Costs to consider.

When you're budgeting to buy a home, remember to factor in all expenses so you get a true picture of the cost. Your lender might ask for a valuation, building or engineer's report as part of your loan agreement, and some homes come with extra costs that might not be obvious. 

Legal fees

  • Legal fees will include your conveyancer's time. They will vary depending on the complexity of your purchase
  • On top of this are disbursement costs, which include land transfer fees and the LIM report.

Registered valuer

  • You could be required to provide a full registered valuation report or a QV E-Valuer report.

Building and engineer's reports

  • You might be asked to pay for either a building surveyor's report or an engineer's report as part of your home loan approval process.

Home loan repayments

Home insurance

Your home is likely to be the most valuable asset you own and home insurance is often a requirement of your home loan.

  • Before buying a house, it's worthwhile talking to an insurer to see if there could be any issues with obtaining insurance cover for the house you are interested in

  • You could also get a quote to understand how much it would cost you to insure the house

  • It's a good idea to organise your insurance when your offer on a house is accepted, so you can relax knowing that your cover is in place when you settle. Learn more about your insurance options.

Hidden costs

  • Older homes can be expensive to heat and insulate, and costly to renovate. They may contain asbestos or lead-based paints which need to be removed by a specialist contractor
  • New homes often need finishing touches like carpets, curtains and landscaping, and the costs can add up quickly. Check the quality of the building materials and finish, as any shortcuts during the build could cost you money in the future
  • Apartments are often part of a body corporate that all owners belong to, and you pay a levy to cover building running costs and maintenance. Ask about the levy, the rules of the complex and what you can do with your apartment, as this could affect the value of your investment. Check the sound proofing and build quality.

Real estate agent

  • The seller pays the real estate agent a fee. As a buyer, you won't be charged anything by the agent.


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Things you should know.

1 Conditional pre-approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application. 

Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria. 

Westpac Home, Contents, Vehicle and Boat insurance cover is arranged by Westpac New Zealand Limited ("Westpac") and underwritten by IAG New Zealand Limited ("IAG"). None of Westpac Banking Corporation ABN 33 007 457 141, Westpac, or any member of the Westpac group of companies guarantee the obligations of, or any products issued by IAG. Westpac will receive commission payments as a result of the arrangement of IAG policies. For IAG's financial strength rating please click here.

The information contained on this page is intended as a general guide only and may vary at times. Terms, conditions, exclusions and limits apply. More detail can be found in the policy document (downloaded here as a PDF), or obtained by calling 0800 809 378. The availability of any insurance cover is subject to the acceptance and approval of a complete application.

Any payment is subject to your claim being accepted.