There are a number of mortgage brokers in New Zealand with experience dealing with off-shore clients, but being one of the longest established broking businesses gives Mortgage Link a lot of experience with the many different scenarios and the various banks and other non-bank lenders.
Our off-shore clients buy property for a variety of reasons, there are expats returning to New Zealand now or who intend to return to New Zealand at some stage but wish to buy now.
Expat’s have chosen to live off-shore for a number of reasons including the experience and higher incomes overseas. Often they wish to put that higher income to good use and secure a property in New Zealand.
Of course some people think that New Zealand offers great opportunities for property investment with no capital gains taxes, no stamp duties, and a good stable little economy where people are obsessed with property makes New Zealand a great place to invest in property!
The main difference for off-shore borrowers with the banks is the deposit size.
Normally in New Zealand you can get away with a 10% deposit although having a larger deposit helps a mortgage broker negotiate a better deal.
If your income is sourced from outside New Zealand you will generally require a 20% deposit and if buying outside the main towns you may require a larger deposit.
Generally, the other aspects of any mortgage deal remain the same.
There are three key areas that they all look at;
- Your deposit / equity – on standard houses in the main areas they will be wanting a 20% deposit. If the property is outside of the main centres or a non-standard property then a larger deposit may be required.
- Your credit history – they will require a credit check in New Zealand and while you might have very little (if any) history here, as long as there is nothing adverse then it is normally okay. It would be good though if you could get a record of your credit files from the country where you are living as this adds credibility to any application.
- Affordability – the banks want to know that you can afford the repayments; hence they want to see your employment contract and payslips etc and know what all your expenses will be.
Whether you are a kiwi living abroad or looking to emigrate to New Zealand we can help wherever you are in the world.
We Help Source Mortgages For Expats
There are a number of banks and non-banks that offer mortgages in New Zealand but they all have different ways of dealing with mortgages for expats and off-shore borrowers, and some will not even offer non residents a mortgage at all.
As a mortgage broker for Mortgage Link we have a lot of experience with dealing with people off-shore.
At Mortgage Link we like to source the best mortgages for expats.