Kiwi looking to buy a home in Australia. How much can I borrow?

Any general questions you might have in regards to loans and finance.
Nikau
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Joined: Fri Aug 23, 2019 6:59 pm

Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Nikau » Fri Aug 23, 2019 7:03 pm

I am an NZ citizen residing in Australia. Looking to buy my first home worth $700,000 in NSW but only have 8% savings so far. I am working as a subcontractor earning $2500 per week. How much loan can I borrow?

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Otto Dargan
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Re: Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Otto Dargan » Fri Aug 23, 2019 7:08 pm

Hello Nikau.

Thank you for reaching out to us and welcome to the forum.

As a NZ living in Australia, you may be able to borrow up to 95% of the property value (but this is looked into on a case by case basis). You do not even need a Foreign Investment Review Board (FIRB) approval as a NZ citizen.

To qualify for a 95% home loan, you will need to have a deposit of at least 5% to 10% of the property value (and this can even include the First Home Owners Grant). Furthermore, you must be earning a regular income and have stable employment. You will need to show income evidence through bank statements and invoices.

Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a NZ citizen home loan.

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

Nikau
Posts: 3
Joined: Fri Aug 23, 2019 6:59 pm

Re: Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Nikau » Fri Aug 23, 2019 7:41 pm

I qualify for the First Home Owners Grant even though I’m not a citizen of Australia? How much is the grant amount?

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Otto Dargan
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Location: Sydney, Australia
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Re: Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Otto Dargan » Fri Aug 23, 2019 7:46 pm

Hi Nikau,

Since the Australian Department of Immigration automatically grants New Zealanders living in Australia a Special Category Visa (SCV), you are considered a permanent resident of Australia, and therefore eligible for the grant.

Since you're buying your first home in NSW, you will need to be living in Australia for at least 200 days prior to applying for the grant.

You might even be exempted from stamp duty or stamp duty concessions if:
  • You're buying a residential property in NSW.
  • The property is worth less than $800,000.
  • You are in Australia at the time of contract exchange and settlement.
You can use our stamp duty calculator to find out how much you can save.

The grant amount for NSW is $10,000 if you’re purchasing a new home.

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

Nikau
Posts: 3
Joined: Fri Aug 23, 2019 6:59 pm

Re: Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Nikau » Fri Aug 23, 2019 8:01 pm

Thanks for the info. I currently have a car loan and some credit card but have not missed any repayments. How will my credit be scored?

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Otto Dargan
Mortgage Specialist
Posts: 7725
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Kiwi looking to buy a home in Australia. How much can I borrow?

Postby Otto Dargan » Fri Aug 23, 2019 8:09 pm

Hi Nikau,

Since Australia and New Zealand, use the same credit scoring system, lenders would use a similar method to get your credit score.

Lenders are cautious when it comes to lending to borrowers with bad credit history. A low score might result in your home loan being declined. So please use our credit score calculator to identify any potential red flags on your credit file.

Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for NZ citizen mortgage.

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


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