[kiwidollie]

Question for all you knowledgeable folks out there.....

We will be arriving in NZ on Work Visas/Permits. Does anybody know what the situation is regarding getting a mortgage, buying property etc Do you have to have been granted PR before you can get a mortgage or buy property?

Thanks in eager anticipation ....

[tigerlily]

Non-residents can own property, but there are a few restrictions if you want waterfront and lots of it. Mortgage I'm not sure of.

[Avalon]

Technically the answer is no - you need to be a resident in order to get a mortgage :no

However - it MAY be possible in certain circumstances - so its worth being prepared to do some checking around and talking to banks etc.

We have a mortgage with ASB, but as the house is owned jointly between us and my parents (who put cash in and didnt need a mortgage) - the bank needed them to be named on the mortgage. However, my parents are only here on Visitors visas, so technically cant have a mortgage. Because by this point i had built quite a relationship with the bank manager and because they really really wanted the accounts - my parents are now the proud owners (?) of a chunk little mortgage :exit

Im about to go in next week and see if I can pull the same stunt for my brother - who is also a visitor, but wants to buy a 1 bed house to go on our land.

Obviously - this scenario is unlikely to be the same as yours - so may not be relevant in itself, but its worth bearing in mind that the rules can sometimes be bent a bit. My best advise is to get to know a local bank manager who is friendly and you get on well with ASAP and work from there. Your "Persoanl Relationship Manager" as they are called is really your new best friend when it comes to bank accounts here - and ive found that in my experience - they can get round an awful lots of rules for you.

Also - while I didnt use them, so I cant say whether its helpful or not- there are lots of mortgage broker companies such as Mike Pero, Wizard Home loans, which again may be able to swing something for you.

So dont give up! :cheers

[colindp]

Hi,
Don't really know about a mortgage but we arrived in NZ in October on work to residence visa's, we had applied for finance for a car and some new furniture and in both cases we were not allowed to extend the loan period beyond the expiry date of our permits. Even if we intend to apply for residency. However had we arrived with residency in the first instance then we would have had no problem.....

[kiwidollie]

Thanks for the information folks.

Alison

[Kim39]

Hiya Alison

NO, you don't have to have PR to get a mortgage, but most banks like you to put down a 20% deposit, as they do class you as higher risk. We had only been in the country for 5 days and we were offered a mortgage when we opened our bank account, and that was with the ASB, so don't be worrying.

Elaine (Kim 39 OH)

[Avalon]

Wow - you learn something new every day :nice1

[Nienke]

Pfew, was getting worried there for a second..... we will need a mortgage on a WTR visa, so it's good to know that will be possible.