STEPS AFTER THE BANK'S PRE-APPROVAL
You’ve Got Pre-Approval – What Happens Next?
First of all, congratulations on getting pre-approved by the bank!
That’s a big milestone ticked off. But you might now be wondering… what do I actually do next?
No worries — here’s a simple guide to help you through the next steps.
✅ 1. Read Your Pre-Approval Letter Carefully
It’s more than just a “yes” from the bank — it includes conditions that must be met before they give full (unconditional) approval.
📌 If you’re unsure about anything, just ask — that’s what your mortgage adviser is here for.
🏡 2. Start House Hunting – But Stay Within Budget
Look for properties that fit within your approved price range.
Found something cheaper? Great — we can adjust your loan down.
Looking at something more expensive? Please talk to us - your mortgage adviser before signing anything.
✍️ 3. Get Legal Advice Before Signing Anything
Before signing a Sale & Purchase Agreement, have your lawyer check it over.
You’ll want to include a "subject to finance" clause — the bank still needs to approve the actual property, which usually takes around 10 working days.
You might also want to add conditions for:
A LIM report
A building inspection
These help protect you if the property isn’t up to scratch.
📏 4. Valuations (Sometimes Required)
Depending on the purchase type (private sale), LVR, and the property type, the bank might ask for a Registered Valuation — at your cost.
🏦 Good news: we always try to get this waived for our clients where possible, but it’s up to the bank’s discretion.
✅ 5. Get Unconditional Approval
Once the bank confirms they’re happy with the property, you’ll receive unconditional approval.
Let your solicitor and the real estate agent know so you can move ahead to settlement.
💼 6. Complete Onboarding (If You’re New to the Bank)
New to the bank? You’ll need to complete some onboarding forms and ID checks before loan documents are prepared.
🔐 7. Settlement and Insurance
Settlement usually takes place:
About 3 weeks after going unconditional, or
About 5 weeks after signing the S&P agreement
🛡️ If the property isn’t a unit/apartment (i.e. not strata title), you’ll need to arrange home insurance that lists the bank as the Interested Party/Mortgagee.
This is the whole process from the beginning to settlement:
Complete app form -> Provide supporting docs -> Submit to the bank for assessment -> Pre-approval -> Search for a property within approval limit -> Seek legal advice -> Sign Sale & Purchase (S&P) agreement subject to finance -> Valuation/building report may be required -> Obtain an unconditional approval -> Complete onboarding with the bank (if new to the bank) -> Sign loan contract with your solicitor -> Prepare home insurance noting the bank as an Interested Party -> Settlement -> Move in.
I HOPE THIS GUIDE HAS HELPED YOU A BIT. ANY QUESTIONS, PLEASE COMMENT BELOW.
Poll: Should we be giving the green light to new mining projects? 💰🌲
The Environmental Protection Authority announced this week that a proposed mine in Central Otago (near Cromwell) is about to enter its fast-track assessment process. A final decision could come within six months, and if it’s approved, construction might start as early as mid-2026.
We want to know: Should mining projects like this move ahead?
Keen to dig deeper? Mike White has the scoop.
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53.1% Yes
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46.9% No
Aucklanders, we want to know: How are you feeling about the current property market?
New Zealand homeowners are now more likely to sell at a loss than at any time since 2013, and if you’re in Auckland or Wellington, the odds are even higher.
But there is a silver lining: buyers are still in a strong position when it comes to negotiating prices.
So we’re curious…
How are you feeling about the current property market?
If you’re keen to dive into the details, Deborah Morris breaks down all the latest insights.
‘Tis the season to not get scammed ...
As Christmas gift shopping moves increasingly online, scammers are ramping up their activity across the country.
Dunedin’s Investigation Support Unit is seeing more and more people fall victim to scams and other fraudulent activity, particularly on Facebook Marketplace.
There are a few ways to avoid the scams and keep yourself safe doing online trades this holiday season, says Southern District Service Delivery Manager Senior Sergeant Dalton.
🔒 “A good first step when looking to purchase something on Marketplace is to check when the seller’s Facebook profile was created. If it’s very recent, there is a higher risk that they have just created this account for a one-off fake item.”
🔒 Another important step is to make sure the seller’s profile name and bank account name match up. “We’re seeing a lot of scammers claiming their bank account name is different because it belongs to their partner or family member - that’s a huge red flag."
🔒 “When you’re selling, never trust a screenshot anyone sends you showing that payment has been made. Check your own bank account to make sure a payment has gone through."
🔒 “Quite frankly, it’s best for all parties to agree to pay, or be paid, for items in cash and in-person. Ideally in a public place with CCTV coverage."
🔒 "If you’re buying a car, check Carjam.co.nz to see if it’s stolen or if there’s money owed on it.”
A reminder: Suspicious activity can be reported on 105
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