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Work to residency visa, mortgages and brokers!

Work to residency visa, mortgages and brokers!

Old Mar 2nd 2008, 11:00 pm
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Smile Work to residency visa, mortgages and brokers!

Hi all,

I am on a work to residency visa (two months in) and am researching mortgage options at the mo - I spoke to one broker, Roost , who said that my immigration status means that banks etc require 20% deposits on houses etc.

I wondered whether anyone had had similar experience, or whether anyone found any lender prepared to accept 10%? Or if anyone could recommend other brokers which they have used?

Thank you all!
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Old Mar 2nd 2008, 11:09 pm
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Default Re: Work to residency visa, mortgages and brokers!

We needed a 95% mortgage. Also came over on 30 month WTR visas. We went through ANZ who refer such high risk requests to Nationwide - a sort of separate company who take on such lending requests. We needed to get a survery of the house to prove it's market value and assure the Nationwide it was a sound investment. You do pay over the current floating rate but we asked for this to be done for 6 months (the mortgage itself was over 25 years) as we were applying for PR and once we had that granted we would be able to get a much better rate/fixed rate from ANZ or elsewhere.

Nationwide Home Loans freefone: 0800 663 444
(we spoke with Zac Star, Customer Management Specialist)

hope this helps. Good luck
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Old Mar 2nd 2008, 11:33 pm
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Default Re: Work to residency visa, mortgages and brokers!

Originally Posted by curlygirl000 View Post
Hi all,

I am on a work to residency visa (two months in) and am researching mortgage options at the mo - I spoke to one broker, Roost , who said that my immigration status means that banks etc require 20% deposits on houses etc.

I wondered whether anyone had had similar experience, or whether anyone found any lender prepared to accept 10%? Or if anyone could recommend other brokers which they have used?

Thank you all!
i recommend http://www.adamparore.co.nz/ They offer free advice, do all the leg work for you - we used them and cannot fault the service at all. Our guy negotiated a lower interest rate than what the bank was already asking. Drop me a PM if you are in wellington area and i will give you the direct contact details for the chappy we dealt with.
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Old Mar 3rd 2008, 1:19 am
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Default Re: Work to residency visa, mortgages and brokers!

Thank you guys that's really helpful, I will indeed speak to these people!
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Old Mar 3rd 2008, 12:16 pm
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Default Re: Work to residency visa, mortgages and brokers!

Originally Posted by curlygirl000 View Post
Thank you guys that's really helpful, I will indeed speak to these people!
try westpac as well, when we applied ( i cant remember if we were still on WTR or Residency) we got a 95% mortgage, but they wanted to see six months worth of saving to show we were prudent about working with money. It depends a lot on the mortgage broker (ie the person) you get too, as some seem to know how to play the game getting loans approved better than others.

Negotiate fees and any higher lending charges too
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Old Mar 3rd 2008, 10:51 pm
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Default Re: Work to residency visa, mortgages and brokers!

Ahh that is great advice thank you all very much :-)
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Old Mar 4th 2008, 9:11 pm
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Default Re: Work to residency visa, mortgages and brokers!

Originally Posted by curlygirl000 View Post
Hi all,

I am on a work to residency visa (two months in) and am researching mortgage options at the mo - I spoke to one broker, Roost , who said that my immigration status means that banks etc require 20% deposits on houses etc.

I wondered whether anyone had had similar experience, or whether anyone found any lender prepared to accept 10%? Or if anyone could recommend other brokers which they have used?

Thank you all!
Having been in discussions with a mortgage guy (recommended by a friend) I will probably not be buying a house for a while! Basically I'm 4 and a bit months into my WTR, minimal deposit, and he basically said the lenders will class me as a risk, hence why they were quoting something like 11.6% interest rates, on a $300000 mortgage that would be monthly repayments of something like $3200!!!

Renting for me still...
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