Buying a house in New Zealand: the reports, the costs and the cover, in order

Written by Henry Smith · Reviewed by Smiths Insurance & KiwiSaver, licensed Financial Advice Provider (FSP712931) · Updated 2026-09-09 · Reviewed annually, or sooner if the rules it describes change.

Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name.

Buying a house in New Zealand runs through four practical steps before settlement: a builders report ($400 to $890 from named providers), conveyancing ($1,000 to $2,500 with a mortgage), mortgage pre-approval (free, valid up to 90 days at ANZ and ASB), and arranging house insurance, which sits with a general insurer (each cited below, retrieved 9 September 2026). This cluster is the practical, document-by-document checklist for that order.

The checklist, in order

Each step below links to a dedicated guide with the full detail, figures and sources. Working through them roughly in this order avoids the two most common mistakes: signing an unconditional offer before a builders report or LIM has been checked, and leaving house insurance until the week before settlement, when it can delay the whole transaction.

Get pre-approved before you make an offer. Free at every bank we checked, generally valid for up to 90 days. See mortgage pre-approval in NZ.
Order a builders report, and a LIM if you haven't already, once an offer is under negotiation. From $400 to $890 for a builders report; $387 to $575.50 for a LIM, depending on the council. See a builders report in NZ.
Engage a conveyancing lawyer, ideally before you sign, and certainly once an offer is accepted. Published fixed fees run from around $1,000 to $2,500 for a purchase with a mortgage. See conveyancing cost in New Zealand.
Start getting house insurance quotes early, since some properties are harder to insure than others, and your own cover cannot start before settlement day. See insurance on settlement day for what is genuinely QuoteHub's territory and what isn't.
Review your own life and income cover, since a mortgage is usually the largest new fixed cost a household takes on. See insurance for first-home buyers and first-home buyer insurance in New Zealand.

Every guide in this cluster, at a glance

The table below lists every page in this cluster with the single figure it answers, so you can jump straight to the one you need.

Guide	The figure it answers
Mortgage pre-approval in NZ	Free; valid up to 90 days (ANZ, ASB)
A builders report in NZ	$400 to $890, named providers; LIM $387 to $575.50
Conveyancing cost in NZ	$1,000 to $2,500 for a purchase with a mortgage
Insurance on settlement day	Starts on settlement day itself; out of scope for QuoteHub

(Each figure sourced and dated on its own guide; see the References section of this page and each linked guide.)

Finance and pre-approval: the short answers

How long does mortgage pre-approval last in NZ?

At ANZ, up to three months; at ASB, up to 90 days from the date of issue (ANZ; ASB; retrieved 9 September 2026). BNZ and Kiwibank do not publish a specific figure on the pages we checked. See mortgage pre-approval in NZ for the full comparison.

What are the current LVR and DTI lending rules in NZ?

For owner-occupiers, up to 25 percent of a bank's new lending can be above 80 percent loan-to-value ratio (LVR) and up to 20 percent can be above a debt-to-income (DTI) ratio of 6; for investors, the limits are 10 percent above 70 percent LVR and 20 percent above a DTI of 7 (Reserve Bank of New Zealand, confirmed unchanged 14 August 2026, retrieved 9 September 2026). See mortgage pre-approval in NZ for the full detail and exemptions.

Do these lending restrictions apply to a first home loan through Kāinga Ora?

No. Kāinga Ora loans, including First Home Loans, are specifically exempt from both the LVR and DTI restrictions, along with new-build purchases within 6 months of completion and straightforward refinancing (RBNZ, retrieved 9 September 2026).

What documents does a bank ask for at pre-approval?

Generally proof of identity, proof of your deposit, proof of income, and a review of your expenses, including recent bank statements; see mortgage pre-approval in NZ for the full document list from ANZ and BNZ's own published guidance.

What happens if my pre-approval expires while I'm still house hunting?

Contact your bank to have your financial position reassessed rather than assuming the original figure still stands; ANZ specifically recommends this once pre-approval lapses. See mortgage pre-approval in NZ for the detail.

Builders reports and LIMs: the short answers

What is a builders report, and what does it cost?

A visual pre-purchase inspection to New Zealand Standard NZS 4306:2005, generally costing $400 to $890 from named providers we checked, depending on property size and report type (Consumer Protection, retrieved 9 September 2026). See a builders report in NZ for the full pricing comparison.

What is the difference between a builders report and a LIM?

A builders report is a physical inspection of the building's condition; a LIM is a council record of what the council knows about the land and any consents, notices or hazards, and does not include the actual consent plans (Wellington City Council, retrieved 9 September 2026). See a builders report in NZ for both compared side by side.

How much does a LIM report cost?

It varies by council: Auckland Council charges $387 for a standard LIM or $522 urgent; Wellington City Council charges $575.50, with a fast-track option for a further $288 (Auckland Council; Wellington City Council; retrieved 9 September 2026).

Who can carry out a builders report?

A qualified pre-purchase building inspector or surveyor, ideally a member of the Building Officials Institute of New Zealand's accredited surveyors list or the NZ Institute of Building Inspectors, who can carry out an inspection to NZS 4306:2005 and carries professional indemnity insurance (Consumer Protection, retrieved 9 September 2026). See a builders report in NZ for how to find one.

Can I rely on the seller's own building report?

Consumer Protection's guidance is not to rely solely on a vendor-supplied report, since you did not commission it and generally have no recourse if it misses something; your own pre-purchase inspection can flag issues the vendor's report did not (Consumer Protection, retrieved 9 September 2026). See a builders report in NZ for the full disclosure rules.

Does a builders report check for earthquake or natural hazard risk?

Not as standard; a specialist inspection from a registered building surveyor or engineer is recommended if you suspect earthquake damage, natural hazard vulnerability, a leaky home or a boundary dispute. See a builders report in NZ for the full detail.

Conveyancing: the short answers

How much does conveyancing cost in NZ?

Published fixed or from-fees for a standard residential purchase with a mortgage range from around $999 to $2,500 across the named firms we checked, before GST and disbursements (Land Law NZ; Movest; retrieved 9 September 2026). See conveyancing cost in New Zealand for the full comparison across four firms.

Is selling cheaper than buying, in legal fees?

Generally yes, at every firm we checked, since a sale typically involves less due diligence than a purchase. See conveyancing cost in New Zealand for the buy-versus-sell-versus-refinance comparison.

Does a unit title or cross-lease property cost more to convey?

Yes, generally: named firms add a surcharge of around $200 to $245 for a unit title, cross-lease or leasehold title compared with a standard freehold purchase (The Property Law Centre; Land Law NZ; retrieved 9 September 2026).

What extra costs come on top of the quoted conveyancing fee?

Commonly an anti-money laundering (AML) compliance charge, LINZ registration and mortgage registration or discharge fees, and a surcharge for a trust, company or unit title purchase. See conveyancing cost in New Zealand for named figures from four firms.

When should I engage a conveyancing lawyer?

Before you make an offer, ideally, so they can review the sale and purchase agreement terms before you sign, though the formal fixed-fee engagement usually firms up once an offer is accepted. See conveyancing cost in New Zealand for more.

Insurance: the short answers

Do I need house insurance before settlement?

Your own house insurance cannot start before settlement day, but most banks want proof it has been arranged before settlement itself, and quotes should start early since some properties are harder to insure (ICNZ, Consumer Guide 2025, Buying a house; settled.govt.nz; retrieved 9 September 2026). See insurance on settlement day for the full mechanics.

Does QuoteHub arrange house insurance?

No. House and contents insurance are general insurance products, arranged with a general insurer or broker, not with QuoteHub. QuoteHub compares life, health, trauma and income protection insurance; see insurance on settlement day for the honest scope map.

What insurance should a first-home buyer actually review?

Mortgage protection and life cover, sized to the new loan, and income protection if your income would not otherwise cover the mortgage. Our guides to insurance for first-home buyers and first-home buyer insurance in New Zealand cover this decision in full, alongside our mortgage protection guide and mortgage protection calculator.

Is mortgage protection the same as house insurance?

No. House insurance covers the physical building against damage or destruction; mortgage protection is life or income-related cover that helps meet mortgage repayments if you die or, depending on the product, cannot work. See insurance on settlement day and life insurance versus mortgage protection for the full distinction.

Where do I actually get house insurance quotes?

Directly from a general insurer, or through a general insurance broker; the Insurance Council of New Zealand, the industry body for general insurers, publishes consumer guidance on buying a house at icnz.org.nz. QuoteHub does not arrange house or contents insurance.

Does the seller's house insurance cover me before settlement?

No. The seller remains responsible for their own house insurance up to settlement day, and your own cover can only start on settlement day itself, with no automatic overlap (ICNZ, Consumer Guide 2025, Buying a house, retrieved 9 September 2026). See insurance on settlement day for the full mechanics.

What should I review alongside a new mortgage, insurance-wise?

Life cover, mortgage protection and, depending on your income, income protection, sized to the new loan rather than left at whatever level you held before buying. Our life insurance calculator, income protection calculator and the new-parent insurance checklist, if a baby is also part of the picture, all work through this.

The table below pulls the whole insurance picture around a house purchase into one place.

Four insurance-adjacent decisions come up around buying a house, and only some are QuoteHub's territory, as the table below shows.

Decision	In scope for QuoteHub?	Guide
House and contents insurance	No, general insurance	Insurance on settlement day
Mortgage protection	Yes	Mortgage protection
Life insurance	Yes	Life insurance
Income protection	Yes	Income protection

(QuoteHub's own scope; see insurance on settlement day for the full explanation and sources.)

The whole process, in one table

Pulling every step in this cluster together, the table below shows roughly when each one happens relative to an accepted offer.

Four practical steps run in parallel in the weeks around an accepted offer, and the table below is the order most buyers work through them in.

Step	Typical timing	Cost, from named sources
Mortgage pre-approval	Before you make an offer	Free
Builders report and LIM	Once an offer is under negotiation or accepted	$400 to $890 (report); $387 to $575.50 (LIM)
Conveyancing engaged	Before or as soon as an offer is accepted	$1,000 to $2,500 (purchase with mortgage)
House insurance quotes	Started early; confirmed once unconditional	Varies by insurer, not QuoteHub's territory
Insurance starts	Settlement day	N/A

(QuoteHub's own summary of the typical NZ buying sequence; each figure sourced on its own guide.)

What this cluster does not cover

This cluster covers the practical documents and steps around buying a house in New Zealand: the builders report, the LIM, conveyancing, pre-approval, the current RBNZ lending rules, and where insurance genuinely belongs. It does not compare general insurers, quote house insurance premiums, or give personalised legal or lending advice, all of which sit with a lawyer, a bank or a general insurer directly. It contains no KiwiSaver advice, though a KiwiSaver first-home withdrawal can be part of the deposit conversation with your own bank or lawyer.

QuoteHub built this cluster because the physical building, the legal transfer, the finance and the insurance all run on different clocks in the weeks before settlement, and getting the order right avoids the most expensive mistake: an uninsurable property discovered too late, or a mortgage taken on with no plan for what happens if something goes wrong. Financial advice is provided by Craig Smith Business Services Limited, trading as Smiths Insurance & KiwiSaver, a licensed Financial Advice Provider (FSP712931). QuoteHub is a trading name. If today's reading has made you think about your own cover for a new home loan, start a free comparison, or read our guides to life insurance, income protection, mortgage protection, health insurance and making a will in New Zealand.

Adviser's view

Buyers often treat house insurance and cover for the mortgage itself as one task, when they are two separate markets: a general insurer covers the building, and life or income protection cover protects the people repaying the loan. The question QuoteHub puts to buyers is not which report to skip to save time, but whether insurance of any kind has been left until the week before settlement, when it is hardest to arrange.

Henry Smith, Financial Adviser (FSP1010699). General information, not personalised financial advice.

11 pages in this section

Builders Report NZ: Cost, What It Covers, How to Read It — A NZS 4306:2005 pre-purchase building inspection, from named New Zealand providers, generally costs $400 to $890 depending on property size and report type.
Buying a House in NZ: Reports, Costs and Cover (2026) — The full buying-a-house checklist for New Zealand: the builders report, the LIM, conveyancing, pre-approval and the RBNZ lending rules, then what insurance actually belongs where.
Conveyancing Cost NZ 2026: Lawyer Fees for Buying a House — Published fixed-fee conveyancing pricing from four named New Zealand law firms, for a standard residential purchase with a mortgage.
Council Rates Valuation NZ: What It Is, How It Works — New Zealand's council rating valuations, assessed roughly every three years, set your property's share of the total rates bill relative to every other property in the district, not the total amount collected.
How Much Deposit Do You Need to Buy a House NZ? — New Zealand's standard home loan deposit is 20% of the purchase price, with the Reserve Bank capping how much low-deposit lending banks can do, and a 5% First Home Loan for eligible first buyers.
Insurance on Settlement Day NZ: What Must Be in Place — House insurance is general insurance, arranged with a general insurer or broker, and it has to be in place from settlement day itself. Here is what QuoteHub actually covers.
Mortgage Pre-Approval NZ: How It Works, How Long It Lasts — A free indication of what a bank will lend, generally valid for up to 90 days, subject to the RBNZ's loan-to-value and debt-to-income speed limits.
Moving House Checklist NZ: Every Step, In Order — Moving house in New Zealand means updating your address with at least six separate organisations, none of it automatic, and redirecting your mail costs from $25 if booked ahead.
Pre-Purchase Building Inspection NZ: Cost, Process — New Zealand's Consumer Protection guidance on when to commission a pre-purchase building inspection in the offer process, who to hire, the red flags to know and what to do once you have the report.
Registered Valuation NZ: Cost and When You Need One — Only a valuer certified by New Zealand's Valuers Registration Board can legally produce a registered valuation, and lenders typically require one for higher-LVR or non-standard lending.
Sale and Purchase Agreement NZ: What's In It — New Zealand's sale and purchase agreement is a legally binding contract you must sign to buy a property, and it sets the price, chattels, conditions and settlement date, always reviewed by a lawyer before you sign.

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Cite this page QuoteHub NZ (2026). Buying a House in NZ: Reports, Costs and Cover (2026). www.quotehub.co.nz/guides/buying-a-house. Updated 2026-09-09.