A New Zealander looking for a home loan

Any general questions you might have in regards to loans and finance.
Joel1991
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Joined: Thu Jan 31, 2019 8:34 pm

A New Zealander looking for a home loan

Postby Joel1991 » Thu Jan 31, 2019 9:01 pm

Hello,

I’m a New Zealander on a 444 visa, living and working as a fashion designer in Sydney. I’m thinking of buying a property in Emerald city, Melbourne that’s currently priced at around $600,000. I have been meaning to do this for a while now and have saved up almost $90,000. I just wanted to know how much the Australian banks would lend me! Does my nationality pose any sort of problem?

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Otto Dargan
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Re: A New Zealander looking for a home loan

Postby Otto Dargan » Thu Jan 31, 2019 9:11 pm

Hi Joel,

Welcome to the forums.

New Zealand citizens on a 444 visa can borrow up to 95% of the property value with a New Zealand Citizen Home Loan.

Given that you can prove that you have $600,000 (15% of the property value) in genuine savings, you might be eligible for a 15% Deposit Home Loan.

If you're looking to get an Australian mortgage, please call us on +61 2 9194 1700 or complete our free assessment form and one of our brokers will contact you to further discuss your options.

Cheers,
Otto
Otto Dargan
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Joel1991
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Joined: Thu Jan 31, 2019 8:34 pm

Re: A New Zealander looking for a home loan

Postby Joel1991 » Thu Jan 31, 2019 9:12 pm

Hey,

That’s great news!! Thank you so much! Will my interest rates also be the same as Australian citizens or will I have to pay more? I just want to have everything lined up before I move forward with this. And I read somewhere that Australian citizens get a government approved first home buyer grant that they can use to help with the home loan process! Is that service available to me as well?

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Otto Dargan
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Re: A New Zealander looking for a home loan

Postby Otto Dargan » Thu Jan 31, 2019 11:41 pm

Hey Joel,

Yes, if you’re a first home buyer, you are eligible for a First Home Owners Grant (FHOG).

FHOG can help first home buyers in reducing the deposit needed for the home loan. However, the grant amount itself differs according to the state in which you’re purchasing the property.
.
And although some lenders charge a higher interest rate to foreign nationals, in most cases, we can get you the same interest rates as an Australian citizen.

In addition, you don't have to get Foreign Investment Review Board (FIRB) approval.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Joel1991
Posts: 4
Joined: Thu Jan 31, 2019 8:34 pm

Re: A New Zealander looking for a home loan

Postby Joel1991 » Fri Feb 01, 2019 12:19 am

You’re just full of good news. Thanks for everything. As a New Zealander, do I have to pay for any stamp duty?

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Otto Dargan
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: A New Zealander looking for a home loan

Postby Otto Dargan » Fri Feb 01, 2019 12:57 am

Hey Joel,

This 444 visa exempts you from having to pay thestamp duty surcharge.

But bear in mind that you will need to be in the country for at least 200 days to be eligible to avoid the stamp duty surcharge. Other conditions may apply so we recommend that you speak with your relevant state revenue authority.

Please call us on +61 2 9194 1700 from overseas or on 1300 889 743 from within Australia.

You can also complete our free assessment form and one of our Australian mortgage brokers will call you to discuss your situation.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

Joel1991
Posts: 4
Joined: Thu Jan 31, 2019 8:34 pm

Re: A New Zealander looking for a home loan

Postby Joel1991 » Fri Feb 01, 2019 12:57 am

Oh! Alright. Thanks for the info. I will probably call you to take this forward. Thanks.


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