Settling on your home

In the weeks before your house officially becomes yours, you’ll need to think about what to do when you move house. Here’s a few things to tick off prior to your settlement date.

Redirecting utilities

Make sure you let your service providers know you’re moving and have them either cancel or redirect their service to your new address. This includes your internet, electricity, gas, and any other services you currently have, like rubbish removal.

Updating your address

Updating your address will ensure you receive all your mail and don’t forget to pay any important bills, that’s the last thing you need piling up. Some key places to update your address include: your bank, NZ Post, Inland Revenue, your doctor, and the NZTA for car ownership.

Booking a moving company

The next thing to do in the lead up to settlement day is to book a moving company and start packing. Sometimes it’s best to book this service for the day after the settlement date, just in case there are any unforeseen delays.

Wondering what actually happens on settlement day for the buyer? It’s an exciting day where the ownership of the property is officially transferred over to you. However, most of the actions that take place on settlement day are taken care of by your lawyer or conveyancer. But to make sure you’re always in the loop, here’s the important things that happen on settlement day.

• Your lawyer/conveyancer will drawdown any loan monies from your bank. Your lawyer/conveyancer will also hold any other pre-arranged funds you need to use for the purchase.
• The property is paid for by your lawyer/conveyancer on your behalf, who will provide a receipt to confirm that the payment has gone through.
• Your lawyer/conveyancer and the seller’s team will then arrange for ownership to be transferred and the title of the property to be updated with your details.
• Your lawyer or conveyancer will confirm once payment and the ownership transfer are complete and you can then pick up the keys from the seller's lawyer or conveyancer, or the real estate agent.

You’re then free to move into your new home, unless you have a differing agreement with the seller. Time to crack open the bubbles and celebrate!

Once you’ve settled into your new home and neighbourhood, it’s worth making a plan for paying off your mortgage fast. Some small tweaks can end up saving you time and money on the road to becoming mortgage-free. These include:

• Increasing the amount of your repayments. Since your mortgage is a long-term loan, increasing repayments by even a small amount can decrease the amount of interest you pay in the long run.
• Think about making lump sum payments. This reduces your principal and can speed up the time spent paying off your loan. Make sure you check with your loan provider regarding rules and penalties for making lump sum payments first.
• Get the structure of your mortgage right. Make sure the structure and interest rate fits in with your repayment goals. Don’t worry, you’re not alone, we can help with this process every step of the way.
• Increase the frequency of repayments. Instead of making monthly repayments, consider making repayments every two weeks. This will allow for extra repayments to be made each year, bringing down your interest and helping to pay off your mortgage early.