James Baker

in the UK it is (as far as I'm aware) not possible to get a buy to let mortgage if you are a first time buyer, is that also the case in NZ?

Anyone have any recommendations about which bank(s) we should consider on arrival ( or before we leave uK)?

Open invitation to share experiences on moving to NZ and buying a house welcomed! Main concern is whether we can achieve a mortgage while We will be in probationary periods on job contracts..

ellenarosemary

Opened an NBNZ bank account, can open it from the uk and deposit money, but you have to activate it in NZ. Just tell them your local branch and they will send all your cards etc to that. Good idea if you still have money in the UK you want to move around.

RobDon

I think, it was a while ago and it may have changed, we were told you had to be in full time employment for 6 months before BNZ would consider you for a mortgage.

simonsi

BNZ are pretty flexible on residency status, job periods etc.

Charismatic

Depends on the bank and level of equity.

Banks are willing to take huge speculative risks at the moment because money is too cheap, e.g. 90%+ LTV lending on current Auckland prices .

jeffrey.dalton

Westpac told us they have a strick policy of 30% down payment. Went to ASB and found they were happy with 20% down even though we are on Long Term Business Visa which means self employed. ASB really made the whole mortgage process smooth, much easier than mortgage in the USA where we came from. ( and no I don't work for ASB).

James Baker

thanks Jeffrey - really appreciate that. How we transfer our money from the UK will be crucial if it is possible to find alternatives to get a better rate so will definitely take your advice and do some thorough researching.

Caz8NZ

My mum uses www.hifx.co.uk to transfer money abroad. I am in no way an expert, have not compared to other institutions etc etc, but i think she did some shopping around and rates and fees are fairly decent. worth looking at.

BEVS

To be clear. Are you looking to try for a 'buy to let' mortgage here in NZ? Not a mortgage for a property you will then live in.

James Baker

Sorry I think my post was a bit confusing, but we want to buy a house to live in and I'm also interested in becoming a landlord. It will probably work out that we will buy our own house to live in first and then re-mortage that to start my property portfolio

chocolate cake

Is that a normal mortgage for owner occupy property? Westpac advertise as little as 5% deposit required. That said gone with ANZ they currently have $1k cashback and $1k to legal fees, and rates pretty much of muchness if you bargain.

jeffrey.dalton

Westpac told us the 30% deposit was standard policy for new immigrants on a owner occupied property and the advertised stuff didn't apply. It may be because we are americans.

Might be worth emailing various banks before you arrive to find out the policy. They may be more interested in giving out loans now as I don't think anything has improved with the economy since we got our mortgage and buyers in most places in New Zealand seem to be in short supply.

Bo-Jangles

Presently they are talking of 'Mortgage Wars' amongst lenders, with lenders paying huge sums in break fees to tempt people away from their present lender and get them onto lower rates. If you are not here yet I don't see any point in rushing in and trying to figure out where you're going to get a mortgage from or how much. Life is fluid and such is the volatilty of these things that next week we could all be down a different track where it comes to interest rates, buoyancy in the housing markets and what the banks have to lend.

Besides which it is very much an individual case by case basis and the bank asking for 30% deposit from one person here does not mean this is the banks policy for all. It will be based upon personal circumstances, if you look like a safe bet and have the making of the means to pay it back. You need to have the face to face conversation with the lender or a broker to see what they can do for you.

The probationery work period is only 90 days and really you should be looking to rent for a good six months or more before flying headlong into the housing market.

BEVS

Gotcha & thanks for clearing it up. I only have one residual , dimly lit, brain cell remaining & I need to be kind to it at all times..

What you are considering is very Kiwi & what many do. It's called superannuation here.

BEVS

Like it , but don't believe everything you are told love.

Great post by the way Bo-Jangles. Karma worthy.