Buying with a temporary 461 spousal visa holder as a New Zealander

Any general questions you might have in regards to loans and finance.
Lincoln
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Joined: Thu Apr 18, 2019 6:19 pm

Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Lincoln » Thu Apr 18, 2019 6:21 pm

Hi, I’m an NZ citizen working in Brisbane where I met my wife who was studying to get her PhD at the time. She is a Philippines national. We’ve been de facto living together for 2 years and been married for a year. We’re looking to buy a house and settle here as I have a high paying job and she has more opportunities in her field. I’m not quite sure how buying with someone on a temporary spousal 461 visa works.
Can someone walk me through it?

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Otto Dargan
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Re: Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Otto Dargan » Thu Apr 18, 2019 6:56 pm

Hello Lincoln. Welcome to the forums.

When a New Zealand (NZ) citizen on a 444 visa is borrowing with a joint borrower on The New Zealand Citizen Family Relationship (Temporary) 461 visa, some lenders will focus their approval decision on the 461 visa. Some lenders could decline your loan or limit you to borrow up to 70% of the property value.

There are some lenders who will approve up to 95%. The choice of lender matters. Bear in mind that lenders will want your spouse to be fully approved for a 461 visa when you apply for your home loan.

Speak with one of our experienced mortgage brokers by giving us a call
on 1300 889 743 or fill in our free assessment form to find out if you qualify for a New Zealand citizen home loan.

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

Lincoln
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Joined: Thu Apr 18, 2019 6:19 pm

Re: Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Lincoln » Fri Apr 19, 2019 11:36 am

My wife’s 461 visa has already approved and the deposit is not an issue. We have enough to cover 20-30% for a property we’re really keen on. My concern is that we may not get the best interest rates?

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Otto Dargan
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Re: Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Otto Dargan » Fri Apr 19, 2019 1:17 pm

Hi Lincoln,

Great job on the deposit, with 20% down you won’t have to pay Lenders Mortgage Insurance (LMI).

In some cases, we may be able to get you the same interest rates as Australian citizens especially when you’re only borrowing 80% of the property value. New Zealanders living and working in Australia tend to get rates similar interest rates to Australian citizens.

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

Lincoln
Posts: 3
Joined: Thu Apr 18, 2019 6:19 pm

Re: Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Lincoln » Fri Apr 19, 2019 2:20 pm

Cool. Will we need FIRB approval? What about foreigner stamp duty surcharge?

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Otto Dargan
Mortgage Specialist
Posts: 7535
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Buying with a temporary 461 spousal visa holder as a New Zealander

Postby Otto Dargan » Fri Apr 19, 2019 2:49 pm

Hi Lincoln,

Yes, you would need Foreign Investment Review Board (FIRB) approval. However, only the partner who is on the NZ family relationship subclass 461 temporary visa will require FIRB approval. Generally, FIRB takes about 30 days to grant approval. Please visit the official FIRB website to learn more.

Luckily, the foreign stamp duty surcharge is not applicable when buying jointly with a New Zealand citizen as a foreign citizen. You must, however, live in the property as your principal place of residence for a continuous period of 12 months.
Alternatively, you can put only yourself on the property title and both you and your spouse on the mortgage. This structure is only accepted by a few lenders.

Speak with one of our specialist mortgage brokers by giving us call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a New Zealand citizen home loan at a competitive interest rate.

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


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