What is the deposit required to buy a house in NZ. Our family moving home from Melbourne and wish to buy a house. He is Irish and she is a kiwi. Will it be complicated? He is a building foreman in Mel so we don't expect it to be difficult for him to get work as he us prepared to go back on the tools at least at first. They have a 4 year old and a newborn so will only be one income at first. They have a sizeable deposit saved.

cary14 - 2021-07-11 22:09:00

the deposit is what ever they want to give. Agents try and push for 10% but that isn't legal. However to show they are serious about following through purchase something like $10-15K would be acceptable. I doubt a bank would give a mortgage though until there was an income for sure,

fromnature - 2021-07-11 22:31:00

https://www.oneroof.co.nz/news/first-time-home-buyers-the-ul
timate-guide-to-buying-your-first-home-in-2021-38888

mkr_ahearn - 2021-07-12 08:29:00

cary14 wrote:

What is the deposit required to buy a house in NZ. Our family moving home from Melbourne and wish to buy a house. He is Irish and she is a kiwi. Will it be complicated? He is a building foreman in Mel so we don't expect it to be difficult for him to get work as he us prepared to go back on the tools at least at first. They have a 4 year old and a newborn so will only be one income at first. They have a sizeable deposit saved.

you mean how much do you need to have saved to get a bank loan. He will face a real drop of income coming here with high costs of living. There maybe residency issues with the irish?

gabbysnana - 2021-07-12 09:41:00

cary14 wrote:

What is the deposit required to buy a house in NZ. Our family moving home from Melbourne and wish to buy a house. He is Irish and she is a kiwi. Will it be complicated? He is a building foreman in Mel so we don't expect it to be difficult for him to get work as he us prepared to go back on the tools at least at first. They have a 4 year old and a newborn so will only be one income at first. They have a sizeable deposit saved.

There is no requirement for a deposit when buying unless agreed.

When borrowing your lender may require a cash contribution. How much will vary.

johnston - 2021-07-12 10:28:00

Email a couple of mortgage brokers in the area you intend to settle and send them your details etc and they will guide you.

asue - 2021-07-12 10:30:00

Broker here. Minimum will be 20% once here or 40% if buying before leaving Oz and using Oz income to service the loan. New builds exempt from RBNZ limits so case by case basis. Happy to chat through.

jeffqv - 2021-07-12 11:15:00

Just be certain about the move, as said wages will be much lower and cost of living here very high, housing here will flatten soon for a few years and inerst rates will creep a tiny bit. If you have jobs to back up a loan and a good deposit all good, Irish may need a residence visa, not sure, I would check with immigration.

msigg - 2021-07-12 15:21:00