Shazmoo

Hi all

My partner and I are heading over in December and are initially renting for 6months or so, however, I HATE renting ive spent the last year renting a house and now I have to walk away without anything, so ultimately we are going to get a mortgage.
How simply or not it is to get a morgage in NZ?? i'm a nurse and my partner is a gas man, will will both have a steady income and have no childen, although, we both have bad credit history (from being students) does your credit rating start again when you come to NZ, or will our Enlgish one hang around like a fart lol?!

Any help would be grand as always

Shaz

Gun4Hire

As you won't have a credit rating in NZ any application for credit will be initially denied. However after that you can instruct the bank to retrieve your credit rating from the UK, if you have a good rating then you'll get a mortgage. I think any problems in the past that have been subsequently sorted continue on record for six years after you sorted out any problems.

concretepump

hi we asked ASB, what they would lend , new migrants need prove of work permit and conformation of job, and they will lend 50-60% of asking price so if you have a good deposit should be no problum

Shazmoo

Even for things like mobile phone contracts? DENIED??!!

Gun4Hire

I'm only going by what my bank (HSBC) said when I opened an account in New Zealand through them. I thought that it might be useful so that my credit history would go with me. But they told me (with respect to credit cards), that I would have to apply with HSBC NZ at which point it would be denied, then they would pull over my credit history from the UK and it would all work - but that is probably just for credit cards.

It probably is OK for a mortgage no matter what your credit history is, as long as you have a decent deposit.

As for other things like mobile phones, NZ is very laid back, I mean you can open a bank account just by wondering in and flashing a passport or drivers license.

Toon_Nut

I've been advised to get an Experian credit report rattled off here in the UK before we go.

Apparently it helps with credit owa there, so I'm told?

nelsonpom

We got a mortgage very easily, with no credit checks, no job and didn't even have bank account set up. This was 4 years ago so may well be different now

janeyk

we have gained a mortgage easily in fact I had not even started my job, your visa status is the key!

Jan n Neil

Me and Jan had exellent credit in the UK but they wern,t bothered here so i assume it would be the same for bad credit it seems to run on a trust thing and a decent deposit


Neil

CarolineSwan

Didnt even ask about our credit rating in the uk, (ours is fine so that was np anyway) we came on WTR visas so couldnt get a visa until we got PR but then when we did apply they gave us a 10k limit straight off, we got our mortgage fine too and were offered upto 80% but then we actually paid for our land ourselves so that could be why we had no issues

Infact when we were applying to get our mortgage, i had said about our properties in the UK and she was likewe dont need to know what you have over there,

Bo-Jangles

I have never heard anything of the like. When we arrived the real estate agent for our rental just said 'No worries, there's no point us checking your credit history, as you won't have any'. Most of them will assume naturally that being a 'cashed-up Pom' that you don't require any credit checking.

We have never been refused credit or otherwise from likes of utility companies, phones, credit cards or whatever. The banks don't much care about your ability to repay a mortgage, because if you default they simply get to keep the house. They'll only want to see evidence of your income, coming directly into one of their bank accounts from your employer or copies of payslips. The banks offered us stupidly high credit limits on credit cards, which we promptly declined and requested much lower limits.

CarolineSwan

It def depends on your bank, ours wouldnt give us one(visa card) on a WTR, we were also asked for 2 referees for our rental, which they did check up on, though they did say they would understand if we had none, my friend has just been refused a mortgage and she is a kiwi, they dont give them to everyone

PSW2010

When we arrived in 2005 I had bad credit for one reason or another, and never had a problem in NZ, got bank account, got a loan & got offered a then 100% mortgage, my credit in NZ was perfectly clean & no questions / references were made to the UK at all.
It was really simple, not sure how long it takes to build up 'good credit' in NZ, but the bank account was instant & loan was maybe 8 or 9 months later, as was the mortgage.
Hope this helps

CarolineSwan

i dont think it takes long, we applied for a loan after being here around 4 months, and they were happy as they saw garys wage going in , plus ,maybe cos we owned the land helped??

i think aslong as your credit fine here you will be ok

Shazmoo

Well that all sounds REALLY positive!! Can anyone recommend a good bank? Hopefully the bank will see regular good money going into my account each month and after 6 months we will be able to apply for a mortgage. Houses seem relitevely cheap over there, while renting is a bleedin RIP OFF!!!!