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Thread: Can't buy on 10% deposit if residents

  1. #1
    Join Date
    Feb 2020
    Location
    Auckland
    Posts
    41

    Default Can't buy on 10% deposit if residents

    Hi There

    Please can someone assist me with understanding this. Just got the news that we wont be able to buy a new build with 10% deposit because we are residents and not permanent residents.
    Totally gutted by this. I know heaps of people that have done this while only on resident status.
    Is there anyway I can fight this?

  2. #2
    Join Date
    Apr 2017
    Location
    Christchurch, New Zealand
    Posts
    148

    Default

    The amount of deposit required is controlled by the lender, guided by certain government regulations. Then they may add their own requirements on top of that. If they choose not do a 90% loan to non-PRs, that is their discretion. Best you can do is try another lender. Perhaps a mortgage broker could help you find a lender willing to work with you.

    Bear in mind that the financial and housing markets are constantly changing. What was possible for "heaps of people" in the past may not be possible in the present; it may be possible again in the future. All you can do is choose the best option available to you now, or wait it out until something else comes up.

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