How buying property in New Zealand actually works

Three checks do the heavy lifting.

The LIM report is the council's file on the property: consents, known hazards, drainage, anything the council has on record. The builder's report is the NZ equivalent of a building and pest inspection. In beach towns, have it look hard at cladding and joinery. Your builder will know exactly what to look for in a given era of construction. And your lawyer reviews the title.

If you're buying by negotiation, these become conditions in your offer, as they would in Australia. If you're bidding at auction, they happen before auction day, because auction sales are unconditional. There's no cooling-off once the hammer falls.

Budget a few hundred dollars for each report. They're the cheapest insurance in the whole transaction.

Offers go on New Zealand's standard sale and purchase agreement. When the contract goes unconditional you pay the deposit, customarily 10%, into the agent's trust account. Settlement follows at an agreed date, typically four to six weeks out. It's negotiable, and buyers moving money from Australia often ask for six.

Conveyancing is done by lawyers, not settlement agents, and costs NZ$1,500 to $3,000 for a standard purchase. Your lawyer also runs the anti-money-laundering checks: certified identification and, for larger purchases, evidence of your source of funds.

Do that paperwork the week you engage the lawyer, not the week of settlement. It's the single best piece of process advice we can give.

You don't need to be in New Zealand for any of it. Documents sign electronically or through an Australian notary. Funds land in the lawyer's trust account from your FX provider. The keys are couriered or held by the local agent. Plenty of Australians settle without having seen the house in person. We'd still rather you came over once. That's the fun part.

The immediate jobs first. Insurance from settlement day (arrange it the week before, because lenders require it and summer storms don't check your diary). Council rates transferred into your name, which your lawyer handles. Utilities connected. And if the house will earn rental income, get an IRD number moving early. It's a simple application, but it gates everything on the tax side.

Then the better jobs. A local property manager if you want the house earning while you're away. A cleaner who holds a key. And a decision about which school holidays are yours and which are the tenants'.

That last part we can't advise on. Everything before it, we can.