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Thread: Converting our Residence Visas to Permanent Residence Visas

  1. #1
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    Lightbulb Converting our Residence Visas to Permanent Residence Visas

    Hi all! This is my first post here, though I've been a long time member of the site. VERY helpful and happy there are wonderful people who are willing to share their own experiences pre, during, and post NZ life!

    QUICK QUESTION!

    I've been researching on INZs requirements for converting to Permanent Residenct Visas, but a bit confused as to what we can do in our situation. Here's the quick details:

    Resident visas granted - January 2011
    Moved to NZ with hubby - April 2011
    Started permanent full time work - April 2011

    We've both been in the country since, and will only be exiting NZ for a couple of weeks in December 2011.

    Now we're about ready to look at purchasing our first home, but banks are hesitant to give us a mortgage because we are not yet "permanent residents":

    - Are we already qualified to submit a PR application under "established base in NZ" criteria, as stated in the Ops Manual http://www.immigration.govt.nz/opsmanual/30505.htm
    - Do we have to wait out the 24 months requirement of having held the Residence visa? or can we use criteria 5, as I will have fulfilled the 9 months on the full time job requirement?

    Hope somebody out there can help shed light on this, and maybe share your experiences as well?

    Thanks heaps!

  2. #2
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    the bank dude is being a plum. doesnt understand the visas.. tell them to copy and send to their credit manager.

  3. #3
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    Oops sorry I meant Converting our resident visas to PERMANENT resident visas!

    victoria24, really?! The bank we spoke to said we need to wait to get our PRVs first before applying, otherwise they can only lend us 60% of the purchase price.

  4. #4
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    Im thinking this is part of the confusion in the change of terminology under the new act. JandM is pretty good at this stuff and will probs be along later

  5. #5
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    99.9% certain im right on this. which bank and branch?

  6. #6
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    As Vic said, the frontline person you spoke to is misunderstanding. Get them to clarify up the chain.

    However, the link you gives states the requirements. It's not one of those, it's ALL of them. So you 100% need to have been here 2 years.

  7. #7
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    but.. and this is the confusing bit... under the previous act, you would have permanent residency. the banker is not aware of the change of terminology and should know this as part of their policy for application assessment. get to 5 posts and pm me, i can sort this out for you

  8. #8
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    Quote Originally Posted by Duncan74 View Post
    As Vic said, the frontline person you spoke to is misunderstanding. Get them to clarify up the chain.

    However, the link you gives states the requirements. It's not one of those, it's ALL of them. So you 100% need to have been here 2 years.
    I generally agree: The bank wants some commitment shown. The name doesn't matter probably but that you stayed here for a wee bit, like two years.

  9. #9
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    Right. Thanks guys, I've always been wondering about the 2 year requirement, and if that can be shortened if we buy a home or be on the job for 9 months.

    It's just that when we recently started inquiring about the banking stuff, that we felt almost discriminated against because we do not carry the label "permanent residents", even if we both earn relatively good income. Anyway, we're working with a mortgage broker now, though it sounds like he's also unaware of the difference between RV and PRVs.

    Thanks again Duncan and Vic!

  10. #10
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    Quote Originally Posted by maregena View Post
    Oops sorry I meant Converting our resident visas to PERMANENT resident visas!
    I fixed the title for you.

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