mortagages!

Old Aug 26th 2007, 4:47 pm
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Default mortgages!

How easy is it to get a mortgage in New Zealand? We are thinking of renting initially, but would like to buy after we have sussed out where we want to live. Any particular criteria for successfully gaining a mortgage?

Last edited by SWALLOW2; Aug 26th 2007 at 5:43 pm.
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Old Aug 26th 2007, 7:22 pm
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Default Re: mortagages!

They are called Homeloans and there is plenty of answers on this forum in the last few weeks on the same subject.

Search engine is your friend.

Simple answer is speak to the bank either you get one or you dont.
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Old Aug 27th 2007, 1:27 am
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Default Re: mortgages!

Originally Posted by SWALLOW2
How easy is it to get a mortgage in New Zealand? We are thinking of renting initially, but would like to buy after we have sussed out where we want to live. Any particular criteria for successfully gaining a mortgage?
We found it really easy to get a home loan. We applied online in the UK, had to fax over copies of our credit file Phil's job offer (as I didn't have one!) and our work visas and a few days later got a response telling us how much we could borrow.
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Old Aug 27th 2007, 8:22 am
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Default Re: mortgages!

Originally Posted by SWALLOW2
How easy is it to get a mortgage in New Zealand? We are thinking of renting initially, but would like to buy after we have sussed out where we want to live. Any particular criteria for successfully gaining a mortgage?
We bought our house within 1 week of arriving in NZ. We got an indpendant morgage broker then went through the National Bank. Mortgage approval went through in 24 hours - not the same red tape here.
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Old Aug 27th 2007, 9:02 pm
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Default Re: mortagages!

We have found that if you are applying for anything over 80% of the property value, some banks (e.g. Westpac) want you to prove residency. This can be got around by going to other lenders, however the interest rates offered rise according to the company's perception on your risk.

If you have a fat deposit that takes the load to under 80% then you'll have no worries whatsoever, regardless of your visa status. You can even buy whilst still in the UK, with no visa whatsoever!

Seconded regarding how quickly things can be organised too - our purchase was done and dusted in a week.

Good luck!
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Old Aug 27th 2007, 9:37 pm
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Default Re: mortagages!

Originally Posted by Wiz'n'Ton
We have found that if you are applying for anything over 80% of the property value, some banks (e.g. Westpac) want you to prove residency. This can be got around by going to other lenders, however the interest rates offered rise according to the company's perception on your risk.

If you have a fat deposit that takes the load to under 80% then you'll have no worries whatsoever, regardless of your visa status. You can even buy whilst still in the UK, with no visa whatsoever!

Seconded regarding how quickly things can be organised too - our purchase was done and dusted in a week.

Good luck!

Heed the wise words of the mystical people known only as Whiz N Toni
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Old Aug 27th 2007, 10:24 pm
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Default Re: mortagages!

Originally Posted by Wiz'n'Ton
We have found that if you are applying for anything over 80% of the property value, some banks (e.g. Westpac) want you to prove residency. This can be got around by going to other lenders, however the interest rates offered rise according to the company's perception on your risk.

If you have a fat deposit that takes the load to under 80% then you'll have no worries whatsoever, regardless of your visa status. You can even buy whilst still in the UK, with no visa whatsoever!

Seconded regarding how quickly things can be organised too - our purchase was done and dusted in a week.

Good luck!
I told you that!!! As that's exactly what happened to us!
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