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Easy to get Finance?

Easy to get Finance?

Old Jan 8th 2013, 9:37 am
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Default Easy to get Finance?

How easy is it to get finance (car for example) and mortgages after you've arrived? Is there a time limit before you can be accepted?

Tyhanks in advance.
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Old Jan 8th 2013, 6:12 pm
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Default Re: Easy to get Finance?

Hi there

I can't help with car finance but with regards mortgages, we've tried 3 banks and they all would like us to be in NZ for 6 months before they lend to us. If you have a deposit of 20% or more they may lend after 3 months. We only had a 15% deposit so were refused for the amount we wanted.

This was before I found a job though and was based on my husband's income.

If you have a decent deposit and both have jobs them may lend to you sooner. We found that their refusal was actually a blessing as we've decided not to rush into buying a house until we see more of NZ.

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Old Jan 8th 2013, 6:42 pm
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Default Re: Easy to get Finance?

husband was offered a mortgage after being here a month but conditions were attached to actually receive it like confirmation of monies stated to be bought over from UK. He used a broker and actually got mortgage offers from 2 banks. So things do seem to be fairly easy.
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Old Jan 8th 2013, 9:02 pm
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Default Re: Easy to get Finance?

Car finance is a piece of doddle

We arrived in October last year, 6 weeks later I got a car on finance.

Just inform your income and expenditure. Then you'll be informed whether your approved or not. Takes about three working days to get approved
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Old Jan 8th 2013, 11:30 pm
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Default Re: Easy to get Finance?

I got car finance a few weeks after arriving on a work visa.
Walked into the car yard and drove out on the same day with a 'new to me' car and finance in place.
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Old Jan 9th 2013, 7:22 am
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Default Re: Easy to get Finance?

Thanks for your replies. We should have a considerable deposit for a mortgage, so it's reassuring to know we don't need to live in NZ for a long period of time to get a mortgage. I only asked about the Car Finance as I'm sure you'll appreciate, we don't want to sink a large chunk of our capital into a car straight away by having to buy it outright.
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