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New Zealand Citizen Home Loan

This page is for New Zealand citizens or New Zealand permanent residents (PR) living in either Australia or New Zealand, who would like to apply for a mortgage to buy real estate in Australia.

Can I borrow in Australia?

The amount that you can borrow and the banks that will lend to you will vary depending on your situation:

  • Living in Australia: New Zealand citizens living in Australia can borrow up to 95% of the property value.
  • Living outside of Australia: You may be treated as a foreign investor and have your loan limited to 60% to 80% of the property value.
  • Mortgage discount packages: One of our lenders can offer NZ citizens and NZ permanent residents the same professional package discounts that are available to Australian citizens.

Will I pay a higher interest rate?

Some lenders charge a higher interest rate if you are not an Australian citizen. This is particularly true if you are living in NZ or another country outside of Australia.

However in most cases we can get you the same interest rates as an Australian citizen, even if you are borrowing 95% of the property value!

Please call us on +61 2 9194 1700 from overseas, on 1300 889 743 from within Australia or complete our free assessment form and one of our specialist mortgage brokers will call you to discuss your options.

Is Australian government approval required?

No, Foreign Investment Review Board (FIRB) approval is not required for those with New Zealand citizenship, however it is required for New Zealand permanent residents.

Are first home benefits available?

The Australian government’s First Home Owners Grant (FHOG) and other benefits are available for permanent residents, as if they were citizens of Australia.

The Australian Department of Immigration automatically grants New Zealanders living in Australia a Special Category Visa (SCV). Because New Zealand citizens are considered to be permanent residents of Australia, they are eligible for the grant.

Please refer to your mortgage broker for information about which benefits are available in your state.

Do you need help with an Australian mortgage? Please call us on +61 2 9194 1700 from overseas, on 1300 889 743 from within Australia or complete our free assessment form and one of our Australian mortgage brokers will call you to discuss your situation.

Can I buy a home or investment property?

Your loan can be used for any kind of residential housing. This includes both a home to live in or an investment property in Australia.

You can also apply for a home loan to refinance your existing loan, release equity or build a property in Australia. Commercial mortgages are available on a case by case basis.

Am I required to buy a new property?

Other foreign citizens are required to buy a new property to comply with Australian legislation. However NZ citizens are allowed to buy vacant land and existing properties as well.

Which banks have the most competitive home loans?

Before you look at which lenders have the most competitive interest rates, you need to consider which can actually approve your mortgage!

There isn’t much point in applying if you’re only going to have your application declined and damage your credit file.

In particular, if you’re living in NZ or are borrowing over 80% of the purchase price of your property, then not every lender will approve your home loan.

For this reason we use different methodology to find you the right lender.

We know which banks have flexible lending criteria for NZ citizen customers.

This means that you may qualify for a home loan from a reputable bank and will not need to apply with specialist or non-conforming lenders.

Why do special rules apply for NZ citizens?

Some Australian banks view New Zealand citizens more favourably because our governments have joint agreements for trade, residency and legal purposes.

In addition to this, our countries share the same credit reporting system known as VedaScore via Veda Advantage.

For these reasons several banks see NZ citizens as low risk borrowers, even when compared to UK or USA citizens.

What if I am a NZ Permanent Resident?

This is more complicated as fewer banks will accept your application. It will also depend on which country you are living in at the time of application. Please contact us to discuss your situation.

What documents will I need to provide?

To find you the best lender for your situation we’ll need to obtain the full details of your situation, including supporting documents such as bank statements, payslips and identification.

We can then work out which lenders will approve your home loan, and let you choose the most suitable mortgage out of those available from these banks.

Apply for an Australian mortgage!

We are mortgage brokers who specialise in helping people without Australian citizenship to apply for loans in Australia. We know which banks can accept your application, and which offer the best interest rates for non-residents.

If you would like to buy a property in Australia and would like to know more about how we can help then please call us on +61 2 9194 1700 from overseas, on 1300 889 743 from within Australia or complete our free assessment form.

  • David McClane

    Hi, I’m living and working now in UK. My partner is a NZ citizen and we’re planning to buy a property in Australia at the end of the year. How much can we borrow and are we eligible for the first home buyers grant.

  • Hi David,

    I’ll assume you’re a UK citizen not an Australian citizen. On that basis most lenders would view you as a ‘foreign investor’ not an Australian Permanent Resident as although your partner is a NZ citizen they are currently living outside of Australia.

    You’d likely qualify to borrow 80% of the property value. Although most banks don’t lend to foreign investors we have a couple that view NZ citizens anywhere in the world the same way that they view Australian expats.

    You’d potentially qualify for a first home owners grant if you buy a new property and were planning to move in within the first year. It’s complicated and varies between states so best to ask our mortgage broker

  • Stephanie-anne Higham

    I’m a Aussie my partner is a New Zealand citizen living in Australia for the past 10 years.
    My partner has bad credit so his mum also a new Zealand citizen is coming onto the home loan with us so we get approved she lives in nz still .
    we would be buying a house and land package and currently have the full 20% deposit were trying to work out the best way to structure the home loan
    what tax is involved ?
    my partner and i would be living in the house with no plans to re sell anytime soon his mum would look at getting her name taken off the loan a few years down the track when my partners credit is better we belive this might be set up as a refinance minus his mum but in doing that will there be tax ?
    were lost at the best way to achieve what were trying to do

  • Hi Stephanie,

    Great question! With a 20% deposit I expect we can get you a good loan even if your partner has problems with their credit history. We can look at your situation and build a case. So his mum may not need to go on your loan.

    As she lives in NZ it may just complicate things and yes you are right if you buy her out later then you would need to pay stamp duty on her portion. If she owned 20% of the property and the property was worth $1,000,000 then you’d pay stamp duty on $200,000 when you bought her out later. This is consistent across all states of Australia to the best of my knowledge, however check with your conveyancer to be sure.