Expats & Getting Finance/Credit in NZ
#1
Forum Regular
Thread Starter
Joined: Jan 2009
Location: New Zealand
Posts: 280
Expats & Getting Finance/Credit in NZ
Hello all,
We've been contemplating renting a motorhome in NZ for when we first land there, until we find our feet.
As I suppose should be expected, renting a motorhome long term (we don't really have an accurate idea of how long we'll need it for) is really quite expensive and we run the risk of booking it for too long or, more importantly, not long enough.
So now we're thinking about buying one instead - not a new one, they're heart-stoppingly expensive - but one that we may well keep hold of long term, but we'd have the option of at least selling on once we're finished with it.
Our issue is that we don't have buckets of cash lying around and we wouldn't be able to buy one without putting some of the purchase amount on Finance.
We're currently looking at motorhomes in the region of NZ$55k and expect to be able to have at least NZ$20k, perhaps NZ$25k to put towards it... however this whole idea falls flat on it's face if we can't source finance for the remaining balance.
As a UK Citizen is it possible (and if so how) to get finance for such a purchase in NZ?
PS, we know we *could* just hit the UK Credit Cards if needs be but I'd rather not.
We've been contemplating renting a motorhome in NZ for when we first land there, until we find our feet.
As I suppose should be expected, renting a motorhome long term (we don't really have an accurate idea of how long we'll need it for) is really quite expensive and we run the risk of booking it for too long or, more importantly, not long enough.
So now we're thinking about buying one instead - not a new one, they're heart-stoppingly expensive - but one that we may well keep hold of long term, but we'd have the option of at least selling on once we're finished with it.
Our issue is that we don't have buckets of cash lying around and we wouldn't be able to buy one without putting some of the purchase amount on Finance.
We're currently looking at motorhomes in the region of NZ$55k and expect to be able to have at least NZ$20k, perhaps NZ$25k to put towards it... however this whole idea falls flat on it's face if we can't source finance for the remaining balance.
As a UK Citizen is it possible (and if so how) to get finance for such a purchase in NZ?
PS, we know we *could* just hit the UK Credit Cards if needs be but I'd rather not.
#2
Re: Expats & Getting Finance/Credit in NZ
Hello all,
We've been contemplating renting a motorhome in NZ for when we first land there, until we find our feet.
As I suppose should be expected, renting a motorhome long term (we don't really have an accurate idea of how long we'll need it for) is really quite expensive and we run the risk of booking it for too long or, more importantly, not long enough.
So now we're thinking about buying one instead - not a new one, they're heart-stoppingly expensive - but one that we may well keep hold of long term, but we'd have the option of at least selling on once we're finished with it.
Our issue is that we don't have buckets of cash lying around and we wouldn't be able to buy one without putting some of the purchase amount on Finance.
We're currently looking at motorhomes in the region of NZ$55k and expect to be able to have at least NZ$20k, perhaps NZ$25k to put towards it... however this whole idea falls flat on it's face if we can't source finance for the remaining balance.
As a UK Citizen is it possible (and if so how) to get finance for such a purchase in NZ?
PS, we know we *could* just hit the UK Credit Cards if needs be but I'd rather not.
We've been contemplating renting a motorhome in NZ for when we first land there, until we find our feet.
As I suppose should be expected, renting a motorhome long term (we don't really have an accurate idea of how long we'll need it for) is really quite expensive and we run the risk of booking it for too long or, more importantly, not long enough.
So now we're thinking about buying one instead - not a new one, they're heart-stoppingly expensive - but one that we may well keep hold of long term, but we'd have the option of at least selling on once we're finished with it.
Our issue is that we don't have buckets of cash lying around and we wouldn't be able to buy one without putting some of the purchase amount on Finance.
We're currently looking at motorhomes in the region of NZ$55k and expect to be able to have at least NZ$20k, perhaps NZ$25k to put towards it... however this whole idea falls flat on it's face if we can't source finance for the remaining balance.
As a UK Citizen is it possible (and if so how) to get finance for such a purchase in NZ?
PS, we know we *could* just hit the UK Credit Cards if needs be but I'd rather not.
#3
Re: Expats & Getting Finance/Credit in NZ
You should be able to get finance for the duration of your visa/work permit only, though you will expect to pay a decent deposit to secure the loan. Speak to some of the banks, but if you are buying a home anew then the dealer should probably have some kind of link to a finance company.
#4
Forum Regular
Thread Starter
Joined: Jan 2009
Location: New Zealand
Posts: 280
Re: Expats & Getting Finance/Credit in NZ
...so we're in a position whereby we can't get the PR status without the job, but we can't get the job before we're in the country, therefore we need to land in NZ, have somewhere to sleep, but need to be able to travel around considering that we don't know where the next job interview will be nor if/when/where the job will be secured. The tourist VISA gives us up to six months to secure a job and start the ball rolling in terms of applying for PR status.
So the motorhome would be a somewhat reasonable solution to that, but until our house has sold (and it's looking extremely unlikely that it's going to sell before we leave) we don't have that much spare cash at our disposal but have a relatively healthy monthly income that we can utilise.
We're determined not to let it beat us, but what the solution is I don't know.... unless... by any chance is there a member of this forum, in NZ, with a Motorhome (suitable for 2 adults and 2 young kids) sat on their drive that they wouldn't mind us renting/borrowing for a short while?
#5
Re: Expats & Getting Finance/Credit in NZ
If you can bring proof of the disposable income you have with you, I would think that a 30-40% deposit would maker it a peice of the proverbial to get a long term rental/lease.
#6
Re: Expats & Getting Finance/Credit in NZ
I don't think that you'd get a loan in NZ with no physical address, no IRD number and no bank account here and only a tourist visa but if your intention is to travel round to find a job and get to see some of NZ you could also rent a car and stay in Top 10s, homestays etc. or if you know an area you would prefer, perhaps rent a house short-term?
I seem to remember hearing that January was the best time to apply for primary school jobs - start of new school year.
Good luck, hope it all works out ok, and enjoy your adventure
I seem to remember hearing that January was the best time to apply for primary school jobs - start of new school year.
Good luck, hope it all works out ok, and enjoy your adventure