What Happens After You Go Unconditional on your property?
Going unconditional on a property is a major milestone in your home-buying journey. It means all conditions in your Sale & Purchase Agreement have been satisfied, and the purchase is now legally binding.
For many first-home buyers in New Zealand, this stage is exciting — but it also raises an important question: what happens next? Here’s a clear step-by-step guide from going unconditional through to settlement day.
What Does “Unconditional” Mean?
When your agreement becomes unconditional:
All conditions (finance, building inspection, LIM, etc.) are met
You are fully committed to completing the purchase
The seller is committed to selling to you
At this point, backing out is extremely difficult and can result in losing your deposit, so everything should already be approved and confirmed.
Not sure what “unconditional” really means for your situation? Lucy, your First Home Buyer Assistant, can break it down in plain English and explain exactly what you should have in place before moving forward.
No email required. Instant answers. NZ-specific guidance.
Step 1: Pay the Deposit
Once unconditional, you’ll typically be required to pay the deposit, which is usually 10% of the purchase price.
This is paid into the real estate agent’s trust account and held until settlement. Make sure funds are available and transferred on time to avoid delays.
Step 2: Finalise Your Home Loan
Your lender will now move from pre-approval to full loan approval based on the specific property.
This process includes:
Confirming the property meets lending criteria
Finalising your loan structure (fixed, floating, or split)
Preparing loan documents for signing
It’s important to review your loan structure carefully to ensure it aligns with your financial goals.
Step 3: Sign Legal and Loan Documents
You’ll meet with your lawyer to:
Sign mortgage and loan documents
Review the settlement statement
Confirm all legal requirements are met
Your lawyer ensures everything is in place for ownership to transfer smoothly on settlement day.
This stage can feel overwhelming if you’re not sure what comes next. Before you miss anything important, ask Lucy — she can guide you through each step between unconditional and settlement based on your timeline.
No email required. Instant answers. NZ-specific guidance.
Step 4: Arrange House Insurance
Before settlement, you must have house insurance in place — this is a requirement for most lenders.
You’ll need to:
Arrange an insurance policy
Provide confirmation to your bank
Ensure cover starts from settlement date
Without insurance, your loan cannot proceed.
Step 5: Keep Your Finances Stable
Between going unconditional and settlement, it’s critical to maintain your financial position.
Avoid:
Taking on new debt
Making large purchases
Changing jobs (if possible)
Lenders may re-check your situation before settlement, so stability is essential.
Step 6: Prepare for Moving
Now is the time to organise your move:
Book movers or arrange transport
Set up utilities (power, internet, water)
Update your address
Plan your move-in timeline
Being organised early helps reduce last-minute stress.
Step 7: Settlement Day
On settlement day:
Your lender transfers the remaining funds
Your lawyer completes the legal transfer
Ownership officially passes to you
Once everything is confirmed, you’ll receive the keys — and your new home is yours.
Final Thoughts
Going unconditional is a huge step — but it’s not the end of the process. Staying organised, keeping your finances stable, and working closely with your lawyer and lender will ensure a smooth transition to settlement.
With the right preparation, you can move from unconditional to homeownership with confidence — and enjoy the moment you finally get the keys in your hand.
Want to feel fully prepared for settlement day? Lucy can guide you through your final steps, help you stay on track, and make sure nothing gets missed before you get the keys.
No email required. Instant answers. NZ-specific guidance.