How can New Zealand citizens get home loans in Australia?
Website design By BotEap.comAustralia and New Zealand have close relations because they both share British colonial heritage. Under the 1973 Trans-Tasman Travel Agreement, free movement of citizens between the two countries is allowed. Thus, it is very common for New Zealanders to settle in Australia by buying urban properties in the country.
Website design By BotEap.comIf you are a New Zealand citizen who has moved to Australia permanently and want to get a home loan in Australia, you must have:
Website design By BotEap.com>> A minimum deposit of 5%, and
Website design By BotEap.com>> You must have a good job
Website design By BotEap.comYou have the same eligibility criteria as Australian citizens when it comes to getting a loan to buy a house for your main residence or for investment purposes. You can make use of the following government benefits and concessions:
Website design By BotEap.com>> Full range of home loan products
Website design By BotEap.com>> Standard interest rates
Website design By BotEap.com>> Up to 95% loan to value ratio
Website design By BotEap.com>> First-Time Homeowner Grant (FHOG) Scheme
Website design By BotEap.com>> Stamp duty concessions, and
Website design By BotEap.com>> Does not need the approval of the Foreign Investment Review Board (FIRB)
Website design By BotEap.comCan I get a home loan in Australia to buy a property even if I still want to live in New Zealand?
Website design By BotEap.comInterestingly, home loans are also available to you in Australia if you wish to continue living and working in New Zealand. You can get stress free home finance to buy investment property in Australia.
Website design By BotEap.comWhat are the documents required to obtain home loans in Australia?
Website design By BotEap.comNew Zealand citizens wishing to live and work in New Zealand and seeking housing finance in Australia will need to provide the following documents:
Website design By BotEap.com>> Document identification
Website design By BotEap.com>> Most recent country summaries
Website design By BotEap.com>> Bank statements confirming where salary is deposited, and
Website design By BotEap.com>> Copies of statements for credit cards, personal loans and savings accounts
Website design By BotEap.comWhat home loan products and features can I get?
Website design By BotEap.comA full range of loan products is available to you. You can get normal standard interest rate charges and several additional features such as the redirect feature and the 100% equalization account. You will also have the option to decide if you want to:
Website design By BotEap.com>> A fixed term product, a variable rate product or a combination of a fixed and variable rate product, or
Website design By BotEap.com>> Make repayments as interest only or principal and interest (P&I)
Website design By BotEap.comIf I want to get a home loan, what will Australian lenders/credit providers require?
Website design By BotEap.comMost Australian lenders/credit providers will have the following requirements:
Website design By BotEap.com>> A loan must be for the purchase of a new or existing owner-occupied residential home or an investment property
Website design By BotEap.com>> A loan can be for the construction of a new residential building or an extension or renovation
Website design By BotEap.com>> A loan can be used to refinance existing owner-occupied home loans or investment loans
Website design By BotEap.com>> Some lenders/credit providers may even allow personal debt consolidation or release of principal (cash payments)
Website design By BotEap.comIf you’re feeling overwhelmed by your lender/credit provider’s requirements, don’t worry. There are many finance brokerage firms in Australia that will help you complete your loan process quickly. But you should make sure that you choose a reputable and experienced company because they will make home loan solutions pleasant and easy for you.