For any clients who have settlements up and coming in the Canterbury area and have financed through either the ANZ Bank or the National Bank should be aware prior to the draw down of any loan the Banks require the following:

1.  Full replacement insurance without a 21 day stand down period.

2.  A report from a structural engineer confirming the property hasn’t been damaged, unless the Bank advises otherwise.

3.  Acknowledgement that the customer has received advice about their risks in buying a property at this time.

The 21 days stand down restriction on the insurance means a client won’t be able to make a claim for any damage caused by an earth quake within 21 day period from the date the insurance started.

We recommend all client’s contact their insurance companies directly to obtain further information.

Please leave your feed back and comments, or if you have any queries or questions please contact Kim 0800 2 87878.