Top tips for buying a New Zealand property   2 Mar 2006

By Kate Lancaster, ASB Bank

Buying that perfect property in your new country is undeniably one of the biggest purchases you will make, so it’s important to get it right. Purchasing a property from overseas is even harder, so we’ve complied some tips to help you along the way.

Do your research

The most important part of the buying process is finding a property that suits your needs, so do your homework. Consider the type of dwelling you need, then prepare a shortlist of preferred areas.

Once you have an idea of the type of property, and an area to start looking, do your research.

It may seem daunting, choosing an investment property from the other side of the world, but there are many tools available to assist you. Undoubtedly the best is the tool at your fingertips – the internet.

Most real estate agents these days operate comprehensive websites, allowing you to view properties, find out how much like properties are selling for, and conduct a virtual tour.

Factor in Hidden Costs

Most people make sure they can afford the asking price, but are often caught out when it comes to the hidden costs of purchasing a property.

Before a contract of sale becomes unconditional, it is wise to commission a building inspection, to ensure the property is structurally sound. Solicitors or conveyancing fees are another cost to factor in.

Find the right loan

Finding a lender to finance your big purchase can be confusing and frustrating at the best of times. Dealing with different timezones can make arranging finance from overseas a nightmare.

Loans vary greatly, and can offer a range of facilities including fixed or variable interest rates, differing loan terms – the list goes on.

A good lender will take the time to assess your wants and needs and tailor a loan to suit you.

The ASB Bank London office offers finance for New Zealand properties, direct from the United Kingdom. With a range of lending options available, managers will tailor a loan to meet your unique needs.

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