Understanding Mortgage Options for Overseas Buyers in New Zealand

Who Qualifies as an “Overseas Buyer”?

The term overseas buyer can cover several situations - and your eligibility depends on which one applies to you. You might fall into one of these categories:

• NZ citizens or residents living overseas

• Australian citizens or permanent residents

• Visa holders (work, student, or temporary)

• Foreign nationals with no NZ residency
  Each group faces slightly different lending rules — and most banks will treat you as a non-resident if your income or primary address is outside New Zealand.

Bank-by-Bank Mortgage Policies

Here’s how major NZ lenders currently approach overseas buyers and foreign income.

ASB

May consider non-resident applications but limits lending to foreign nationals. Accepts foreign income, but it must be verified, translated, and converted to NZD. Favors applicants on Work Visas, Resident Visas, or NZ citizens living offshore.

ANZ

Offers dedicated lending for non-resident home loans. Accepts foreign income up to 80% of its NZD equivalent. Welcomes NZ citizens/residents offshore, Australian citizens, and long-term visa holders who meet all AML, credit, and servicing criteria.

BNZ

Provides clear rules for overseas person lending. Allows foreign income but requires robust documentation and translation. Stricter if the applicant has no NZ-based income, property, or family ties.

Westpac

Defines specific rules for non-resident and foreign income lending. Counts up to 80% of foreign income and applies strong DTI and servicing checks. Prioritises borrowers with stable income, longer visa terms, or clear NZ connections.

SBS Bank

Reviews overseas applications case-by-case. Focuses on proof of intent to live, work, or invest in NZ. Prefers applicants with stronger ties - such as prior property ownership or NZ family links.

Kiwibank

Generally lends only to NZ residents or citizens living in New Zealand. Limited scope for offshore or foreign-national borrowers unless they maintain NZ-based income or assets.

The Co-operative Bank

Caters to recent arrivals and migrants with specific visa classes. Requires NZD servicing and clear evidence of intent to reside in NZ. May consider overseas income with detailed verification.

Key Things Non-Residents Should Know

Visa Type Matters

Resident or long-term work visas are viewed far more favourably than temporary or visitor visas.

Foreign Income Scaling

Most banks only count 70–80% of overseas income when assessing loan serviceability to account for exchange-rate risk.

Deposit Requirements

Expect higher deposit thresholds. Low-deposit or high-LVR loans are rarely approved for non-residents.

Legal Restrictions

Certain buyers require Overseas Investment Office (OIO) approval before purchasing property in NZ, especially non-residents without NZ citizenship or residency.

Final Thoughts

Getting a mortgage in New Zealand as an overseas buyer is absolutely possible - but it’s not a one-size-fits-all process. Every bank applies its own rules, and policy changes are frequent.

As mortgage advisers who understand cross-border income, bank policy nuances, and lender appetite we can save you weeks of frustration — and significantly improve your approval odds of finding the right lending in New Zealand. Talk to our team today.