Mortgage Advice Please
 

Is there anybody in NZ on a work visa/permit who has managed to obtain a mortgage with a less than 20% deposit.The reason I'm asking is that we should be arriving in approx 6 months and getting a bit concerned about this.
please advise as there is no way we could affordthat kind of deposit.
Thanks
Angie

Re: Mortgage Advice Please
 

Could you not just rent until you get your PR

Re: Mortgage Advice Please
 

We are going to rentat first but the reason for coming onwork visa is OH is trukker and not going to get PR.

Re: Mortgage Advice Please
 

Is there a restriction if on a work visa then ? Coz I didn't think there was.

Looking at ASB Bank website you can borrow 95% of a properties valuation.Obtaining a mortgage depends on what your income is and what debt you already have. There will be a maximum amount that you can borrow depending on your earnings .
Add what you would be allowed to borrow together with any money you will be bringing over and it gives you how much you can afford to spend on a house not forgetting you need to buy a vehicle etc..

What range of $$ do you think you are looking at for a house ?

Why not contact ASB , given them details of what your husband will be earning and ask them to tell you what you may be able to borrow .

Re: Mortgage Advice Please
 

Another one to look at is National. They have a whole section for migrants try this
http://www.nationalbank.co.nz/person...lfemployed.htm

Re: Mortgage Advice Please
 

Luckily we dont have a mortgage here but if we did I would reccomend a fixed 3 yr one for starters as the floating ones vary so much and may go sky high soon .Get a good mortgage broker to help you they ge tpaid commision so look for the best for you .