New Zealand Citizen Mortgage
Australian home loans for New Zealanders!
This page is for New Zealand citizens or New Zealand permanent residents (PR) living in either Australia or New Zealand, who would like to apply for a mortgage to buy real estate in Australia.
Can I borrow in Australia?
The amount that you can borrow and the banks that will lend to you will vary depending on your situation:
- Living in Australia: New Zealand citizens living in Australia can borrow up to 95% of the value of a property plus LMI. This is because NZ citizens have automatic permanent residency (PR).
- Living in New Zealand: New Zealand citizens or permanent residents living in New Zealand can borrow up to 95% of the value of a property in Australia with our help. Despite being a non-resident borrower, one of our lenders will treat you the same as if you were an Australian citizen living in Australia!
- Living outside of NZ or Australia: you may be treated as a foreign citizen and have your loan limited to 80% of the property value. Call us for specific advice for your situation.
- Mortgage discount packages: one of our lenders can offer NZ citizens and NZ permanent residents the same professional package discounts that are available to Australian citizens.
Will I pay a higher interest rate?
No, in most cases we can get you the same interest rates as Australian citizens. This is even if you are borrowing 95% of the property value!
What documents will I need to provide?
To find you the best lender we will need to obtain the full details of your situation, including supporting documents such as bank statements, payslips and tax returns.
We can then work out which lenders will approve your home loan, and let you choose the most suitable mortgage out of those available from these banks.
Do you need the help of an Australian mortgage broker? Please call us on +61 2 8668 4038 from overseas, on 1300 889 743 from within Australia or enquire online and one of our mortgage brokers will call you to discuss your options.
Is Australian government approval required?
No, Foreign Investment Review Board (FIRB) approval is not required for those with New Zealand citizenship, however it is required for New Zealand permanent residents.
Can I buy a home or investment property?
Your loan can be used for any kind of residential housing. This includes both a home to live in or an investment property in Australia.
You can also apply for a home loan to refinance your existing loan, release equity or build a property in Australia. Commercial mortgages are available on a case by case basis.
Are first home benefits available?
The Australian government’s First Home Owner Grant (FHOG) and other benefits are available for permanent residents, as if they were citizens of Australia.
The Australian Department of Immigration automatically grants New Zealanders living in Australia a Special Category Visa (SCV). Because New Zealand citizens are considered to be permanent residents of Australia, they are eligible for the grant.
Please refer to your mortgage broker for information about which benefits are available in your state.
Do you need help with an Australian mortgage? Please call us on +61 2 8668 4038 from overseas, on 1300 889 743 from within Australia or enquire online and one of our Australian mortgage brokers will call you to discuss your situation.
Which banks have the most competitive home loans?
Before you look at which lenders have the most competitive interest rates, you need to consider which can actually approve your mortgage!
There isn’t much point in applying if you’re only going to have your application declined and damage your credit file.
In particular, 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 different methodology to find you the best lender.
We know which banks have flexible lending criteria for NZ citizen customers.
This means that you may qualify for a home loan from a reputable bank and will not need to apply with specialist or non-conforming lenders.
Why do special rules apply for NZ citizens?
Some Australian banks view New Zealand citizens more favourably because our governments have joint agreements for trade, residency and legal purposes.
In addition to this, our countries share the same credit reporting system via Veda Advantage.
For these reasons several banks see NZ citizens as low risk borrowers, even when compared to UK or USA citizens.
Apply for an Australian mortgage!
We are mortgage brokers who specialise in helping people without Australian citizenship to apply for loans in Australia. We know which banks can accept your application, and which offer the best interest rates for non-residents.
If you would like to buy a property in Australia and would like to know more about how we can help then please call us on +61 2 8668 4038 from overseas, on 1300 889 743 from within Australia or enquire online.