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Thread: Getting A Mortgage

  1. #1
    Join Date
    Sep 2005
    Location
    Whangarei Northland NZ
    Posts
    210

    Default Getting A Mortgage

    Hi

    Does anyone know weather i can get an NZ mortage based on my new job alone, or do i need some sort of reference from my present lenders?

    We are going out to NZ in Sept (house sale willing) and will be looking to buy a house with our equity and mortgage. My credit score here in the UK is less than perfect- (due to an unpaid credit card 5 years ago which they have never asked me to pay although i offered and they declined..long story) and as an example, my bank here refused me a 1000 credit card due to my score, but the same week gave me a 54k mortgage based on my 100% payments on my previous mortgage with them.

    Anyone been in this situation- and is there any bank in NZ linked or part of the Halifax ?

  2. #2
    Join Date
    Apr 2005
    Location
    UK
    Posts
    113

    Default

    I haven't any experience on the credit side of mortgages, but a while back asked a similar question about getting a mortgage without a job at all.
    someone recommended this company who i in turn e-mailed. Got a reply almost immediately from Colleen.
    It looks like an ok site.

    http://www.thinkfinance.co.nz/

    Why don't you have a go?

  3. #3
    Join Date
    Jul 2005
    Posts
    1,521

    Default

    Firstly - things may be slightly different if you have Work to Residence rather than PR, so just double check what im about to say if thats the case but:

    If you have PR you will find that your UK credit ref makes not a jot of difference here! Which in my case was a bit of a shame really cos I had a good one and spent a lot of time chucking my ex off my credit history and bringing the files with me

    And although we didnt get a mortgage straight away and so had 6 months bank statements to prove income, it seems that if you have at least a 20% deposit you wont really need to do that either. You will need to prove you have income or are going to have income, but your first payslip should cover that I would have thought.

    No where here is linked to teh HAlifax. The only bank with a link to teh uK is HSBC, and they have branches only in auckland (though you can run accounts with them Via Westpac who are pretty much all over the place.)

    I would advise that you take a bit of time to understand the mortgages here if you ahev not done so - because they do work slightly differently to what you are used to in teh UK. For example you can actually split your mortgage into different parts and put bits of it on different fixed terms and have some on a normal variable mortgae if you want.

    Remeber interest rates are currently around 9% - 9.5% for variable rates.

    The best calculators Ive found is at Westpac - particularly thier "Fine Tune Your Mortgage Calculator":
    http://www.westpac.co.nz/olcontent/o...ome+loan+rates

  4. #4
    Join Date
    Mar 2005
    Location
    Auckland to UK
    Posts
    1,120

    Default

    Based on our experience, the banks here have never asked about our credit history in Holland when we are shopping around for a suitable mortgage. In fact, we still have our mortgage and credit card bills to settle in Holland at that time. They just threat us like starting a new life here with a clean bill. To the bank, we have zero credit history here and that is most important for them.

    For WTR holders, if you want to take up more than 80% mortgage rate, then you will need to pay a one-time extra charge which the banks term it as insurance. If the mortgage rate is less than 80%, there will be no extra charge.

    For PR holders, you could take up mortgage rate to 95% and there is no need to pay the one-time extra charge.

    We just show our 3 months NZ bank statements and my hubby's salary slip (to prove his income) and we are granted the mortgage. It is really very easy to get a mortgage here.

  5. #5
    Join Date
    Aug 2004
    Location
    Manawatu - NZ
    Posts
    4,450

    Default

    When we applied for our mortgage (ANZ Palmerston North) we had to produce bank statements (from our offshore account), 6 months of pay slips AND a full UK credit check - which thankfully was A1.

    There were no hassles providing these docs and everything went well, we're just about to buy our 3rd house (to rent out) and the bank couldn't be more helpful, slicing off a percentage here and a percentage there. Give me NZ banks over UK ones any day of the week.

    Diny

  6. #6
    Join Date
    Jul 2005
    Posts
    1,521

    Default

    Quote Originally Posted by Diny
    There were no hassles providing these docs and everything went well, we're just about to buy our 3rd house (to rent out) and the bank couldn't be more helpful, slicing off a percentage here and a percentage there.
    Thats a very good point. You can negotiate with banks here and try and get the interest rates down. I got .5% of both the fixed and floating rates, and negotiated no fees: not only on my accounts but on my parents' and brothers accounts as well.

    It pays to be cheeky

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