Why do I need a lawyer and insurance?
Flexicover - home loan insurance can help repay your home loan if you die, can't work because you have become terminally ill or totally disabled, are made redundant or bankrupt. Flexicover is only available to Westpac Home Loan customers.
You only ever pay for the cover you need because your premiums adjust to match your home loan balance. Flexicover is only for Westpac home loan customers.
Term Cover can provide a lump sum when you or your family need it most - if you die or become terminally ill. You can also choose to include:
- Crisis Cover; so you're insured if you become critically ill with certain health conditions
- Disability cover; which can provide an income if you can't work due to total disability from your illness or injury
- Redundancy/Bankruptcy Cover; is an optional benefit available if you choose disability cover
With
Home Cover, your house is insured in the
event of fire, water, natural disaster or a burglary. You can
choose replacement cover based on the size of your home or cover up
to an agreed amount. This policy can also cover extra costs
such as temporary accommodation, landscaping, extra home loan
payments (if your loan is with Westpac), even lost rent if you're a
landlord.
Contents Cover - for your belongings
This policy will insure the contents of your home and
other personal belongings in case they're stolen, lost or
accidentally damaged. You're covered for lots of extras too like
replacement keys, items used for a home business, and even some
overseas travel and there's even some cover for your personal
effects if you travel to Australia or the Pacific Islands.
Disability Income Cover can provide an income if
you can't work because you are totally disabled by illness or
accident. Any replacement income is based on a percentage of your
usual income, and is normally reduced by the amount you get from
other sources such as ACC.
Westpac also offers vehicle/boat cover, travel insurance and
options to help protect your finances such as credit card and
personal loan insurance.
For more information, contact
Westpac
:
0800 809 378 for home, contents and vehicle insurance
0800 738 641 for our other insurances.
The information about these insurances is very brief and general.
Terms, conditions, exclusions and limits apply to all applications
for insurance.
What will my lawyer do?
Your lawyer will act on your behalf (after asking you to
sign a form giving them the authority to do so).
If you're buying a house (whether it be by auction, tender or
sale and purchase by negotiation) you should see your lawyer before
signing any agreement andhave your lawyer do all the legal checks
on the propertyfirst, such as checking the title and LIM report
etc.
If your offer has been accepted and you have signed a contract
(conditional or otherwise) your lawyer will make sure any
conditions are met on time or seek an extension and prepare the
legal documents needed to transfer the property to your name,
arrange for you to sign loan and mortgage documents and organise
finance for settlement date. Registration is done through
Landonline
.
Settlement day is a busy one for your lawyer - who
will draw down any loan funds, settle the deal, complete the
transfer of ownership, and arrange keys to be handed over if the
real estate agent hasn't done this.
After the settlement, your lawyer will register the transfer and
the and new mortgage against the title to your new
property. They'll also send a copy of the post-registration
title to you and your lender.
Then it's time to move in and enjoy your new home!
The TMS guide to buying your first home
Downloads to take to open
homes
Calculate how much you could
borrow
How do I apply for a home
loan?
What's involved in...
...the purchase process?
...the lending process?
More info on Westpac's Choices home
loan
The content of Talking Money Sense is general in nature, is
designed for information purposes only and is not intended to
constitute financial or other advice. Information is subject to
change. Terms, conditions, fees and charges apply to Westpac
products and services. See
www.westpac.co.nz or call into
your nearest Westpac branch for details. You can get a copy of the
current disclosure statement for Westpac New Zealand Limited from
any Westpac branch in New Zealand free of charge. Westpac New
Zealand Limited.
