This section provides you with useful information related to making a house purchase. You may want to print this out to refer to at a later date.
What are the costs involved?
To give you an indication only for budgeting purposes, use this guide as a summary of the approximate costs associated with buying a home.
Summary of the approximate costs
Where a registered valuation is required, the valuation fee starts from NZD550*.
This covers the conveyancing of the loan. It can cost between NZD1,000 to NZD1,500*. There may be additional costs, eg, if you are setting up a trust.
Land Information Memorandum (LIM) report
It may be advisable for you to get an LIM report, and this can cost from NZD350*.
Your solicitor may advise you to get a builder's report. This can cost from NZD500*.
The cost of transporting your belongings. This obviously depends on where you are moving from and to, and the quantity of belongings you have. It can cost from NZD500*.
*Please note that the costs indicated are approximate only. They should only be used as a rough guide and are subject to change – every case will be different.
Fees and charges
Fees and charges may apply to your HSBC home loan. Please refer to our HSBC Retail Banking and Wealth Management fees and charges.
Early repayment for Fixed Rate Home Loans
If you prepay your home loan before the end of the fixed rate period, you may be charged an early prepayment loss recovery.
You may be on top of everything; however, here is a quick list of tips to bear in mind when buying your home:
- Get a valuation if you are concerned about the value of a property you are interested in
- Get a builder's report if you have queries about the structure of the property
- Ask a friend with more experience in property buying if you've seen a property that you absolutely love but something is niggling away at you
- Use logic and find a consistent way to compare the features of the properties you've visited in your search, eg, location, light, heating, quality of bathroom and kitchen fittings, even your 'gut feeling' as you first walk into the property
- Take your time though you may feel under pressure to put in an offer, perhaps because an agent has mentioned there are other interested parties. Remember that it is a large, legally binding commitment and that you need to feel confident. Do things in your own time, and if you have doubts, don't ignore them
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your home loan.
Useful website list
Here are some useful consumer websites you might find helpful to refer to:
Quotable Value Limited's site offers online NZ property valuations as well as other property services
Online directory to help you find businesses in your area
The Real Estate Institute is the professional body for the real estate industry in New Zealand
Auckland City Council website, a source of property information in the Auckland region; it is also possible to order a LIM for a property you are interested in
Wellington City Council website, a source of property information in the Wellington region
Christchurch City Council website, a source of property information in the Christchurch region
Provides ownership, sales, valuation and building consents information
Auckland Law Society administers the legal profession for the Auckland district that covers the area from Thames/Coromandel to North Cape and includes metropolitan Auckland
There is a lot of home loan-related vocabulary that can be confusing. The Real Estate Institute of New Zealand has put together a glossary of the terminology used in the process of buying a house, which you may want to refer to.