Buying your First Home
Mary Peters – Solicitor | Tue Sep 01 2026
Buying your First Home
Buying your first home is both exciting and terrifying at the same time.
For most people it is the biggest financial transaction you have ever been part of. With sales pressure from agents, sensational stories in the press about building defects, and unfamiliar legal language in agreements, it can be hugely overwhelming.
Here at Wakefields Lawyers we have a lot of experience supporting first-home buyers through this process. We have addressed below some of the questions we are regularly asked by first-home buyers.
When do I need to get a lawyer?
In an ideal world we will have a conversation with you before you put an offer in. We can discuss with you what conditions you need to include and the purchase time frame, to make sure your finance is in place before settlement.
Sometimes clients would like us to look over their offer before they sign it, which we are always happy to do. We can check that the conditions give you the protection you need, that the timeline works for your particular finances and recommend changes if needed.
We realise there can be a lot of pressure to put an offer in at the weekend, when our offices are closed. The agent may suggest including a solicitor's approval clause. While this can be helpful, it is NOT a get-out-of-jail free clause. This will not allow the agreement to be cancelled if important conditions have been missed or the time frame does not give you enough time to access finance such as KiwiSaver. Having a conversation with us in advance can help you navigate the weekend buyers' market.
Does it matter if I am not a New Zealand citizen?
Yes, this is absolutely something that you need to be aware of and address BEFORE you put an offer in on property in New Zealand.
If you are not a New Zealand citizen, then whether you can buy land will depend on:
- Which country you are a citizen of or the type of visa you hold;
- Whether you are ordinarily resident in New Zealand; and
- The type of property you are purchasing and whether it is residential and/or ‘sensitive land’
For some people it will be necessary to apply for consent before the purchase can go ahead, but this takes time and needs to be considered and included in your offer.
We can help confirm, in advance, whether you are able to purchase, or whether there are additional steps you need to take to avoid falling foul of the Overseas Investment Act 2005.
What is a Body Corporate and why do I need to know?
In New Zealand we have a particular type of property called a Unit Title — most commonly you will find these are apartments or flats.
Unit Titles are governed by their own legislation. All unit titles must have a Body Corporate which is responsible for governing and managing the combined properties. In the past there have been situations where people have purchased Unit Titles without fully understanding the additional administrative, legal and financial implications.
There is nothing inherently wrong with Unit Titles but, if managed poorly (or not managed at all) then there can be some very unpleasant and expensive lessons to be learned down the line.
When you are considering purchasing a Unit Title, the vendor MUST provide a pre-contract disclosure statement which you should read and understand BEFORE signing the purchase agreement — this statement includes important information about the financial and legal obligations attached to the property.
We can review the precontract disclosure statement and the Body Corporate's governing documents for you and provide a report, giving you a clear picture of not only the financial and legal obligations but also your role within the Body Corporate governance structure.
How much does it cost?
If you call around different law firms there can be a surprisingly large gap between the top and bottom estimates, and it can be very tempting to choose the firm with the lowest estimate. The reality is that there are several factors which will affect the cost of your specific transaction. A simple estimate of fees, that has not considered your particular needs, can come with some unexpected add-on costs later, creating a lot of unnecessary stress. At Wakefields Lawyers, if you ask us this question, we will want to have a conversation with you first to ensure that the estimate we give you is as accurate and transparent as possible.
There are a few factors that will affect the legal fees for a purchase:
- Pre-contract attendances — most estimates you will be given for a purchase begin when you have a signed agreement. Involving a solicitor before you sign can help you avoid pitfalls and ensure you understand the agreement before you sign it and that it fits your needs. These are called pre-contract attendances.
- Type of Property — In New Zealand not all properties are equal. There are different categories of land registration and some come with additional administration time and expenses.
- Finance — One of the first things we will ask you is how you are funding your purchase. Most first-home buyers will need bank lending and very often will be drawing down their KiwiSaver savings to finance their purchase. Less commonly, there will be a gift or loan from family or friends, which should be documented to avoid conflict and other problems in the future.
- Out-Of-Scooe Attendances — At the beginning of your purchase we will give you an estimate of fees. This estimate is based on a standard transaction that follows a well-established set of stages. Occasional problems arise which fall outside a standard transaction which will carry additional cost. We will let you know as soon as we become aware that your purchase may or will incur these unanticipated additional costs.
How long will it take? Can we settle next week?
The time frame for your purchase should be very clearly set out in your sale and purchase agreement. When you make your offer, you will be including all the dates needed so that when you sign you know what you must do and when.
If your agreement is conditional, there will be set time periods during which you can make the specific enquiries you need to and then either confirm the agreement unconditional or cancel the agreement if you need to.
The settlement date will usually be either a specific date specified in the agreement or a set number of days from the date the agreement becomes unconditional.
Reach Out
We are ready and willing to help guide you though your first purchase and do what we do best — making the complex simple!
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