Just Had an Offer Accepted on Your First Home? Here's What Happens Next | NZ Legal

You’ve had an offer accepted on your first home. Exciting, and probably a little terrifying at the same time.

Because all of a sudden there are dates and conditions and a thing called a LIM, the bank wants documents you’ve never heard of, and everyone keeps mentioning “settlement” like you’re supposed to know exactly what that means. If you’re sitting there quietly wondering whether you’ve missed something important, you’re completely normal. Most first home buyers feel exactly this way.

Here’s the good news: from this point on, you don’t carry the legal heavy lifting on your own. The job of your property lawyer is to take all of that noise and turn it into a short list of clear next steps, so you always know what’s happening and what (if anything) we need from you.

This guide covers the full picture: your financing options and KiwiSaver, what the conditions in your contract mean, and what happens from there all the way through to keys in hand — in plain English.

Is your financing sorted?

If finance is one of your conditions — and it usually is — this is the moment to make sure things are genuinely moving, not just assumed. Here is what your bank is looking at, and what help is available.

What banks assess

Banks look at three things: your deposit, your ability to service the loan, and your credit history.

Most banks require a 10–20% deposit for owner-occupiers. If you can’t reach 10% from savings alone, your KiwiSaver balance can fill the gap. The Kāinga Ora First Home Loan lets eligible buyers purchase with as little as 5%, underwritten by Kāinga Ora so the bank takes on less risk. Income caps apply and not all lenders offer it, so check early.

Banks calculate your borrowing capacity based on income minus committed expenses — rent, car finance, credit card limits, student loan repayments. Reducing unnecessary credit limits or buy-now-pay-later accounts before you apply can meaningfully increase what you can borrow. A mortgage adviser compares lenders on your behalf at no cost to you; the bank pays their fee.

Using KiwiSaver

If you’ve been contributing for at least three years, you can withdraw most of your KiwiSaver balance to top up your deposit. Many buyers pull out $20,000–$60,000 or more.

You leave a minimum of $1,000 in your account. We submit your withdrawal application, liaise directly with your KiwiSaver provider, and time the funds to arrive for settlement — no admin for you.

Using a guarantor

If your deposit falls short or your income doesn’t quite meet the bank’s threshold, a family guarantor (usually a parent) can put up their own property as additional security. This lets the bank approve a larger loan, or accept a smaller deposit from you, because the guarantor’s assets backstop the risk.

A guarantor is legally responsible for repaying the loan if you default — a serious commitment. Every guarantor must receive independent legal advice before signing. We can arrange this as part of the conveyancing process.

First things first: send us the agreement

The single most useful thing you can do right now is get your signed Sale and Purchase Agreement (the contract you and the seller both signed) to your lawyer as early as possible. Ideally before any condition deadlines start ticking.

Why the rush? Because most first home purchases are “conditional”, which means the deal only becomes locked in once certain things are sorted within set timeframes. Those deadlines are real, and missing one can cost you the house or your deposit. The earlier we have the agreement, the more breathing room everyone has.

Haven’t signed yet? Even better. Send us the draft agreement before you commit. We’re happy to look over the offer and suggest conditions to protect you, at no charge.

If you want a fuller overview of how we support buyers from offer to settlement, you can read more on our buying property page. For now, the steps below are the ones that matter most.

Sorting the conditions

Most first home offers come with a handful of common conditions. Here are the ones we see most often, and what each really means for you.

Finance

This confirms your bank will actually lend you the money on this specific property. Your bank or mortgage adviser drives this — we review the loan documents when they arrive and make sure what you’re signing matches what you were promised. Never assume finance is “done” until it’s confirmed in writing.

LIM report

We review the LIM for red flags — building work that was never consented, a known flooding issue — and tell you in plain terms whether anything should give you pause.

Builder’s report

A building inspection by a qualified inspector checks the physical condition of the house. We don’t do the inspection (that’s the builder’s job), but if the report raises issues, we help you understand your options: negotiate, ask for repairs, or in some cases walk away.

Title and the legal checks

This is the part that’s genuinely ours. We order and review the record of title (the official ownership record held by Land Information New Zealand) and check for anything registered against the property that affects what you can do with it — easements, covenants, rights of way, consent notices. A covenant may restrict what you can build; an easement may give a neighbour the right to cross your land. If something here matters to you, we’ll flag it and explain it.

As a buyer you’re entitled to honest answers about the property and to conduct your own due diligence. Agents cannot mislead you or withhold material information. Your conditions window is the time to investigate — once you go unconditional, what you’ve accepted is what you get.

Going unconditional

Once every condition is satisfied, your purchase goes “unconditional”. This is a big moment: the deal is now firmly committed on both sides. At this point you’ll usually pay your deposit (if you haven’t already), and the countdown to settlement begins.

The lead-up to settlement

Between going unconditional and settlement day, we handle the legal and financial machinery in the background. Here’s what’s happening on your behalf.

1. Loan documents

   We review your bank’s loan and mortgage documents with you and arrange signing, so you understand what you’re agreeing to before you sign.

2. KiwiSaver and grants

   If you’re using a KiwiSaver first-home withdrawal, we submit the application, liaise with your provider, and time the funds to land for settlement.

3. Pre-settlement inspection

   You get to inspect the property again shortly before settlement, to confirm it’s in the same condition and any agreed chattels (like the dishwasher or curtains) are still there.

4. Final figures

   We prepare a settlement statement: the exact amount needed to settle, including adjustments for things like rates already paid by the seller.

5. Funds in place

   We make sure your deposit, KiwiSaver, and loan funds all come together in our trust account in time for settlement.

Settlement day: getting the keys

Settlement is the day the property legally becomes yours. Here’s how it actually plays out, and it’s usually far calmer than people expect.

On the day, your loan funds and any deposit or KiwiSaver come together in our trust account. We then pay the purchase money to the seller’s lawyer in exchange for their formal promise (a legal “undertaking”) to transfer ownership to you and hand over the keys. The transfer itself is completed through Land Information New Zealand’s electronic system. Once the money’s confirmed and the transfer is registered, the keys are released to you.

Then we send you the message every first home buyer waits for: it’s done, the house is yours, go and get the keys.

What we’ll need from you along the way

To keep everything moving smoothly, here’s a short checklist of what we’ll typically ask for. Don’t worry about getting it all at once, we’ll guide you on timing.

The difference a good lawyer makes

Every property lawyer in New Zealand works to the same law and the same forms. What actually differs is how it feels to go through it with them.

For a first home buyer, the value isn’t just “the legal work got done”. It’s knowing, at every stage, what’s happening, what’s coming next, and that someone has genuinely got your back. That’s the standard we hold ourselves to, and it’s the thing our clients tell us they value most.

When you’re choosing a property lawyer, look for: a fixed fee so you know the cost before you sign anything; straight answers in plain English — jargon that needs a dictionary is a red flag; responsiveness, because your conditions have real deadlines; and specialist property experience — conveyancing is not a side service here, it’s what we do.

★★★★★

From the very beginning, the NZ Legal team were fantastic to deal with. The communication was always clear, timely and practical. Polina, Adam and Corina guided us through each step professionally and did a lot of the heavy lifting behind the scenes, which made a stressful process much easier to manage.

The final 48 hours before settlement were especially challenging, but the team were calm, responsive and clear in their advice. They helped us understand our options, protected our position, and worked hard to get everything through to settlement.

I feel very fortunate to have worked with NZ Legal and would happily recommend them to anyone needing strong, reliable legal support.

Moosa A., Google review — 27/06/2026

Ready to take the next step?

Just had an offer accepted, or about to make one? Send us the address and the agreement, and we’ll tell you exactly what to watch for and what happens next. And if you haven’t signed yet, we’re happy to review your offer and suggest conditions to protect you, free of charge.

Contact NZ Legal at nzlegal.co.nz/contact to get started. Fill out our quick contact form and we’ll be in touch within one business day.