Australian expats in New Zealand can get a home loan!
Home loans for Australians living in New Zealand (NZ) is a highly sought after mortgage type but choosing the right lender is the key to getting approved.
As neighbours “across the ditch”, both our nations share much in common but it’s Australia’s strong economy and growing property market that will always entice expats to invest in property on familiar shores.
The good news is that we’re experts in getting Australian expats in NZ approved for a mortgage!
How much can I borrow?
- 90% of the property value: Available with a couple of our lenders, no matter if you’re a New Zealander living in NZ or in Australia as a permanent resident. It also applies to borrowers who can’t prove their foreign income, whether you earn New Zealand dollars (NZD) or another currency.
Australians living in New Zealand is one of the most common expats we deal! We know how to build a strong case so you can borrow at the maximum LVR.
Call 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our easy free assessment form today.
What if I’m an Australian permanent resident?
Permanent residents living in New Zealand can still get a home loan to buy real estate in Australia.
We have some lenders that consider this as an exception to normal lending policies if you’re able to prove your income. In some cases, you may also be required to hold a Power of Attorney (POA) in Australia.
If you’re in a strong financial situation, you may even be able to borrow more than 90% of the property value.
Can I still get a good home loan deal?
Yes! Australian living in New Zealand home loans are available and you can even get the same interest rates as regular Aussies!
Many lenders still consider you as an Australian citizen no matter how long you’ve lived in New Zealand.
Some may even offer you reduced interest rates although it depends on the strength of your situation and how we can build a strong case with the right lender.
Australians living in New Zealand is a winning combination for most Aussie lenders.
How do I prove my foreign income?
Are you earning NZD dollars?
New Zealand dollars are actually on the list of currencies that most banks will accept for Australian expats applying for a mortgage. If you’re working in a permanent full time position, even better!
Most of the time, you’ll just need to provide the same financials as if you were living in Australia, which are:
There’s even a higher chance of approval and quicker turnaround times because the financials will be in English. Applications for expats in non-English speaking countries can be a headache for Australian banks so you’ve already made their job easier.
Do you get paid in another currency?
Check out the Foreign Currency Mortgages page for a full list of the most common currencies that we deal with.
After that, give us a call on 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our easy free assessment form to speak with one of our specialists in home loans for Australians living in New Zealand.
Is Australian government approval required to buy real estate?
For non-residents who don’t hold Australian citizenship or permanent residency, approval is needed from the Foreign Investment Review Board (FIRB) to buy property in Australia.
However, since you’re an expat and not a foreigner, you don’t need FIRB approval so you’re not restricted to buying new property. You can:
Are there low doc solution available?
Are you a tradesmen, skilled worker or running your own business in New Zealand?
It’s no surprise that many Australian professionals move to New Zealand for a new, more relaxed lifestyle across the Tasman.
The problem is that if you’re a contractor or you run your own business, most Australian banks want to see your full financial statements. This includes your last two years’ tax returns and your Business Activity Statements or GST returns (GST101), for the past 12 months.
If you’re in this situation, we understand that it can be difficult to provide these documents especially if you’re late with your tax returns.
Simply fill in this easy assessment form to find out how we can tell you how we can help!
Why choosing the right lender is key
Even though the Kiwis are our closest neighbours, you might as well be living halfway across the world when it comes to some Australian banks.
Not choosing the right lender can quickly see your home loan application declined:
- Some banks need to see your original payslips, tax returns and other documents prior to loan approval.
- There can be significant delays if you choose a lender that does not have a loan processing system that is designed to handle foreign addresses or foreign phone numbers.
- Many lenders will not approve a loan for more than 80% of the property value.
- Several lenders do not accept Power Of Attorneys (POAs).
How will I pay tax on the Australian property I buy?
Although we can’t provide tax advice, there is a Double Taxation Agreement (DTA) in place between Australian and NZ.
What this basically means is that any rent you earn from your investment property will be taxed both in Australia and New Zealand.
However, since you’re living in New Zealand, you can claim a tax refund from the Inland Revenue Department (IRD).
Bear in mind though that you can’t generally claim negative gearing benefits if you’re an Australian expat that owns property in Australia. The reason is that you’re not actually lodging an income tax return in Australia.
Tax laws change frequently so it’s essential that you speak with a qualified accountant and check the Australian Taxation Office (ATO) for up-to-date information and advice. The above information should not be substituted for professional financial and tax advice.
Speak with a mortgage broker today
Discover if you qualify for a home loan as an Australian living in New Zealand!
We have almost 40 Australian lenders and major banks do choose from and most of the time our services are free!
Call 1300 889 743 (+61 2 9194 1700 from outside of Australia) or complete our free assessment form today!