Firstly, please have a close read through our summary and recommendation and all other process information we have sent you.

Provide or liaise with us in regard to any routine conditions we still need to provide for the bank to make the approval ‘cleaner’ (refer to approval letter).

There may be scope to leave finance off a purchase contract offer (e.g. auction) as a condition to strengthen your position, please discuss with us first. We would need a copy of the draft sale and purchase and disclosures ASAP so the bank can check it first, well in advance of any deadline or offer. You would also need to confirm the property can get full insurance (obtain a quote in your name). If your deposit is less than 20%, it’s unlikely this strategy will work for you.

The agent will normally coordinate the preparation of the sale and purchase contract. It usually asks for a 10% ‘deposit’ / down payment on page 1. Do not confuse this with the overall deposit you are using for getting mortgage finance. So think carefully about what figure you put down (usually on page 1) on the contract and that you have the means to pay it quickly once your offer goes unconditional. You may need to negotiate a lower deposit with the agent and/or time to get a fast track release of KiwiSaver (liaise with your lawyer re this – often 10 working days to get early release of KiwiSaver). If in doubt or you are unsure, have your lawyer check the contract before you sign.

You will need to have ‘subject to satisfactory finance’ as one condition on the agreement if your deposit is less than 20%. Allow at least 5–10 working days if you can as you may need to get a registered valuation (approx. $800–$1,000). You may also want conditions such as subject to LIM, Title Search, Builders Report and anything else specific. Remember to budget for these costs! If in doubt, liaise with us and your lawyer.

Once your offer is accepted and signed by all parties and dated, please send the full and final copy of the sale and purchase agreement to us ASAP so we can get the bank to sign it off

Just note that even with 20% deposit, a bank may still ask for a valuation if your offer is more than 10% above the online value.

If your offer has been accepted and you are due to go unconditional, DO NOT negotiate any price reductions or go unconditional after negotiating a reduction without liaising with us first A price reduction can trigger more questions from the bank, especially if your deposit is less than 20%.

Do not make settlement on the contract more than 4–6 weeks away without liaising with us first due to loan approvals expiring and time to turn around documents.