No PR...No Mortgage?

[Twig]

We seem to have been spinned a rather long line by westpac about possibly obtaining up to a 90% mortgage even without PR, and in the process getting our hopes up. So we went ahead and fell in love with a house all ready to put an offer of tender in. They then came back and said because we don't have PR and already have a house in the UK reliant on the tenant's rent to pay the mortgage (not strictly true), they'll only offer us a 70% mortgage!

We've received our ITA and waiting for our police certs before sending all off.

We're absolutely gutted. There's no way we can raise this sort of deposit. Has anyone had any similar experiences, if so how did you deal with this? Did you manage to find another deal? If so, with who??

This will be the first time we buy a house in NZ so this is all new to us.

Thanks for any help!

p.s. this post might actually be more appropriate in the money matters department....but thought I'd try here first.

[Flutterby]

Our mortgage eligeability level is lower until i get PR but its not as big a deal for us as we were looking at a mortgage affordable on just 1 wage.
Didn't make much sense to me to be able to get an extra $80grand just because of a wee stamp in the passport.

[victoria24]

go to bnz, theyll look at it

[Alan]

We got a mortgage with Westpac without PR, wish I could be more help. Maybe it is just the high percentage that is skewing things.

[Kiwi Mac]

We seem to have been spinned a rather long line by westpac about possibly obtaining up to a 90% mortgage even without PR, and in the process getting our hopes up. So we went ahead and fell in love with a house all ready to put an offer of tender in. They then came back and said because we don't have PR and already have a house in the UK reliant on the tenant's rent to pay the mortgage (not strictly true), they'll only offer us a 70% mortgage!

We've received our ITA and waiting for our police certs before sending all off.

We're absolutely gutted. There's no way we can raise this sort of deposit. Has anyone had any similar experiences, if so how did you deal with this? Did you manage to find another deal? If so, with who??

This will be the first time we buy a house in NZ so this is all new to us.

Thanks for any help!

p.s. this post might actually be more appropriate in the money matters department....but thought I'd try here first.

Speak to Kit Jackson at Capital Mortgage Brokers in Wellington.

Ex British Army and a sound chap who can solve all sorts of mortgage problems. 04 495 5900.

At least you'll get good advice without the sadly familiar local BS!

[Tia Maria]

They then came back and said because we don't have PR and already have a house in the UK reliant on the tenant's rent to pay the mortgage (not strictly true), they'll only offer us a 70% mortgage!

Do you know which is the biggest issue, the PR or the tenanted house?

Alas, many of the banks have got stricter on their lending criteria and how many fees they charge, which they would have previously waivered.

As others have said, defo worth checking out other banks and brokers. Many banks have mobile managers who will come to your house and discuss your situation in the evening.

The estate agent may also be able to suggest someone locally who is good at getting mortgages for people with less straightforward circumstances. When we first arrived one guy was known for being good at getting mortgages for new migrants and he got us a mortgage while my OH only had a job offer and before he had started work.

Cheers

Tia

[batgirl1001]

We had the same situation with Westpac and similarly got rejected by them for a home loan simply because they didn't like the way we structure our income.

Later after we got another home loan from another bank, a Westpac rep. came to a function and tried to drum up some business on home loans talking about the 90% lending rate etc and she was quite "surprised" when OH mention to her Westpac rejected us.

I probably think this 90% thingy is a hook and probably for their "supremely preferred clients" rather than ordinary folks so I don't think highly of their lending practices.

Furthermore if you are taking a 90% loan it is a heavy burden on your repayment with an interest rate that is crippling in the long run.

[Twig]

go to bnz, theyll look at it

Oooh thank you

[Twig]

Furthermore if you are taking a 90% loan it is a heavy burden on your repayment with an interest rate that is crippling in the long run.

Totally understand where you're coming from, however this would've been short term as we plan to put our house on the market come February at the latest therefore releasing our equity. I knew it all seemed too good to be true! Nothing goes that smoothly

[veronica]

we've got 4 business mortgages with Westpac and have had nothing but co-operation from them. Maybe it depends on who you deal with.