infinity

I know this question may of been posted before but can anyone answer me these questions, pretty please...

1.) Do you need residency to apply for a NZ mortgage?

2.) How much can you usually borrow?

3.) What is the typical interest rate on a home loan?

4.) Can you rent to buy in NZ?

And anything else anybody knows about NZ mortgages I would love to know.

Thanks in advance - Ian

infinity

bump....anybody out there?

Don

1. No. But our lender (National) needed proof of p. residence to make decision at local level.
2. What you can afford to repay. Ie calculation is based on ability to repay (monthly mortgage payment as a % of income) rather than a multiple of your income. (A bit like self-certification?) Get ready to do a list of monthly income vs outgoings.
3. 7%.
4. Yes (ie I guess you mean buy-to-let.)

Further- only need to provide evidence of a few weeks' income to get mortgage, as opposed to a few years'.

Bring along evidence of good track record with your mortgage lender from the UK - it'll help. They can't be bothered to get references themselves.

infinity

Great thanks.

Would look to rent for the first year just to check we're ok with NZ living and then take the plunge all being well.

Looking to head out at the latest end of next year.