New Zealand citizens loans

Who is this page for?

This page is for New Zealand Citizens or New Zealand Permanent Residents (PR) who are living in either Australia or New Zealand and who would like to apply for a home loan to buy real estate in Australia.

How much can you borrow?

New Zealand citizens or residents living in Australia can borrow up to 95% of the value of a property plus LMI. This is because in practice NZ citizens are allowed to live in Australia indefinitely.

New Zealand citizens or residents living in New Zealand can often borrow up to 95% of the value of a property in Australia. Despite being a non-resident borrower, many banks will treat you the same as if you were an Australian citizen living in Australia.

This is because our governments have several joint agreements for trade, residency and legal purposes. In addition to this our countries share the same credit reporting system via Veda Advantage and many NZ banks are owned by Australian banks. For these reasons several banks see NZ citizens as low risk borrowers even when compared to UK or USA citizens.

Which banks are the most competitive?

If you are living in Australia and borrowing up to 80% of the property value then almost all lenders will accept your loan application. So it is just a matter of us shopping around to find you the most suitable loan at a competitive interest rate.

However if you are living in NZ or are borrowing over 80% of the purchase price of your property, then not every lender will approve your home loan. For this reason we use a different methodology to find you the best lender. In most cases we would obtain the full details of your situation including your supporting documents such as banks statements, payslips and tax returns. We can then work out which lenders you qualify with, and then let you choose the most suitable mortgages available from those lenders.

In most cases NZ citizens qualify for a loan from reputable banks, there is no need to apply with specialist or non-conforming lenders.

Is Australian Government approval required?

No, Foreign Investment Review Board approval is not required for New Zealand citizens however it is required for New Zealand permanent residents.

Are first home benefits available

The Australian government’s First Home Owners Grant (FHOG) and other benefits are available for permanent residents, as if they were citizens of Australia. This is because the Department of Immigration automatically grants New Zealanders living in Australia a Special Category Visa (SCV). New Zealand citizens are considered to be permanent residents of Australia and so are eligible for the grant.

Please refer to your state governments first home buyer website for information about which benefits are available in your state.

Apply for a home loan

We are mortgage brokers that specialise in helping people without Australian citizenship to apply for loans in Australia. We know which banks can accept your application, and which will offer your the best interest rate as a non-resident.

If you would like to buy a property in Australia and would like to know more about how we can help then please contact us or enquire online.