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Thread: Mortgages in New Zealand

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  1. #1
    Join Date
    Aug 2004
    Derbyshire (STILL!)

    Default Mortgages in New Zealand

    Hi all back again!

    I thought I would post this post seperate to my last as I didn't want to confuse the issue? This one isn't keeping me awake at night, just another one of those questions you ponder on often!

    When we get to New Zealand, our aim was to be mortgage free, but in the event that we see a property that we need a mortgage on and we can put down an 80% deposit is there any rules with regards to employment? What I mean is hubby will have a job and although we are planning to rent for at least 3 -6 mths I do tend to get carried away( by my own admission) and I am addicted to house hunting! ops: :eek so does hubby need to have been in employment for a minimum amount of time and how do they go on with regards to credit checking you, if you have only been in the country for 6 weeks?

    If anyone knows of any estate agents looking to employ someone in the Otago area......

    Hope someone understands my question, it's not a biggy I just wondered if you had to be in employment for min 3 mths or something and do they need years worth of P60 equivillent like they do in the UK?

    Thanks again


  2. #2
    Join Date
    Aug 2004
    christchurch (formerly essex)


    We have just been sorting out a mortgage and by a friends advise approached the SBS (building Soc) they were really helpful and they are used to people just arriving with no previous history with them. It would be worth contact them or similar companies as well as the banks.

  3. #3
    Join Date
    Aug 2004
    Whangarei, Northland, formerly



    We are just in the process of sorting mortgages etc.

    It seems as long as you can provide proof of income, ie employment contract and payslip in our case, there does not seem to be a problem.

    Our bank have been very helpful (BNZ) and although to begin with we are asking for a larger mortgage until the house sells in the UK (still only 80%)they seem quite happy to help us out. A word of warning is that they still want to see what is coming into and out of your account. I made a spreadsheet on the computer listing our full incomings, outgoings, Erics salary per month and what our intended monthly bills would be ie mortgage repayment, household bills, vehicle expenses, shopping etc. So it may be worth having something prepared in advance just in case and for your own piece of mind. Also bear in mind that they may want to see bank statements from the UK for 3 months and also details of pension funds, life insurance, ISA's, savings etc. Best to be prepared than be caught out.

    Hope this helps. Amanda

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