The questions and original answers

Congratulations on finding your first home! Having conditional pre-approval and a 25% deposit puts you in a good starting position. The key thing to know is that conditional pre-approval is not the same as final mortgage approval, and having the deposit doesn't automatically mean the bank will approve the specific property.

In New Zealand, before you commit to buying, you want to confirm three things: the bank will lend against this particular house, the house and its legal paperwork check out, and you can comfortably afford the purchase and ongoing costs.

Here's the checklist I'd work through before making an unconditional offer or allowing any conditions to expire.

Your pre-purchase checklist

Before going unconditional

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Get final mortgage approvalAsk your bank or mortgage adviser to approve the loan for this specific property, not just confirm your pre-approved limit.

Check the bank's property requirementsConfirm whether the lender requires a registered valuation, a satisfactory LIM, specific insurance, or other documents.

Get a building inspectionUse an independent, experienced building inspector. Check for leaks, roof condition, foundations, drainage, wiring, plumbing and unconsented alterations.

Obtain and review the LIMCheck council records for consents, drainage, flood or erosion risks, notices and other property issues. Compare relevant alterations with council records.

Have your lawyer check the title and contractReview ownership, easements, covenants, caveats, boundaries, agreement conditions, deposit arrangements and settlement date.

Confirm insurance is availableGet a firm insurance quote and disclose anything relevant about the property. Check cover, exclusions, excesses and any known hazards.

Work out your full budgetInclude legal fees, valuation and inspection costs, moving expenses, rates, insurance, maintenance and any immediate repairs.

Check any special property documentsFor a unit title or apartment, review body corporate records, levies, insurance, meeting minutes, maintenance plans and potential special levies.

Use this to track progress. Some checks may not apply to your property; your lawyer and lender can confirm what is needed.

The New Zealand government's Settled.govt.nz home-buying guidance and MBIE's house-buying checklist explain these checks in more detail. Confirming your financesBuying a houseKeep calm and get settled into your first home

1. The bank: what still needs to be confirmed?

With conditional pre-approval, contact your bank or mortgage adviser as soon as possible and ask them to confirm:

• The exact loan amount: Will they lend the amount you need for this house at the agreed purchase price?
• Property acceptability: Are there any concerns about the property's construction, condition, location, title or type that could affect lending?
• Valuation: Do they require an independent registered valuation, and who will pay for it?
• Remaining lending conditions: Have they received all requested income evidence, bank statements, deposit evidence and other documents?
• Loan structure and repayments: What interest rate, fixed-term options, fees, repayments and other lending conditions apply?
• Insurance: What evidence of house insurance do they require before settlement?

Ask for written confirmation that the loan is fully approved, subject only to any clearly identified remaining requirements. A 25% deposit is a strong starting point, but it doesn't remove the lender's property-specific checks. Confirming your financesUnderstanding the sale and purchase agreement when buying

2. The house: what should you investigate?

Independent building report

Look beyond cosmetic issues. Pay particular attention to moisture and leaks, roofing, foundations, cladding, retaining walls, drainage, and any DIY or altered areas. If something concerning is found, get a specialist assessment and repair estimate before proceeding.

LIM and council property file

Check relevant building consents and Code Compliance Certificates, known hazards, drainage, council notices and planning information. A LIM is useful, but it doesn't guarantee that every building issue will be identified.

Title and legal review

Have your lawyer or conveyancer check the record of title, access rights, easements, covenants, caveats, boundaries and any restrictions that could affect how you use the property. Ask them to review the sale and purchase agreement before you sign it.

These are particularly important if the house is older, has been renovated, has retaining walls, or sits in an area with flooding, slips or other natural hazards. Checklist summary: Buying a houseAre there any problems with the property title?Prepare to make an offer

3. Your contract: protect your ability to investigate

If you haven't signed an agreement yet, ask your lawyer to help you include appropriate conditions, such as:

• Finance approval.
• A satisfactory building inspection.
• A satisfactory LIM and title review.
• A valuation, if needed.
• Any other property-specific checks that matter to you.

If you've already signed a conditional agreement, check the exact wording and deadlines immediately. A condition is not a blanket right to withdraw for any reason; what you can do depends on the contract's wording and whether the condition has been properly satisfied.

Don't assume you can safely cancel later. Once the agreement becomes unconditional, it is generally very difficult to back out without legal and financial consequences. Understanding the sale and purchase agreement when buyingBuying property in New ZealandSolving issues with the owner or real estate agent

4. The deposit: is 25% enough?

Generally, a 25% deposit is a good position to be in, but confirm how much of it is actually available for the purchase and how much cash you should keep aside.

For example, if the purchase price were NZ$800,000:

Item	Illustrative amount
25% deposit	$200,000
Mortgage required	$600,000
Remaining cash for costs	Depends on your savings

Remember that the deposit paid under the sale and purchase agreement may be due when you sign or when the agreement becomes unconditional, depending on its terms. It is separate from the remaining purchase funds due at settlement.

Also make sure you can afford repayments if interest rates rise, and retain an emergency buffer for repairs and unexpected expenses. If you're using KiwiSaver first-home withdrawal funds, confirm the eligibility, application timing and release process with your provider and lawyer.

5. Before settlement day

Once all conditions are satisfied and the agreement becomes unconditional:

• Finalise mortgage documentation and confirm the settlement funds with your lawyer.
• Arrange the required home insurance, effective from the date your lawyer and lender advise is appropriate.
• Complete a pre-settlement inspection to check that the property is in the agreed condition and that included chattels remain.
• Confirm the settlement date, key handover, utilities and moving arrangements. Confirming your financesPre-settlement checklist for buyers

My recommendation for your situation

Because you have conditional pre-approval and a 25% deposit, I would prioritise these three actions now:

1. Call your mortgage adviser or bank and ask exactly what remains for full approval of this specific property.
2. Get a lawyer or conveyancer involved before signing or waiving any conditions.
3. Arrange the building report and obtain the LIM and title information, unless you've already completed those checks.

One important question so I can tailor this to where you are in the process:

Have you already signed a sale and purchase agreement for the house, or are you still preparing to make an offer?

That makes a difference to what you need to do next and how urgently you need to do it.