                                                                                                             9
FIRST HOME BUYER HANDBOOK - ANZ
GETTING HELP FROM FAMILY

     There are three ways your family members may be able to help you get into your first
     home – gifting, loans and guarantees.
     Gifting                                        Guarantees                                     GET YOUR HOME LOAN PRE-APPROVED
     This is when a family member gives you         In some cases, we may be able to take
     some of the money for your deposit.            a mortgage over a home owned by                A pre-approved home loan allows you to house hunt with
     If someone is giving you money for your        someone else, for example your parents,
                                                                                                   confidence, giving you an idea of your potential buying
     deposit, we’ll need confirmation that          as extra security for your loan. Where this
     you won’t need to repay that money.            happens, we’ll need a guarantee from the       power and your approximate price range. You’ll also need
     Both you and the family member(s)              owners of that home. Under a guarantee,        a pre-approval to enter KiwiBuild ballots.
     concerned should get independent legal         someone agrees that they will be
     advice before taking up this option.           responsible for some or your entire loan
                                                    if you’re not able to pay it for any reason.   It gives you an indication of what                               Who you are
     Loan from family                                                                              we’re willing to lend you, subject to
     With this option, we will require a Deed       There are a number of conditions that                                                                                 1
                                                                                                   certain conditions.
     of Acknowledgment confirming that              both you and the family member(s)
     the loan will not have to be repaid until      providing the guarantee will need to           There are a number of things your coach
     the property is sold. Your family member       meet, and you’ll both need to get legal        will need to assess when considering
     should talk to their solicitor about getting   advice before taking up this option.           a pre-approval:
     this sorted.                                                                                  1. Validate your identity; and
                                                                                                   2. Assess your financial position, income,                 2                     3
                                                                                                      living expenses and eligibility for a
                                                                                                      KiwiSaver first home withdrawal.
                                                                                                   We will need proof of address, a valid
                                                                                                   photo ID and proof of regular income.
                                                                                                   These can be provided through utility bills,
                                                                                                   a passport or New Zealand driver’s license,
                                                                                                   pay slips or three months’ bank statements.           Your finances        The property
                                                                                                   A pre-approval makes up two of the three
                                                                                                   parts of a full loan application; your identity
                                                                                                   and your financial position – so it gets you      To start the pre-approval process, simply
                                                                                                   off to a great start. All that remains is to      contact your ANZ Home Loan Coach or
                                                                                                   find the right property – and that’s what         start the application process online at
                                                                                                   the next section is all about.                    anz.co.nz/homeloancoach

                                                                                                                    Your pre-approval is valid for up to three months. If you’re
                                                                                                          TIP       house hunting for longer, contact your coach who can
                                                                                                                    reassess your financial position.
10                                                                                                                                                                                               11
FIRST HOME BUYER HANDBOOK - ANZ
ASSESSING YOUR INSURANCE NEEDS

     Your home may be the most valuable asset you’ll own,
     so you need to protect it.
     It’s a good idea to think about this early,    Protecting your lifestyle
     because once you’ve found a home you’ll        What would happen if you suffered from
     need to insure it before you get the keys.     an accident or illness that prevented you
     Owning a home is a new chapter in your         from working, were made redundant
     life, so you may also want to consider         or died? Life and living insurance can
     protecting you and your family’s lifestyle –   help ensure that you and your family
     now and in the future.                         are protected. Your coach can help you
                                                    put together the right combination of
     Protecting your new home
                                                    insurance options for your situation –

                                                                                                       HOUSE
     House insurance protects you if your
                                                    and your budget. For example:
     house gets damaged or affected by
     things like a fire, flooding or natural        • Living Expense Cover provides help
     disaster. You must have adequate house           with your living expenses if you can’t
     insurance in place before settlement day.
     Your coach can help you understand
     what you need to do and potential
                                                      work due to accident or illness
                                                    • Critical Illness Cover helps provide
                                                      financial security for you and your
                                                                                                      HUNTING
     insurance costs for the house type and
     location you’re looking for.
                                                      family if you’re diagnosed with one of             FINDING THE ONE
                                                      12 serious conditions, including cancer,
     Protecting your valuable possessions             stroke or a major heart attack
     Contents insurance covers the things           • Life Cover helps ensure your family will
     you own (other than your house), such as
     furniture, clothes, appliances, etc. If you
                                                      be looked after financially if the worst
                                                      should happen to you
                                                                                                                      2
     don’t already have contents insurance,
                                                    • Redundancy Cover helps ensure you
     it’s a good idea to get this in place so you
                                                      can keep paying the mortgage and
     have peace of mind should something
                                                      other bills if you’re made redundant.      Once you’ve got your deposit and pre-approval
     happen to your belongings. Your coach
     can help you understand the options.                                                        sorted, you can start thinking about what kind
                                                                                                           of home you’re looking for.

                     Talk to your home loan coach or visit
            TIP
                     anz.co.nz/personal/insurance to find out more.

12                                                                                                                                                13
FIRST HOME BUYER HANDBOOK - ANZ
UNDERSTAND WHAT TO LOOK FOR                                                           TYPE OF LAND OWNERSHIP

     Finding the right home can take up a lot   • Location                                 There are a number of land ownership             types and what it will mean for you while
     of time and energy, so it’s a good idea    • Size                                     types in New Zealand. The more                   you search for your first home and before
     to write down what’s important to you                                                 commonly known types are: Freehold,              making an offer.
     before you start. This may include:        • Type of home                             Leasehold, Cross lease and Unit titles.
                                                                                                                                            See settled.govt.nz for more details about
                                                                                           It’s important to talk to your solicitor and
                                                                                                                                            the types of land ownership.
                                                                                           get their advice about these different

     THE RIGHT PROPERTY FOR YOU

     Existing Houses                            Apartments and Terraced Houses             Construction (House and Land Packages)           Off the Plan (Turnkey)
     Existing houses are generally less         When you buy an apartment or a townhouse   Building your own home usually requires          Purchasing a property before it’s been built
     complicated in terms of the purchase       you may become a shared owner of any       two loans: one for the land itself and one for   can make it hard to know what the value
     process and your loan.                     common areas of the property (i.e. a       construction of the property. When you’re        of your finished home will be.
                                                member of the body corporate).             planning this type of property, you may
     Before you commit to buying a house                                                                                                    To understand the risks with this type of
                                                                                           wish to consider:
     you may wish to consider:                  In addition to inspections and contract                                                     property you may wish to:
                                                reviews, you may wish to ensure you        • Any council restrictions on building
     • Carrying out building inspections                                                                                                    • Inspect display sites
                                                understand the financial position of the     size and style
     • Having a solicitor review the Sale and                                                                                               • Check floor plans, room measurements
                                                body corporate and your responsibilities   • Any easements on the site or issues with
       Purchase Agreement.                                                                                                                    and the actual fittings that will be used
                                                as a member.                                 access or service connections
                                                                                                                                            • Have a solicitor review the Sale and
                                                                                           • Any covenants added by the previous
                                                                                                                                              Purchase Agreement
                                                                                             owner or developer
                                                                                                                                            • Consider that during construction your
                                                                                           • You must obtain a Code Compliance
                                                                                                                                              pre-approval may expire and lending
                                                                                             Certificate on completion
                                                                                                                                              criteria may change
                                                                                           • Note, if you’re planning on using your
                                                                                                                                            • You must obtain a Code Compliance
                                                                                             KiwiSaver savings, your first home
                                                                                                                                              Certificate on completion.
                                                                                             withdrawal can only be put towards the
                                                                                             land purchase, not other things such as
                                                                                             building materials or contractors.
14                                                                                                                                                                                         15
DOING YOUR HOMEWORK ON
     POTENTIAL PROPERTIES

     Buying a home is a big commitment, so it pays to research                                        ENGAGE A SOLICITOR
     potential properties before you jump in and make an offer.
                                                                                                      Once you’ve found a potential property, here’s an overview
     Start by rating it against the things that you identified as important in a home. For example:
                                                                                                      of how your solicitor can help.
     • Does it get good sunlight (it pays to visit at different times of the day)?
     • What is the neighbourhood like (including neighbouring houses)?
                                                                                                      Purchasing by auction                          Building a new home and House
     • Is it close to facilities like shops or transport?                                                                                            & Land (Turnkey) packages
                                                                                                      Talk to your solicitor before making a bid
     • Does it have insulation? How is it heated?                                                     at auction. They will advise you of all the    These types of contracts can be more
     • What is the general condition of the building, roof, and outside areas? Are there              due diligence you need to complete             complex, so it’s important to involve
       any potential issues that may need to be addressed?                                            before the auction day.                        your solicitor from early on. Always have
     • What is the likely market value? Are the owner’s expectations realistic?                                                                      your solicitor review any contracts before
                                                                                                      Purchasing by offer and negotiation
                                                                                                                                                     signing them.
                                                                                                      or tender
     For more details about researching a property, visit settled.govt.nz                                                                            Finalising the sale
                                                                                                      Your solicitor will review the Title
                                                                                                      information, LIM report and advise you         If you are successful for any purchase
                                                                                                      if you need to consider adding any             method your solicitor will be responsible
                   Before you make an offer on a property, it’s important to factor                   conditions to your offer. Typical conditions   for transferring the property to you
          TIP      in the cost of home insurance. Certain regions may not only                        include: subject to confirming finance         (conveyancing) and completing the
                   have higher premiums, but there may be some restrictions on                        (obtaining full loan approval – more           transactions necessary for settlement
                   obtaining insurance. Your coach can help you with this.                            on page 24), obtaining a LIM report            (you will be able to pick up the keys
                                                                                                      and being satisfied with the results of        following settlement).
                                                                                                      a builder’s inspection.
                                                                                                      KiwiSaver first home withdrawal
                                                                                                      If you’re using your KiwiSaver savings,
                                                                                                      you’ll give your first home withdrawal
                                                                                                      forms to your solicitor, who will finalise
                                                                                                      them and send them to your KiwiSaver
                                                                                                      scheme provider. Once your withdrawal
                                                                                                      has been approved, your provider will
     GET AN ANZ PROPERTY PROFILE REPORT
                                                                                                      send your withdrawal amount to your
     AND KNOW A HOME’S POTENTIAL WORTH
                                                                                                      solicitor’s bank account.
     An ANZ Property Profile Report gives you an estimate of a
     property’s potential market value, plus recent comparable
     property sales in the area – helping you decide how much
     you’re willing to pay for a particular home. The report, produced by                                              If you don’t already have a will, talk to your solicitor
     CoreLogic, is worth $49.95 and is free to ANZ customers so talk to                                      TIP
                                                                                                                       about putting one in place.
     your ANZ Home Loan Coach today.
16                                                                                                                                                                                                17
COMPLETE REQUIRED                                                                                               UNDERSTANDING TYPES OF OFFERS
     INSPECTIONS & REPORTS
                                                                                                                     There are two options when making an offer on a property;
     There are a range of inspections and reports available for a fee                                                conditional and unconditional. You should always have your
     to help you research a property you’re interested in.                                                           solicitor check any Sale and Purchase Agreements before
                                                                                                                     you make an offer.
     Building inspections                                        request a copy. Depending on the type
     A registered building inspector will                        of sale, the agent may provide you                  CONDITIONAL OFFER                               UNCONDITIONAL OFFER
     inspect the house and check whether it                      with a copy of the LIM report and the
                                                                 Record of Title (particularly if you’re             A conditional offer is one where you            An unconditional offer is one where
     is structurally sound, the condition of the
                                                                 buying at auction). Check with your                 can specify conditions that must be             there are no conditions attached to
     wiring and if there are any water tightness
                                                                 solicitor regarding the date and contents.          met before you agree for the Sale and           your offer. You should carry out all due
     issues. The cost of a builder’s inspection
                                                                 The cost of a LIM report can vary from              Purchase Agreement to be declared               diligence (e.g. LIM reports, inspections,
     depends on the level of detail you require
                                                                 around $200-$395* and tend to be more               unconditional. Conditions could include         confirming finance) and ensure your
     and generally start at around $350*.
                                                                 expensive in larger cities.                         making your offer subject to obtaining          solicitor has reviewed the Sale and
     Check the LIM report (Land                                                                                      a satisfactory building inspector’s report,     Purchase Agreement prior to making an
     Information Memorandum)                                     Consider ordering a property file                   confirming finance (obtaining full loan         unconditional offer, as you will be legally
     A LIM is a report issued by the local                       A property file provides any                        approval – more on page 24) or obtaining        bound to complete the purchase if your
     city or district council which provides                     correspondence with the council                     a LIM report. Conditions always have            offer is accepted.
     a summary of all the information the                        regarding the property and helpful plans.           a timeframe attached and must be
     council has on file in regards to roads,                    A property file does not replace a LIM              completed by the specified date.
     flooding or any contamination of the                        report and your solicitor will advise you
     land, rates and resource planning                           whether one is required.
     consents. LIM reports are available                                                                             FIND OUT HOW THE HOUSE WILL BE SOLD
                                                                 Property file costs range from $10 to $60*
     through your local council. You can
                                                                 depending on the council.                           There are four main ways to buy a house in New Zealand; offer and negotiation, tender,
     request it yourself or your solicitor can
                                                                                                                     auction and buying a home with KiwiBuild. Each sale method has pros and cons. Check
                                                                                                                     out our road maps on the following pages for more information and the steps you need
                                                                                                                     to take for each type of purchase.
                                                                                                                     Remember that making an offer may lead to a legally binding contract if your offer is
                                                                                                                     accepted. Buying a house is an exciting time, but it’s important that your solicitor checks
                                                                                                                     your Sale and Purchase Agreement before you sign it.

                        The cost of inspections and reports can start to add up.                                                     Experience the home buying process
            TIP         So be sure it’s a property you are really interested in                                             TIP      You can register for a free ANZ Property Unlocked Seminar to get
                        before requesting these.                                                                                     first-hand insights from experts including solicitors, real estate
                                                                                                                                     agents and ANZ Home Loan Coaches. To find a seminar near you,
                                                                                                                                     visit anz.co.nz/propertyunlocked
     *Please note that costs quoted are estimates only and can vary depending on region and are subject to change.
18                                                                                                                                                                                                                 19
AUCTION

     An auction is where you bid against other people until only one                                        negotiate with the highest unsuccessful bidder. If you buy a home at
     bidder is successful. All interested buyers turn up on auction day and                                 auction, the sale is unconditional – so you need to obtain legal advice
     bid. The vendor (seller) will have a reserve price, and once this price is                             and do your due diligence (i.e. inspections, valuations) before you bid,
     reached, the property is on the market and will be sold to the highest                                 have finance approved ahead of the auction and be ready with your
     bidder. If it doesn’t reach the reserve price, the vendor may choose to                                deposit on the day (generally 10% of the purchase price).

               AHEAD
               OF THE
              AUCTION
                                              Apply for your                  Do your homework             Get a free Property           Carry out all due      Have your solicitor review         Apply for full
                                              home loan                       on potential                 Profile Report                diligence and          the Sale and Purchase              loan approval –
                                              pre‑approval                    properties                                                 inspections            Agreement and share it             see page 24
                                                                                                                                                                with your coach

                                                                                                                                                               ON
                                                                                                                                                             AUCTION
                                                                                                                                                               DAY
          If successful – sign            If the reserve price is not met,       Start bidding              Be ready with your deposit                                                       Check your bank transfer
          the Sale and Purchase           the vendor may choose to               – know your                (generally 10% of the                                                            limit to ensure you can
          Agreement and send it to        negotiate with the highest             price limits               purchase price and paid by                                                       pay your deposit.
          your coach and solicitor        unsuccessful bidder                                               cheque or bank transfer)                                                         Call 0800 269 296

                                                                                                                 YOU CAN’T USE YOUR KIWISAVER SAVINGS TOWARDS THE
                                                                                                           DEPOSIT IF YOU’RE BUYING AT AN AUCTION. INSTEAD, IF YOU ARE
          If you are using KiwiSaver     A) Work with your solicitor         B) Submit your applications    ELIGIBLE FOR A WITHDRAWAL, YOUR KIWISAVER SAVINGS WILL
          savings towards your           to complete and submit              at least 15 business days
          purchase price on settlement   your KiwiSaver first home           before payment is due if       BE PAID TOWARDS THE PURCHASE PRICE ON SETTLEMENT DAY.
          day you’ll need to:            withdrawal application              your KiwiSaver account is
20                                                                           with ANZ Investments*                                                                                                                      21
OFFER AND NEGOTIATION                                                                                        TENDER

      If you want to make an offer, the real estate agent or your solicitor                                        Anyone who is interested in the property submits a written offer
      will help you fill in a Sale and Purchase Agreement, which contains                                          (tender) by a certain date. Typically, all the tenders are opened at once
      your offer and any conditions. The vendor (seller) can accept your                                           and the vendor decides which (if any) they will accept. They may also
      offer, reject it or make a counter-offer. The real estate agent will act as                                  choose to negotiate with any of the tenderers, however you might not
      the go-between until both you and the vendor reach an agreement.                                             always get this chance so consider this when making your offer.

      BEFORE
     YOU MAKE
     AN OFFER
                                 Apply for your                Do your homework       Get a free Property          Carry out all due                           Apply for full loan approval               Decide on a price
                                 home loan                     on potential           Profile Report               diligence and                               (you can do this later if you              and conditions (if
                                 pre‑approval                  properties                                          inspections (unless                         make your offer conditional                any) for your offer
                                                                                                                   you’re including them                       on finance) – see page 24
                                                                                                                   as a condition)

                                                     IF YOUR
                                                     OFFER IS                                                                                                       MAKING
                                                    ACCEPTED                                                                                                       AN OFFER
        If you set conditions as                                                   If the property is being        If you are purchasing by                                                             Have your solicitor review
        part of your offer, arrange                                                sold by tender you              offer and negotiation you                                                            the Sale and Purchase
        for them to be met                                                         may not get the chance          may have the option to                                                               Agreement and share it
                                                                                   to negotiate                    negotiate with the vendor                                                            with your coach
                                                                                                                   if they counter your offer

        Have your solicitor                       Check your bank transfer        Be ready with your deposit       If you are using KiwiSaver                  A) Work with your solicitor            B) Submit your applications
        review and prepare all                    limit to ensure you can         once your offer has gone         savings towards your                        to complete and submit                 at least 15 business days
        the documents required                    pay your deposit.               unconditional (generally 10%     deposit or the purchase                     your KiwiSaver first home              before payment is due if your
                                                  Call 0800 269 296               of the purchase price and paid   price on settlement day                     withdrawal application                 KiwiSaver account is with ANZ
                                                                                  by cheque or bank transfer)      you’ll need to:                                                                    Investments*

22                                                                                                                 * If you haven’t lived overseas since you joined KiwiSaver, your processing time will be 5-10 business days.       23
BUYING A HOME WITH KIWIBUILD

     KiwiBuild is a government-led programme to assist first home                                                Available KiwiBuild homes are sold by direct sale or ballot to
     buyers who have been locked out of the housing market with an                                               individuals that meet eligibility criteria.
     opportunity to buy their first home.                                                                        Visit kiwibuild.govt.nz for more information and to register.

          PLANNING

                                                   Register your interest                 KiwiBuild will keep    Apply for your home                 Submit your KiwiBuild eligibility          Carry out all due diligence on
                                                   at kiwibuild.govt.nz                   you updated on         loan pre-approval                   application. (Note: you don’t              the properties that you are
                                                                                          available homes                                            need to wait for confirmation you          interested in (see pages 16-19)
                                                                                                                                                     qualify before expressing interest
                                                                                                                                                     in buying)

                                                                                            IF YOU
                                                                                           SECURE
                                                                                         A PROPERTY
      Have your solicitor                       Talk to your Home Loan                                           Have your solicitor                       Contact the KiwBuild                  Confirm with your ANZ Home
      complete all documents                    Coach to confirm full loan                                       review the Sale &                         developer or real estate              Loan Coach that the KiwiBuild
      required to finalise the sale             approval for the property                                        Purchase Agreement and                    agent who will guide you              properties you are interested
      with the KiwiBuild partner                                                                                 share it with your coach                  through the sale process              in meet our lending criteria

      Be ready with your deposit (usually                          If you intend on using your KiwiSaver         A) Work with your solicitor          B) If your KiwiSaver account is managed by ANZ Investments
      the deposit is 10% of the purchase                           savings towards the deposit or the purchase   to complete and submit               (ANZ KiwiSaver Scheme, ANZ Default KiwiSaver Scheme and
      price, paid by cheque or bank transfer)                      price on settlement day you will need to:     your KiwiSaver first home            OneAnswer KiwiSaver Scheme), then submit your application
                                                                                                                 withdrawal application               to ANZ at least 15 business days before your payment is due*

                    Your ANZ home loan pre-approval is valid for up to 90 days.                                                   If you’re paying by bank transfer, make sure your bank transfer limit
         TIP                                                                                                            TIP
                                                                                                                                  is high enough by checking with your coach or calling 0800 269 296.
24                                                                                                                                                                                                                                25
                                                                                                                  * If you haven’t lived overseas since you joined KiwiSaver, your processing time will be 5-10 business days.
APPLY FOR FULL LOAN APPROVAL

     If you have found the home you are looking for and you’re
     ready to make an offer, or if you’ve been successful in a
     KiwiBuild ballot, contact your coach to proceed to full loan
     approval. Your coach will help you through the approval
     process and provide you with a letter of offer if your
     application is approved. This confirms the amount we commit
     to lending you and is key to the sale going ahead.

                                                             Who you are
     Having already validated your identity
     and financial position for your                               1
     pre-approval, as well as understanding
     your objectives and requirements, the
     property is the final component of your
     loan application.
     Once we receive your Sale and
     Purchase Agreement we may need                     2                   3
     a valuation of your property. This is
     usually the final step for moving to
     a full loan approval, after which if
     everything is satisfied, we send you
     a letter of offer.

                                                   Your finances       The property

                      After getting legal advice make sure you sign and return all
            TIP       the contract papers promptly. Feel free to run any questions
                      past your coach.

26
CHOOSING THE RIGHT HOME LOAN FOR YOU
                                                       Talk to your ANZ Home Loan Coach so they can help you understand the different types
                                                       of loans and interest rates, and determine the loan that meets your needs.

                                                        What I want                  My best option                   Reasons why

                                                        More certainty around        Fixed ANZ Home Loan              • You can budget with confidence.
                                                        repayments and               With a fixed ANZ Home            • You are protected from interest rate
                                                        interest rates               Loan your interest rate            rises during the fixed-rate period.
                                                        Are you the type of person   stays the same for your
                                                        who would lose sleep if      fixed-rate period.               • You can make a lump sum payment
                                                        interest rates went up,                                         or increase your repayments by up
                                                        even just a little?                                             to 5% p.a. of the outstanding loan
                                                                                                                        balance each year of your fixed-rate
                                                                                                                        period without incurring an Early

         SETTLING
                                                                                                                        Repayment Recovery.

                                                        The ability to make          Floating ANZ Home Loan           • You can make extra repayments
                                                        additional repayments        With a floating ANZ Home           on your home loan any time you
                                                        If you received a little     Loan, your interest rate can       like – without incurring any fees –
                  BRINGING IT                           or a lot of cash either      go up or down in line with         which could help you repay your
                                                        expectedly (for example,     changes in the market.             loan faster.

                 HOME
                                                        a work bonus) or
                                                        unexpectedly (inheritance)
                                                        would you pay off more of
                                                        your home loan?

                                                        Reduce my loan balance       ANZ Flexible Home Loan           • You have access to credit for any

                           3
                                                        and save on interest         An ANZ flexible Home Loan          purpose at a competitive flexible
                                                        when I can                   is a revolving credit facility     home loan interest rate.
                                                        Do you receive irregular     on your everyday account –       • You can use any extra money
                                                        income from a business,      one where you put all your         to reduce your home loan balance
                                                        self-employment or           salary into your account. You      and save on interest costs.
                                                        commission or are you        need to be disciplined with
                                                        good at managing             your finances to get the best
         The last stage of buying a house is about      your money?                  out of this option.
        confirming your home loan arrangements,
     confirming your new home is insured, finalising
      the paperwork and other tasks required to get
                                                                        You may be able to mix and match with different combinations
                you across the line on time.                  TIP       of home loans to suit your needs. Your coach can help you
                                                                        explore the options.
28                                                                                                                                                             29
CONFIRM YOUR REPAYMENT STRUCTURE                                                                                 EASY WAYS TO MANAGE YOUR MORTGAGE
                                                                                                                      Managing your repayments
         PRINCIPAL + INTEREST LOAN                                 INTEREST-ONLY LOAN                                 Once your home loan account is set up with ANZ, you need to make sure the
                                                                                                                      money is there for each loan repayment.
                                              Home loan                                                   Home loan
                                              balance                                                     balance

                                                                                                                                                                          ANZ goMONEY AND
                                                                                                                                                                          INTERNET BANKING
                                                                                                                                                                          The ANZ goMoney app and
                                              Principal                                                   Interest                                                        Internet Banking are easy ways
                                                                                                                                                                          to manage your ANZ accounts
                                              Interest
                                                                                                                                                                          – for example, you can set up
                                                                      1      2       3      4      5      Year
                                                                                                                                                                          automatic payments to your
            1      2      3      4       5    Year
                                                                                                                                                                          home loan servicing account.
                                                                                                                                                                          You can also check your balance,
                                                                                                                                                                          make payments, transfer funds,
          Table repayments are the most                              Interest only repayments are                                                                         pay bills and much more 24 hours
          common option. Your repayments                             exactly as the name suggests –                                                                       a day, seven days a week.
          stay the same over the life of the loan                    you only pay the interest with
          (assuming your interest rate stays                         each repayment, not paying off
          the same).                                                 the original loan itself. At the end
                                                                     of this interest-only period, you’ll                            You can view the total balance of your home loans in
          Here’s how they work:                                                                                             TIP      ANZ goMoney and Internet Banking.
                                                                     revert to a principal and interest
          You generally pay more interest at the                     loan and your repayments will be
          start, so initially you’re not building up                 higher. Choosing an interest-only
          much equity (the amount you own)                           loan can increase the total interest
          in your home. However the balance                          you will pay over the life of the loan.          Reducing interest costs
          changes over time and later on you                                                                          If you have some extra cash at any time, you can save on interest and pay off
          repay more principal than interest,                                                                         your home loan earlier.
          and your equity builds up faster.

     If repayments are made outside of the agreed structure, this may involve certain fees and charges.                   MAKING A LUMP
                                                                                                                          SUM PAYMENT

                                                                                                                          Talk to your coach about
                                                                                                                          managing your repayments
                  TALK TO YOUR ANZ HOME LOAN COACH ABOUT
                                                                                                                          and your ability to make
                   WAYS YOU CAN PAY DOWN YOUR MORTGAGE.                                                                   lump sum payments without
                                                                                                                          incurring fees or costs.

30
COMPLETE PRE-SETTLEMENT TASKS                                                                     SETTLEMENT DAY

     While your solicitor handles the settlement of your loan,                                         Settlement day is a big milestone. It’s when the purchase price (less
     there are a couple of things you need to think about                                              any deposit paid) is paid to the vendor (seller) and the title transfers
     ahead of settlement day.                                                                          to you. It’s probably one of the most exciting parts of the process.

     INSURANCE                                           overseas since you joined KiwiSaver, your     On settlement day, most of the work is         • Your solicitor will also check that the
                                                         processing time will be 5-10 business days.   completed behind the scenes by your              rates have been paid by the vendor
     You will need to arrange house insurance
                                                                                                       solicitor. Here’s an overview of what will       and are up-to-date.
     prior to your settlement day. As we are
                                                         FINAL INSPECTIONS                             happen, including if you’ve used your          • Once they receive confirmation that
     providing a mortgage for the home, ANZ
                                                                                                       KiwiSaver savings for settlement:                the vendor has received the money,
     must be recorded on the policy as the               Before settlement make sure you carry
     interested party and you will need to               out a final inspection of the property,       • Your KiwiSaver first home withdrawal,          your solicitor will register the property
     provide proof of insurance to your solicitor        which can be arranged through the real          and if applicable, your First Home grant       in your name and arrange for you to
     prior to settlement. If you haven’t already, it’s   estate agent. You may want to ensure            from Kāinga Ora, is paid directly to your      receive the keys.
     also a good time to talk to us about other          any inclusions in the Sale and Purchase         solicitor on or before the settlement day.
                                                                                                                                                      Once settlement has taken place, your
     insurance options to ensure you and your            Agreement remain and there has been           • Your solicitor will notify the bank of       solicitor or real estate agent will notify
     family are protected – for example, ensuring        no damage to the property since the Sale        the amount required to settle the            you, and you can then get the keys.
     that if you can’t work through injury or            and Purchase Agreement was signed by            purchase and will arrange for your loan
     illness, your mortgage will still be paid.          you and the vendor. Inform your solicitor       to be drawn down and the money               Congratulations, welcome to your
                                                         of the outcome of the inspection.               transferred to the vendor.                   new home!
     KIWISAVER & FIRST HOME
                                                         For more on what to look for in your
     GRANT
                                                         final inspection, visit settled.govt.nz
     Submit your KiwiSaver first home
     withdrawal and apply for your                       REMAINING FUNDS
     First Home grant.                                                                                                      SETTLING ON YOUR NEW HOME –
                                                         Ensure you have transferred any remaining
     If your KiwiSaver account is with ANZ               funds as per your solicitor’s instructions                          PICK UP THE KEYS AND MOVE IN!
     Investments we require all the required             prior to settlement if required. If you are
     documents at least 15 business days                 sending by bank transfer, call 0800 269 296
     before payment is due. If you haven’t lived         to check your transfer limit.

                      Check in with your coach to ensure you have completed                                           It’s important to ensure your funds have cleared
           TIP        all your pre-settlement conditions and everything is on                               TIP       by the agreed time on settlement day to avoid
                      track for settlement.                                                                           possible penalties.
32                                                                                                                                                                                                  33
HELPFUL CONTACTS

                                                                 Buying a home is the biggest purchase you will ever make,
                                                                 so here are some useful sites to help you on your home
                                                                 buying journey.

                                                                      Buying and selling                    Find your local council
                                                                      settled.govt.nz                       lgnz.co.nz
                                                                      You’ll find comprehensive,            You’ll find contact details for all
                                                                      independent information here to       local councils listed here – you’ll
                                                                      guide Kiwis through all aspects       need to get hold of yours if you’re
                                                                      of home buying and selling.           after a LIM report from them.
                                                                      Brought to you by the Real Estate
                                                                      Authority, the government             Find a building inspector
                                                                      agency that regulates the             boinz.org.nz
                                                                      New Zealand real estate industry.     Search for a building inspector
                                                                      Get your plans sorted                 in your area.
                                                                      sorted.org.nz
                                                                                                            General information
                                                                      You’ll find free and independent
                                                                                                            cab.org.nz
                                                                      tools and resources to help get
WE’RE HERE FOR THE LONG TERM                                          your finances Sorted.                 On the Citizens Advice Bureau
                                                                                                            website you may find answers
                                                                      Kāinga Ora                            for any general housing and
As you put your feet up and settle in to your new home, let us        kaingaora.govt.nz                     land enquiries, like how body
know how you’re going. The journey doesn’t end at settlement,         You’ll find details on how to apply   corporates work, or whether
and your ANZ Home Loan Coach may be able to tailor your               for the First Home grant and          you’re eligible for Energywise
                                                                      eligibility criteria.                 funding to help with insulation.
loan to meet your changing needs or talk you through ways to
pay down your loan faster.                                            Find a solicitor                      KiwiBuild
                                                                      propertylawyers.org.nz                kiwibuild.govt.nz
When the day comes that you want to renovate, buy a bigger            Search for a solicitor and pick up    Is a government programme
house, invest in another property or restructure your home            tips on how to find the right one     working to provide 100,000
                                                                      for you.                              homes for first home buyers
loan, your coach will be there, ready to help you reach that                                                by 2028.
next milestone.

                                                                                                                                                  35
HOME BUYING JOURNEY — CHECKLIST
     1. Planning – know your buying power                              		      •	Bidding at auction: remember if you bid
                                                                                  at auction, your offer is unconditional,
            Meet with your ANZ Home Loan Coach
                                                                                  so you need to complete all your due
            Outline your budget                                                   diligence prior to the auction
            Work through your deposit options                             	Meet your conditions if your offer
          	Check your KiwiSaver withdrawal &                               is accepted
            First Home grant eligibility                               		 •	Fulfil your conditions by completing
                                                                              a builder’s inspection, valuation or
            Request your KiwiSaver eligibility letter
                                                                              obtain the LIM report (depending
            Assess your insurance needs                                       on your conditions)
            Get your home loan pre-approved                                  	Contact your coach to complete
                                                                                the home loan process
     2. House hunting                                                        	Contact your solicitor so they can start
        Understand what to look for                                            preparing the documents
            Location, size, type of home                                       Using your KiwiSaver savings?
            Understand the types of land ownership                     		      •	Work with your solicitor to submit
                                                                                  your KiwiSaver first home withdrawal
            Do your homework on potential properties                              application along with all required
            Get an ANZ Property Profile Report                                    documents
            Engage a solicitor                                         		      •	Send the required documents to your
                                                                                  KiwiSaver scheme provider at least 15
            Complete required inspections and reports                             business days before payment is due*
     		     • Building inspection                                            	Apply for your First Home grant,
     		     • Check the LIM report                                             if applicable
     		     • Consider ordering a property file
            Understand the types of offers                             3. Settling – bringing it home
        Find out how the house will be sold                                  	Confirm your home loan and
                                                                               repayment structure
           	Understand the pros and cons of
             each method                                                       Complete pre-settlement tasks
                                                                       		      •	Complete your pre-settlement
           	Send your Sale and Purchase Agreement
                                                                                  inspection
             to your coach and solicitor
                                                                       		      • Confirm your insurances are in place
            Apply for full loan approval
                                                                       		      •	Pay the remainder of the purchase price
            Make an offer or bid at auction                                       to the required account
     		     •	By offer and negotiation or tender: agree                     	Settlement day – pick up the keys
               on your price and conditions                                    and move in!

36   * If your KiwiSaver account is with ANZ Investments, and you haven’t lived overseas since you joined KiwiSaver,
       the processing time will be 5-10 business days.
Private sales                                    Principal
     GLOSSARY
                                                                                                             Private sales usually follow the same            The amount you borrow, which is used to
                                                                                                             process as offer and negotiation – but the       calculate your final loan amount (i.e. including
                                                                                                             negotiations are made directly with the          the interest you will need to pay).
     Auction                                            Conveyancing                                         vendor instead of through a real estate agent,
     The vendor sets a reserve price, and once          Term used to describe the legal work required        and you’ll pay the deposit to your solicitor.    Sale and Purchase Agreement
     this price is reached, the property will be sold   for completion of a property transaction –           With this type of sale you’re more likely to     This is the written contract for sale and
     to the highest bidder. Sales at auction are        usually a sale or a purchase.                        require a property valuation report before       purchase of the property between the vendor
     unconditional – its important to obtain legal                                                           finance can be approved.                         (seller) and the purchaser (buyer) – usually
     advice, get full loan approval and do your due     Full loan approval                                                                                    handled by a real estate agent and a solicitor.
                                                                                                             It’s important that you consult your lawyer
     diligence before bidding.                          Full loan approval means we’ve confirmed                                                              The Agreement sets out the amount the
                                                                                                             before signing or committing to anything
                                                        the amount we can lend you on the specific                                                            property will be sold for, any conditions
     Body Corporate                                                                                          in a private sale.
                                                        property you intend to buy.                                                                           that must be satisfied before the sale is
     A group made up of owners in a block of flats                                                           Loan to Value Ratio (LVR)                        unconditional and settlement date.
                                                        If you want to bid at an auction, or you want
     or apartments, who maintain and repair the
                                                        to make an offer with no finance clause, you’ll      The amount you wish to borrow as a               Settlement day
     building and its shared spaces.
                                                        need to get full loan approval first.                percentage of the property’s market value.
                                                                                                                                                              The date the purchaser’s lawyer pays the
     Certificate of Title                                                                                    LVR is calculated by dividing the amount of
                                                        Note, a pre-approved home loan is not full                                                            vendor’s lawyer the purchase price and the
                                                                                                             the loan by the value of the property. For
     A document containing the legal description        loan approval as you still need our approval for                                                      vendor’s lawyer transfers legal title to the
                                                                                                             example, if you have a deposit of $100,000 and
     of a property, who owns it and who may have        the specific property.                                                                                property to the purchaser. The purchaser
                                                                                                             the property is worth $500,000 the means you
     registered a mortgage against the title.                                                                                                                 can get the keys on this date.
                                                                                                             need to borrow $400,000 the LVR will be 80%
                                                        Land Information Memorandum
                                                                                                             ($400,000/$500,000=80%).                         Sale by Tender
     Chattels                                           (LIM) report
     Items included in the sale of the property and     Issued by the local council and provides a           Low Equity Premium (LEP)                         This is the process where prospective buyers
     listed in the Sale and Purchase Agreement.         summary of information they have on file                                                              submit a written offer (tender) by a certain
                                                                                                             A fee that is charged when you borrow more
     Chattels can include items such as curtains,       about roads, flooding or any contamination of                                                         date. The tenders are opened after that date
                                                                                                             than 80% of the value of the property that’s
     carpets and light fittings.                        the land, rates and resource planning consents.                                                       and the vendor decides which (if any) they
                                                                                                             available as security for any loans you have
                                                                                                                                                              will accept. They may or may not choose to
                                                                                                             with us. This is charged as a percentage of
     Code of Compliance Certificate                     Offer and negotiation                                                                                 negotiate with any of the tenderers.
                                                                                                             your loan amount on a graduated scale – the
     A formal statement issued under the Building       You make an offer in writing and then                more you’re borrowing against the value of the
     Act 2004, that the building work carried out       negotiate with the vendor until you agree on                                                          Unconditional offer
                                                                                                             property, the higher the fee could be.
     under a building consent complies with             a price and conditions. Your real estate agent                                                        An offer with no conditions attached.
     that building consent and the New Zealand          or your solicitor will help you fill in a Sale and   Mortgage                                         You should carry out all due diligence (e.g.
     Building code.                                     Purchase Agreement containing your offer and         Sometimes used to describe a home loan.          LIM reports, inspections, confirming full
                                                        any conditions. The vendor can accept your           However, this is a legal document that is the
     Conditional offer                                                                                                                                        loan approval) and ensure your solicitor has
                                                        offer, reject it or make a counter-offer. The real   security a borrower gives a lender which is      reviewed the Sale and Purchase Agreement
     An offer where you specify conditions that         estate agent will act as the go-between until        registered against the title to the property     prior to making an unconditional offer, as
     must be met by a certain date before the           both you and the vendor reach an agreement.          being purchased. The property cannot be          you will be legally bound to complete the
     Sale and Purchase Agreement is declared                                                                 sold without the home loan being repaid          purchase if your offer is accepted. Your home
     unconditional. Common conditions include           Pre-approved home loan
                                                                                                             and the mortgage removed from the title          loan coach will be able to assist you with
     obtaining a satisfactory building inspector’s      Gives you an indication of what we will lend         (discharge of mortgage).                         confirming full loan approval.
     report, confirming finance or obtaining a          to you, subject to certain conditions, so you
     LIM report.                                        can go house-hunting with confidence.                Mortgagee                                        Vendor
                                                        A pre-approved home loan is not a loan that          The lender who gives the loan to the borrower    This is the person selling the property.
                                                        has been fully approved – you will still need        and receives the security (mortgage) in the
                                                        to get full loan approval by satisfying any          property from the borrower.
38                                                      conditions that need to be met.                                                                                                                          39
NOTES

                                                                                      TAKING THAT NEXT STEP

                                                                                      An ANZ Home Loan Coach will help you to apply for a home loan.
                                                                                      You’re in control, because how you apply is up to you:

                                                                                              0800 269 4663

                                                                                              Visit anz.co.nz /homeloancoach

                                                                                              Come into any branch

                                                                                              Arrange for an ANZ Mobile Mortgage Manager to
                                                                                              visit at a time that suits you at anz.co.nz/mmm

                                                                                      Lending criteria, terms, conditions, and fees apply. A copy of terms, conditions, fees and our Reserve Bank Disclosure
                                                                                      Statement are available at anz.co.nz or a request for a copy can be made at any ANZ branch. The contents of this
                                                                                      brochure are subject to change.
                                                                                      This material is for information purposes only. Its content is intended to be of a general nature, does not take into
                                                                                      account your financial situation or goals, and is not a personalised financial adviser service under the Financial
             ANZ Property Unlocked Seminars!
        !
                                                                                      Advisers Act 2008. It is recommended you seek advice from a financial adviser which takes into account your
             Get first-hand insights from experts including solicitors, real estate   individual circumstances before you acquire a financial product. If you would like to speak to an ANZ Authorised
                                                                                      Financial Adviser, please call 0800 269 296.
             agents and ANZ Home Loan Coaches at a free ANZ Property                  ANZ insurance policies are underwritten by related and third party insurers. No member of ANZ or its related
             Unlocked seminar. To register for a seminar near you, visit              companies or any other person guarantees these insurers or any of the products issued by them. ANZ may receive
                                                                                      a commission on any policy it arranges. For full details of cover, including limits, conditions and exclusions, see the
             anz.co.nz/propertyunlocked                                               relevant policy document – which can be requested from your coach, available at anz.co.nz or by calling 0800 269 855.
40                                                                                    This brochure is current as at September 2019 and the details in it are subject to change.
ANZ Bank New Zealand Limited 09/19   20696

                                             anz.co.nz
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