smiler000

Hello all!

Just a quickie question...has anyone managed to get a mortgage (or homeloan as its called!) whilst on a WTR visa? I am starting work shortly on one of these visas, a talent visa, and I wondered if that was a major problem when it comes to mortgages...

Any experiences related greatly appreciated!!!

Thanks all,

Smiler

zoej

we had no problems getting one at all on our WTR, but we were getting a small one which was less than the land value of the property, so well below 75%. I think they may be tighter with issuing one/offer at higher interest rates as their risks are higher if you asked for say a 100%.

We just needed to prove 3 payslips, IRD number and give value of assets - i.e car, furniture etc. Also to sign to say we had no other loans, mortgages, cards etc. Don't think it is a problem if you do, just will effect how much they lend, like any mortgage lender other outgoings are taken into account. Each application is assessed on an individual basis and circumstances.

theduke

What is your talent?

smiler000

Its part of the talent visa which involves accredited employers so its not so much about talent as such!

ex_exile

Got one on a work permit.

You need to find a mortgage broker who is willing to chase the banks down for you, one of them will be willing to advance you a home loan. He wont get paid unless he gets you the mortgage and he will have contacts within the banks with whom he has worked before hence this is much easier than going to all of the banks yourself.

teambwr47

As the ASB ask us everytime we have contact with them if we'd like to get a mortgage, plus they know full well we are on 12 month visa's i doubt there would be a problem if you're on WTR.

Wessa

I take it the bank will want previous uk statememnts etc? will they ask for much more?
Im planning to apply for a morgage of 150k ish when i get over there on a wtr visa.

Gary.

TeamEmbo

We weren't asked to provide any information from the uk. We just filled out a form stating our current income and outgoings. For the utility bills bit the banks have look up tables to say what averages will cost (eg. electric per month for a family of 2 adults, 2 kids, etc) as we'd only been here a week and didn't have a clue what we'd be paying. And we obviously didn't have 3 months worth of wage slips from NZ to show as proof of income, just the contract of employment and WTR stickers in passports.

Basically banks will lend ok if it is 80% of the LRV of the purchase price and if your mortgage repayments don't exceed 40% of your net monthly income. But having said that, banks will lend up to 95% of the LRV.

And there are one or two companies the banks can use if you require higher than 95% mortgage, although you will pay at least 1% over the floating (variable) interest rate due to being a 'high risk' loan.

And the higher the loan rate you apply for the more chance the bank will want a valuation done (we paid around $400).

It can all be done very quickly though. We made our offer, and moved in 6 days later (and there was a bank holiday in that time too!).

And don't offer the asking price. As far as our experience and that of many others I've been told of, offer what you think is a far price, everything seems negotiable.

angpaul

we are on work visas.used a broker which the bank pays if succesfull.we got 80% motgage only had to prove our NZ income.No problems very easy to do over here.

Wiz'n'Ton

You'll have zero problems up to 80% of the purchase value, and especially if you are bringing a nice deposit with you.

We have currently got 2 (yep - 2!) mortgages and all on a 12 month working holiday visa!!!

Banks here are (or were - pre 'credit-crunch') happy to loan silly money.

smiler000

Wow loads of positive responses, thank you all so much!! Thats great news woo!