Winston Peters says there is still work to be done with both parties before NZ First can make a decision.

The New Zealand First leader said they had got a lot of work done and the board's engagement was complete and it was going home.

Peters said further discussions were needed with the leaders of both National and Labour.

The board had not reached a consensus on a final decision, but there was consensus on "the policies put to both sides and how far we've got".

He said once firmer agreements were ironed out NZ First would have to go back to the board and caucus for a sign-off.

That could be done by teleconference.

He would not say how long that would take or give details on what else had to be covered off.

"It's the form of things to come in the future."

He said on policy matters "we are 98 per cent of the way there."

He said there were two sets of policy proposals from each party but would not say which appealed most.