Yes – Kiwis living in Australia can absolutely purchase a house here!
As a New Zealand citizen you are allowed to live and work in Australia permanently, which has the same effect for the purposes for working and buying a house in Australia. Your loan can be used for any kind of residential housing. This includes both a home to live in and an investment property in Australia. New Zealand citizens living in Australia can borrow up to 95% of the value of a property plus Lenders Mortgage Insurance (LMI).
Be aware that some Lenders (Im a Mortgage Broker) require the borrower to be a Permanent Resident or a Citizen, this will mean that while buying a property is not issue, finding a suitable lender, for the mortgage, might at times be hit and miss.
I am currently checking with the lenders I have access to, to ensure that they will lend to Kiwis. I currently have one lenders that requires a Permanent Resident or a Citizen, but as a Kiwi we may not have any documents to substantiate our position.
Kiwis can also qualify for the First Home Buyers Grants and Stamp duty Discounts, these vary State by State.
Before you blow too much money on rent, put a little away, this can build towards a deposit for a property purchase, in some cases about $20,000 might be enough to get you into a cheap house.
Property prices in many parts of Australia have grown considerably for many years. Owning a property can also provide a stable platform for you and you family.
Rents in some places can be as high, or higher than the cost of the mortgage payments, so consider the idea of buying some property either for an investment or for you and your family, you can later sell it when youre ready to head back home.
Hi Diaman, any updates on the subject?
A year or two ago, a couple lenders did have some question marks.. all lenders should, or will lend to Kiwi In Australia. There can be a lot more difficulty if you happen to be outside of Australia.. as at that point you do not fall under the same rules, and most lenders will then require you to be a Permanent Resident or a citizen to be approved for a loan.
The are a couple of exceptions to that and the criteria can be tough including Sharding of income.. depending on the currency of your income, the lender might discount your income.. you might earn $100K, but the lender will view that as $70K for example, as well as other often tough restrictions. Each lender will be different.
Is the $10,000 still available to kiwis living permanently In OZ
to buy a home
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