HOW IT ALL WORKS
To help you navigate the sales process, we’ve summarised 10 steps on the home-buying journey. If you’re buying your first home, then you’re probably feeling (a) extremely excited, and (b) a little nervous. It’s a big decision — one of the biggest you’ll ever make — and you’ll want to make sure everything goes as smoothly as possible. If you’re an old hand — if you’ve been there, done that — it’s still useful to have this information as a reference point.
How to buy – the steps in the process
1. Do your research (very important!)
We think buying an Aalto apartment is a good call — of course we do — and we’ll point to our track record of building some of Auckland’s best-loved apartment developments as evidence you’re on the right track. But don’t just take our word for it: get independent financial advice before you buy. At a minimum, talk to a bank or independent financial advisor about your home loan options.
2. Get a lawyer!
You’ll need a lawyer to advise and represent you. You will probably want them to take you through a blank Sale & Purchase Agreement.
3. Ready to buy? (well, nearly)
Done your research and keen-as? Contact our sales team to make an appointment, or pop by the Manaaki Sales Suite — 54 Surrey Crescent, Grey Lynn — anytime from Friday 30 April. We’re open seven days a week between 12am-3pm.
4. Your Purchaser Information Pack
We’re selling apartments at Aalto on a first-come, first-served basis. We’ll send prospective buyers a Purchaser Information Pack which includes a LIM report, a blank Sales & Purchase Agreement, Real Estate Authority (REA) guides for buyers etc.
5. Your Sales & Purchase Agreement
Once you’ve decided on an apartment, we’ll draw up a conditional Sale & Purchase Agreement. This includes 5-working-day finance and due diligence conditions (a kind of cooling-off period where you can walk away, without offering any reason and without penalty, if you change your mind).
Some of the tasks that need to be ticked off here include:
- Your lawyer will review the agreement and related documents.
- If you haven’t already done so, you might want to get agreement in principle from your bank.
- Apply for your KiwiSaver First-Home Withdrawal / First Home Grant now if you intend to put these funds towards your deposit.
- Do your homework – dot the i’s and cross the t’s – so you’re well-informed and ready to proceed.
If you’re happy to go ahead, your lawyer will let us know and our agreement will go unconditional.
6. Pay a 10% deposit to secure the apartment
Once you’ve done your due diligence, you’ll pay a 10% deposit. All deposits are held in trust by Ockham Residential’s lawyer until settlement.
Congratulations... you have bought an Aalto apartment! Over the next couple of years, we’ll send you regular updates, pics and work-in-progress videos in the Aalto Owners’ Circle newsletter.
8. Prepare for settlement
Finance: Most banks give mortgage pre-approval for up to three months, although this timeframe can vary. This means you’ll need to get your finance finalised in the months prior to settlement. Your bank may request a valuation of the apartment at this point.
Pre-settlement inspection: In the 10 working days prior to settlement, you’ll also have the opportunity to conduct a pre-settlement inspection.
Good news... it’s mid-2023 and Aalto is finished and you’re about move in. Settlement takes place once the building is complete and the Titles and Code of Compliance Certificate (CCC) have been issued. We’ll see you for a sundowner in the residents’ lounge or terrace!
Very important: You’ll also need to do lots of your own research.
If you’re a first-home buyer, then definitely check out:
www.settled.govt.nz – It’s an independent website, set up by the New Zealand Government, that’s full of tips, essential resources and links to pretty much everything.
The following websites are also a great place to start:
www.hnzc.co.nz – Housing New Zealand (KiwiSaver first-home withdrawal and First Home Grant).