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Thread: Buying a house - Finance

  1. #1
    magisana is offline Junior Member
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    Smile Buying a house - Finance

    Hello,

    I am an Australian resident thinking of moving to New Zealand in the near future, however I am wondering how and what criteria is needed to buy a house over there. I obviously would need to get a loan in New Zealand, I just want to know what things qualify you for credit. If anyone could help that would be really appreciated.

  2. #2
    MotherBear's Avatar
    MotherBear is offline The missing link
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    Hi Magisana and welcome.

    This is a previous post where someone is asking a similar question. There may be some relevant info in the last few posts.
    Mother Bear

    Try to bloom wherever you are planted.

  3. #3
    World First is offline Junior Member
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    Hi mate... At the moment all lending institutions require a minimum of 20% deposit on an owner occupied property and a 25% deposit on an investment property. A clear credit history is also helpful. The larger the deposit the better. Lending rates have not been this good here since about 2002, and property prices have softened a bit.
    Further to a good deposit a consistant income is required that can service the loan and any other outside debts / liabilities that you may have. What area are you looking to purchase in? I can put you in contact with a good mortgage broker if you want! Drop me a line any time...

  4. #4
    AmandaH is offline Junior Member
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    Bank lending criteria on house purchases is easing in NZ and issues like employment and residency status can be looked at depending on the deposit that you have to put towards the purchase and type of employment you are seeking. Longer term interest rates have increased substantially over the last few months but short term rates are very low and the variable/floating rate is now the lowest it has been in approx 40 years. Check out Interest rates in New Zealand !

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