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Thread: IRRV Required for Kiwibank Mortgage

  1. #1
    Join Date
    Sep 2007
    Location
    Havelock North, New Zealand
    Posts
    44

    Default IRRV Required for Kiwibank Mortgage

    After out own bank, Westpac declined us for a 90% LVR on the basis that we had only been in our jobs for 12 months and not 24 we thought we'd try Kiwibank who are relaxing their LVR now, but although I am a permanent resident I don't qualify if I dont have an IRRV, which would be a year away...Why that should make any difference who knows... If I'm buying a house I'm hardly likely to leave!

    Anyone found a bank/lender that will consider 90% LVR to a permanent resident and Kiwi?

    Jon

  2. #2
    Join Date
    Aug 2005
    Location
    South of North Island
    Posts
    1,059

    Default

    Have you tried BNZ, ANZ at all ? We have found BNZ very flexible in the past. You could also try to go through a mortgage broker to, they don't charge you anything just the banks. HTH

  3. #3
    Join Date
    Apr 2008
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    Default

    bnz will

  4. #4
    Join Date
    Oct 2007
    Location
    Christchurch
    Posts
    384

    Default

    The 90% must be the issue. KiwiBank was willing to let us take out a mortgage and we've only been here for a year (though we eventually went with ASB).

  5. #5
    Join Date
    Sep 2007
    Location
    Havelock North, New Zealand
    Posts
    44

    Default Mortgage Broker couldn't help

    Yeah, we had tried a broker, who represented ANZ, but not BNZ, so we'll give them a shot too and see how we go. Lending sure seems tough still.

  6. #6
    Join Date
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    bnz wont take business from brokers so they wouldnt have looked at that option.

  7. #7
    Join Date
    May 2006
    Location
    Scotland > Hamilton, Waikato
    Posts
    1,137

    Default

    We used National Bank for our mortgage and we had only been here about 8 months at the time AND OH was self-employed.

  8. #8
    Join Date
    Sep 2007
    Location
    Havelock North, New Zealand
    Posts
    44

    Default BNZ Says Yes

    Thanks Victoria24, went to BNZ today and they gave us a pre-approval for a $360K loan with $40K deposit in 20 mins. Now we'll take their pre-approval back to our own Bank Westpac...

  9. #9
    Join Date
    Apr 2008
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    as long as you stick with the ones who looked after you amazing really as westpac are quick enough to give 10 mil away

  10. #10
    Join Date
    Aug 2005
    Location
    South of North Island
    Posts
    1,059

    Default

    Great news Will be interesting to see if you can get the two banks competing to get the mortgage rate lower. But I'd still stick with BNZ

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