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Getting a mortgage!!

Getting a mortgage!!

Old Nov 3rd 2009, 6:28 pm
  #1  
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Default Getting a mortgage!!

Hello all

Just wondering if anybody can shed light on getting a mortgage as a new resident in NZ?

Is it straight forward?

What doumentation do we need?

Any info is appreciated

Ta

Mark
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Old Nov 3rd 2009, 6:36 pm
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Default Re: Getting a mortgage!!

From my own experience it was very staright forward, in fact much easier than the UK.

I found the house, went to the bank (put down a 25% deposit, I think the minimum deposit is 5% but I might be wrong, I am pretty sure there are no 100% morgages here).

Within 20 minutes I had my mortgage approved, I have even moved house once whilst here and rather than reapply for a mortgage the bank just transferred the mortgage to my new property.

Each case is different but I think it is pretty easy, all the documentation I needed was, prove that I had the funds for the deposit, a valid passport with visa's and a letter of confirmation from my employer regarding my salary.

I am sure others have had and will share their experiences.
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Old Nov 3rd 2009, 6:39 pm
  #3  
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Default Re: Getting a mortgage!!

It was over 2 years ago since we did this but from memory we needed proof of work contract/salary, a solicitor and a survey of the house which we arranged via the real estate agent (she advised a good local surveryor who we paid direct) to confirm the value and quality of the house.

I think the calculation of the time was done on available income - ie the mortgage repayments shouldn't exceed 40% of the net take home pay.

The deposit was paid to the real estate agent when the contract went unconditional.

The mortgage itself was fairly easy to arrange. Wages had to be paid into the bank that gave the mortgage.

Things might be different now with the recession - I'm not sure if they are still asking for a minimum 20% deposit but there are some good fixed rates around at the moment and some offers for part fixed, part variable so it might pay to shop around or use a broker.

From memory there were some set up fees for the mortgage which our broker got waived.

We also had to get building and content insurance and show the bank proof of that - especially building insurance to the value they specified.
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Old Nov 4th 2009, 7:41 am
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Default Re: Getting a mortgage!!

Originally Posted by SHAZMARK View Post
Hello all

Just wondering if anybody can shed light on getting a mortgage as a new resident in NZ?

Is it straight forward?

What doumentation do we need?

Any info is appreciated

Ta

Mark
Hi Mark,
When did you arrive in NZ? The last time we emailed each other you where going for your medicals in the Elms.

We have just bought a Life Style Block in Stillwater, Silverdale.

I found is very quick and easy to sort. It is alot different than buying in the UK. If you put an offer in make sure you put some clauses in, ie Mortgage or Builders report just in case

Good luck

Any questions just ask.

Where about have you moved to?

Regards
Karen
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Old Nov 4th 2009, 5:07 pm
  #5  
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Default Re: Getting a mortgage!!

Hi Karen

We are still in sunny Upholland UK!!!!

Just sold the house and looking to be in NZ for early Feb

All the paper is now sorted, Jobs are sorted just got to get to Christchurch for Feb

How have you found it since you moved out there....any tips or advice will be appreciated...look forward to your reply

Nice to hear from you

Mark
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