Important things to consider

Published: 1 August 2016
  • This offer is only available to Housing New Zealand tenants.

  • Your house will be sold at current market value – determined by a registered valuer.

  • We can advise you of an estimated purchase price – be aware that this is only a guide and a proper valuation will still need to be made.

  • We also recommend you obtain a builder’s inspection report on the house. This will cost approximately $400. You may also wish to talk to a lawyer to ask any legal questions you may have.

  • To buy, you will likely need to be able to borrow money from a lender. For this you may need to show:

    • a good credit history

    • that you are able to make home loan repayments

    • that you have a cash deposit to secure the home loan.

 

Can you pay for the additional costs of buying a home?

These costs include:

  • Legal fees – at least $1,000

  • Lender’s mortgage insurance premium

  • Builders report – approximately $400

  • Loan application fee

  • Land Information Memorandum (LIM) from your local council office

Ongoing costs of home ownership to consider:

  • Rates – at least $1,000 per year

  • Maintenance – this includes plumbing, painting, etc

  • House and contents insurance – total of at least $700 per year.

Your rent account with Housing New Zealand will need to be up to date by the time you purchase your home. This includes paying off any debt related to damages and income related rent.

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