Question 1

How much deposit do I need to buy a property in New Zealand?

Accepted Answer

Most NZ banks require a minimum 20% deposit for owner-occupied properties. First home buyers may qualify for low-equity lending with as little as 5-10% deposit under current LVR rules. Investment properties typically require a 35% deposit. KiwiSaver first home withdrawal and the First Home Grant can help boost your deposit.

Question 2

Can I use KiwiSaver to help buy my first home?

Accepted Answer

Yes. Eligible first home buyers can withdraw most of their KiwiSaver savings (excluding the $1,000 kick-start) to put towards a deposit. You must have been a KiwiSaver member for at least 3 years and be purchasing a property to live in. You may also qualify for the First Home Grant of up to $10,000.

Question 3

Can I buy a house in New Zealand if I'm not a citizen or resident?

Accepted Answer

It depends on your visa status and nationality. Australian and Singaporean citizens can buy existing homes under free trade agreements. Other non-residents generally cannot purchase existing residential property under the Overseas Investment Act but may be able to buy new-build apartments or land for development. We specialise in helping overseas buyers navigate these rules.

Question 4

What documents do I need to apply for a mortgage?

Accepted Answer

Typically you will need: proof of identity (passport, driver's licence), proof of income (payslips, tax returns, employment letter), bank statements (3-6 months), details of existing debts and assets, and a signed sale and purchase agreement or property details. Overseas applicants may need additional documents such as foreign income verification and visa documentation.

Question 5

What are the different types of home loans available in NZ?

Accepted Answer

NZ home loans include: fixed-rate loans (locked interest rate for 1-5 years), floating-rate loans (variable rate), offset mortgages (savings reduce interest), revolving credit facilities, interest-only loans (typically for investors), and table/reducing loans. Most borrowers use a split structure combining fixed and floating portions.

Question 6

What's the difference between conditional approval and pre-approval?

Accepted Answer

Pre-approval (or approval in principle) is a lender's indication of how much they are willing to lend you, subject to conditions like a satisfactory property valuation and confirmed sale agreement. Conditional approval means your loan has been approved but specific conditions still need to be met before funds are released, such as providing a valuation or confirming insurance.

Question 7

What other costs should I plan for when buying property?

Accepted Answer

Beyond the deposit, budget for: solicitor/conveyancing fees ($1,500-$3,000), building and property inspections ($500-$1,000), valuation fees ($500-$800), moving costs, loan application fees (some lenders charge these), and insurance (house, contents, life/income protection). First home buyers are exempt from transfer duty in NZ.

Question 8

Can I use overseas income to qualify for a mortgage in New Zealand?

Accepted Answer

Yes, many NZ lenders accept overseas income, though they may apply a discount (typically 20-30%) to account for currency risk and verification challenges. Income in AUD, GBP, SGD, and USD is generally well accepted. You will need to provide payslips, tax returns, and employment verification from your overseas employer. We specialise in structuring applications with foreign income.

Question 9

How long does the mortgage approval process take?

Accepted Answer

Pre-approval typically takes 1-5 working days once all documents are submitted. Full (unconditional) approval after signing a sale and purchase agreement usually takes 3-10 working days depending on the lender and complexity of the application. Working with an experienced mortgage adviser can speed up the process significantly.

Question 10

Should I work with a mortgage adviser or broker?

Accepted Answer

A mortgage adviser can save you time and money by comparing options across multiple lenders, negotiating better rates and cashback offers, and structuring your loan to match your goals. Their service is typically free to you as they are paid by the lender. An adviser is especially valuable for complex scenarios like overseas income, investment properties, or first home purchases.

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Answers to the most common questions about buying and borrowing in New Zealand