[andrewandjane]

hi

looking for info on how long i would have to be in nz with PR before i could get a mortgage?

also what sort of amount can you borrow in terms of salary. ie 4 times salary etc?

need to see where i can afford to live/ buy as we want to rent in the same area when we arrive so as not to disrupt kids etc again after moving them half way round the world.

[StevieD]

I think you can get a mortgage as soon as you want with PR... hope so coz I am in the same boat :laugh

Don't know what the lending is but with quite high rates don't want to go getting ourselves up to our necks again!!

[veronica]

you don't even need PR. work visa will do.

[willsken]

We are looking at getting a mortgage at the moment. 4 x salary is what we have been told. (That's joint to I think but I'm not 100% sure as we are only using mine) They will lend 100% but they seem happier with a 10% deposit. It all seems very easy to set up as well. 5 days seems to be the norm.

[Trigirl]

we've been offered just under 4.5 times my salary by one bank and 4 times by another. these were based on my salary alone. we've been here about 6 weeks and we were offered this more a week before i started work (although obviously i did have to show them the signed contract).

[suebeenz]

i don't know if it's true, but i heard that if you don't have to have PR, but if no PR, then you need to put at least 20% down, and won't be offered anything longer than a 20 year loan.

(please someone correct me if they found differently)

[seagulls]

We had been here two weeks on a PR and we were offered a mortgage by Westpac, National, BNZ and ASB. Within three and a half weeks after arriving in Auckland we had moved in. The process is so quick.
All banks will give you a certificate stating how much you can borrow which you can take with you whenever you put in an offer.

Our mortgage is 4.375 x salary with 25% deposit and with BNZ

Don't forget to haggle over everything.

Loan arrangement Fee - they will clear this if you ask them to
Legal Fees - they will pay for your solicitor if you ask them to
Rate - they will reduce the rate if you ask them to - look for the best rate and get them to match it.

[Avalon]

At a Property Investors meeting yesterday - I asked about the salary multiplier (how many times salary you could borrow). According to the mortgage broker it ranges from 3 to 7 times salary depending on circumstances :wah

[sizzlingbadger]

We're 3 times our salary and that's way to high in my opinion. I would be worried going 4 times over especially if you're fixed rate and the mortgage interest rate jumps after that time expires.

We had friends that only had a work permit and couldn't get a mortgage until they had PR, it was a year and a bit ago. So not sure if things have changed since then.

You do need to be able to prove your working and you've got a steady income coming in. Saying that though the bank did offer us a mortgage before the OH had started work :roll

[suebeenz]

By the way, just wanted to say that I've been offered a loan requiring only 15% down. I don't have PR (but the ITA deadline is looming - stressing to get stuff together)

[Ana&Steve]

By the way, just wanted to say that I've been offered a loan requiring only 15% down. Nice!:nice1
Ana

[Jo_b]

Couple of weeks in on a working holiday visa and a letter saying I'd be getting $xx an hour and we got a motgage with ASB. We just had to give them a $10k bond (which was invested so we got interest on it) for the first two months to prove that we could pay.