How can an Aussie expat in NZ looking for a home loan?

Any general questions you might have in regards to loans and finance.
Slash12
Posts: 6
Joined: Tue May 29, 2018 2:41 pm

How can an Aussie expat in NZ looking for a home loan?

Postby Slash12 » Fri Jun 01, 2018 12:30 pm

Hi team,

I’m an Australian citizen currently staying in New Zealand due to work commitment. I sold my home when moving here. Right now, I’m in a pretty stable financial position so I was wondering if I could borrow money to buy a property back home in Australia.

Can anyone tell me what kind of deal I’ll be able to get with the bank as an expat living here in New Zealand?

Thanks in advance.

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Otto Dargan
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Re: How can an Aussie expat in NZ looking for a home loan?

Postby Otto Dargan » Fri Jun 01, 2018 1:41 pm

Hello Slash12. Welcome to the forum.

Australian expats living in New Zealand (NZ) can qualify for a home loan in Australia and get the same interest rates as regular Australian citizens.

Australian citizens living in New Zealand may be able to borrow up to:
  • 80% of the property value if you’re unable to prove your foreign income.
  • 90% of the property value given that you have a good income and a stable job.
Australian permanent residents may also be able to borrow up to this Loan to Value Ratio (LVR). Dual citizenship holders and Australian expats with a foreign spouse may also be accepted.

There are lenders that may consider you as an Aussie citizen regardless of the time you’ve lived in NZ.

In terms of income documents, you’ll just need to provide the same financials as if you were living in Australia. They are your two most recent payslips and your last two year’s financial tax returns.

You can enquire online or give us a call on 1300 889 743 if you want to know more.

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

Slash12
Posts: 6
Joined: Tue May 29, 2018 2:41 pm

Re: How can an Aussie expat in NZ looking for a home loan?

Postby Slash12 » Fri Jun 01, 2018 3:31 pm

I wanted to know whether I need approval to buy a property from the Australian government like other foreigners? Also, can you be a little more specific on what type of properties I can buy?

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Otto Dargan
Mortgage Specialist
Posts: 7021
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: How can an Aussie expat in NZ looking for a home loan?

Postby Otto Dargan » Fri Jun 01, 2018 6:02 pm

Hi Slash12,

You don’t need Foreign Investment Review Board (FIRB) approval to get a mortgage in Australia as you’re an expat. Generally, you’ll need approval only if you’re a non-resident without an Australian citizenship or permanent residency.

Also, depending on the lender you apply with, you aren’t restricted to buy a new property and may be allowed to buy:
  • Vacant land.
  • An existing property.
  • A commercial property.
If you’re earning your income in New Zealand dollars then you may have a good chance of qualifying for a mortgage in Australia. This is due to the reason that NZ dollars are one of the most common currencies that most lenders accept for Australian expats applying for a home loan.

You can check out our website if you want to find out more about taking out a home loan in Australia as an expat in NZ. You can call us on our overseas number +61 2 9194 1700 or fill in our free assessment form to speak with one of our brokers who specialise in Australian expat mortgages.

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

Slash12
Posts: 6
Joined: Tue May 29, 2018 2:41 pm

Re: How can an Aussie expat in NZ looking for a home loan?

Postby Slash12 » Fri Jun 01, 2018 10:08 pm

Thanks so much for your time, Otto. I’ll definitely consider giving you a call if I decide to proceed with a home loan in Australia.


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