[sweetpea]

Recently lenders in the US have become quite lenient (OK, downright lax) in their mortgage terms. I'm wondering if it is similar in NZ.

Specifically, are there 100% or 80/20 mortgages available? Or mortgages that only require 3-5% down? I see that L.J. Hooker offers Low-Doc loans, which is helpful.

Just tired of giving away my $$$$ to landlords, and not seeing much in the way of dog-friendly rentals.

Thanks,

Laura

[dave k]

From what I have gathered from talking to mortgage brokers, banks, etc. you are able to borrow anything from 90-100% IF you're a NZ citizen or have PR, IF you have regular, guaranteed income and you can point to a reasonable chunk of $ in your savings that you've been adding to regularly.

For us foreigners though, the norm is a loan of 80% :(

I know what you mean about swelling the pockets of landlords though...had a bellyfull of that myself .

[heimatseeker]

National Bank (and I'm sure others - that's just the one I know about) offers home loans with as little as 5% deposit (i.e. downpayment in US terminology), but there are so-called low-equity penalties if you borrow more than 80% of the purchase price. You may even be able to borrow up to 97%, but that's subject to your specific situation and may come with additional conditions.

As Dave says, if you don't have residency, the the maximum amount you can borrow is 80%.

Also, unlike in the US, mortgage interest is unfortunately not tax-deductible here. :(

[xanctus]

Also, unlike in the US, mortgage interest is unfortunately not tax-deductible here. :(

and also, personal income is not tax-deductable. Am i correct?... :uhoh :uhoh