Hi Aparna,
Small world. How are you?
My 2 cents worth. I was on a work-visa and then applied for residency under SMC within a year of coming to NZ(though I could have waited for another 12 months and qualified for PR after two years) because of quite a few reasons :
1. Under residence visa, I am no longer tied to a particular employer for work.
2. Eligibility to apply for a home loan with a 5% deposit at that point in time which was an option that looked far better than paying rent. (Unfortunately not valid anymore) Everyone needs a deposit of 20% now(or 10% for a Welcome Home Loan).
3. Eligibility to join kiwisaver. (Very valuable for new home buyers who are planning to buy a home, 2-3 years down the line).
4. Easier to bring parents here temporarily. They can apply for a 3 year multiple entry visitor visa once you become a resident as opposed to applying for a visitor visa each time they want to visit.(
http://www.immigration.govt.nz/migra...ors.htm#parent)
5. Quicker to bring parents here permanently. You can apply for resident class visa for parent's only after you complete 3 years on a residency class visa. (
http://www.immigration.govt.nz/migra...oi/default.htm)
6. Residency rules are getting stricter and stricter as each year passes. It is better to apply for it now than in the future. Once you get a resident class visa and stay here for 2 years, it is just a simple process to convert it to a PR.
Just see which of the above applies to you and then take the call either to wait or not. You have 2 options : WTR->PR or WTR->SMC(Resident visa)->PR.
All the above information provided above are to the best of my knowledge.
Ravi