MAP is often contacted by NZ citizens and their temporary resident partner / spouse who would like to apply for a home loan to buy Australian real estate. Often they have spoken to their bank and perhaps one or two mortgage brokers and been advised that they don't qualify or that their maximum home loan LVR is limited to 80% thereby requiring a much bigger deposit than is available.
This is where MAP can help. We specialize in home loans for NZ Citizens buying property with their temporary resident spouse / partner and can arrange a home loan to 95% LVR requiring a deposit of only 5% plus costs. The key to getting your home loan approved is applying to the right bank!
Who is this page for?
This page is for New Zealand citizens residing in Australia who would like to apply for a home loan to buy real estate with their temporary resident / non-resident partner or spouse.
How much can I Borrow?
NZ Citizens buying with their Temporary Resident partner/spouse can borrow up to 95% LVR meaning only a 5% deposit plus costs is required.
Is the interest rate higher?
No. The interest rates, fees and charges will be standard rates and very competitive with all the products available including standard variable, basic variable, fixed rates and features such as offset accounts, redraw and pregnant pause.
What are the requirements to get my home loan approved?
Usual credit criteria applies for over 80% LVR lending including the requirement to have;
- 5% genuine savings
- Clean credit history and good conduct on existing liabilities
- Income sufficient to support the repayments
- Positive asset position (assets outweigh liabilities)
Am I Eligible for the First Home Owners Grant and other Benefits?
Yes, providing this is your first home in Australia and you otherwise qualify.
Do we require Foreign Investment Review Board Approval?
NZ citizens are not required to apply for FIRB approval as they are treated like permanent residents. However, the temporary/non-resident spouse will have to make an FIRB application. Making an FIRB application is reasonably easy and MAP can assist you through the process.
Why use MAP Mortgage Brokers?
Did you know that making multiple applications for home loan finance will negatively impact on your credit rating? This is because most lenders and mortgage insurers consider more than 3 home loan applications in 6 months as excessive and will decline your application based purely on this fact.
MAP Mortgage brokers will help protect your credit rating by ensuring you apply to the right bank the first time avoiding multiple credit enquiries on your credit file. Best of all we do this all free of charge. There are no hidden fees or charges or higher interest rates whatsoever for using us as your Mortgage Broker. And, not only can we help save you thousands on your mortgage but we also keep your credit rating intact.
Contact us now by email or phone for a no obligation consultation to see if we can help you.