AndyR

We are currently looking for a rental property to tie us over for 1-2 years but after this, or sooner ideally, we want to buy a property in NZ.

Big question is though that over here in NZ they always seem to want a minimum of 20% deposit which is a nightmare! Say for example, we wanted a $400,000 house. We could afford the mortgage each month on this, but they won't lend you this much because you need an $80,000 deposit to get this house!!!

Does anyone know if you can get a mortgage which a lower than 20% deposit over here? We are in Auckland btw.

simonmarkellis

Friends of our's got a 100% mortgage last year... can't remember who with, but he is a Project Manager with an Accredited Company, so whether that made a difference i am not sure...

AndyR

Oh ok thats promising then. Not after 100% I don't think, but just need the option of a smaller deposit and we'll be fine.

Thanks for the help.

bourbon-biscuit

Shop around- there are still banks offering mortgages with lower deposits or none afaik. We're hoping to buy in a couple of years too.

Genesis

Try 'Mike Pero' He has a website. You WILL get a mortgage with less than 20% deposit. Good luck.

pricklykina

We used Charlotte Lockhart at Mike Pero in Auckland and she was great.
We put down 7.5% a year ago when the banks were really tight...no problemo.
We're not loaded but probably gross 125k.
The only thing is that you pay an extra premium for having low equity. that means for us an extra .5 on the interest rate until we have 20% equity in our home. Some banks want this up fromt.

We also get cheaper rates as i am a health professional so that gaves .5 of floating I think and a bit less off fixed