Question 1

Do I need permanent residency to buy a house in New Zealand?

Accepted Answer

Generally you are eligible to purchase on a Resident Visa, subject to meeting the stay requirement in New Zealand, which comes down to how long you have been living here. The detail is set out by Toitu Te Whenua Land Information New Zealand. You do not need to wait for a Permanent Resident Visa. Lenders accept Resident Visa holders, including for the Kainga Ora First Home Loan with its 5 percent deposit.

Question 2

Can I buy a house in New Zealand if my partner is a resident and I am on a work visa?

Accepted Answer

Yes, in most cases. If you are married, in a civil union or in a de facto relationship, only one partner needs to meet the Overseas Investment Act criteria for you to buy the home together as relationship property. Your solicitor completes the declaration confirming this as part of the purchase.

Question 3

I am waiting for residency in New Zealand. What can I do now to get ready to buy?

Accepted Answer

Use the wait to get your bank statements in good shape, build genuine savings, start a New Zealand credit footprint, and find out your real borrowing capacity. Clients who have done the groundwork can move immediately once residency arrives, sometimes with approval inside a few days.

Question 4

Can I use my Fiji National Provident Fund (FNPF) as a house deposit in New Zealand?

Accepted Answer

Yes. FNPF money you have withdrawn after leaving Fiji is treated as genuine savings by New Zealand lenders. You will need your FNPF withdrawal statement and the bank statements showing the money arriving in your account.

Question 5

Can I use my Provident Fund or EPF from India as a house deposit in New Zealand?

Accepted Answer

Yes. A PF or EPF withdrawal from India works the same way, once the money has landed in an account in your own name. You will need the withdrawal statement showing the amount and date, plus the bank statements showing the transfer.

Question 6

Do funds in my overseas bank account count as genuine savings in New Zealand?

Accepted Answer

Yes. Savings held in your own name overseas are treated no differently from savings held here. The New Zealand dollar figure depends on the exchange rate when you convert, so allow a buffer. The account must be in your name; money in a relative's account is treated as a gift.

Question 7

Can I use the proceeds from selling a property overseas as my deposit?

Accepted Answer

Yes. What reaches you after the mortgage, agent fees, taxes and legal costs can go straight towards your deposit. Keep the sale and purchase agreement, your solicitor's correspondence confirming the net proceeds, and bank statements showing the funds arriving.

Question 8

Can my family overseas gift me the deposit for a New Zealand home?

Accepted Answer

Yes. Under the Kainga Ora First Home Loan your whole deposit can be gifted. The gift must be fully non repayable with nothing owed back, and the person gifting must have no ownership interest in the property. For other low deposit lending you need at least 5 percent of the purchase price as your own money, with gifted funds making up the amount above that.

Question 9

Can I use Sharesies as my house deposit?

Accepted Answer

Yes, provided the account is in your own name. The funds need to be sold down into cash before settlement, so allow time for that.

Question 10

Can I use my KiwiSaver towards my first home?

Accepted Answer

Yes, once you have been a member for three years. You also need to intend to live in the property. If you contribute to a superannuation scheme other than KiwiSaver, check with your provider, as some allow a first home withdrawal too.

Question 11

I have no New Zealand credit history. Is that a problem for a home loan?

Accepted Answer

It is a hurdle, not a wall. Many migrants arrive with an excellent record at home and a blank file here, because New Zealand lenders cannot see overseas credit history. Some lenders weight a thin file far more leniently than others.

Question 12

Am I eligible for the Kainga Ora First Home Loan?

Accepted Answer

If you qualify, your deposit can be as low as 5 percent, and your whole deposit can be gifted. There are income caps, which change over time, so check where you sit before you make an offer. House price caps no longer apply to the First Home Loan.

Question 13

Do I pay tax on money I bring into New Zealand from India for a house deposit?

Accepted Answer

Tax is a question for a chartered accountant rather than a mortgage adviser, and the answer depends on your own circumstances. Speak to one before you transfer a large sum.

Buying a Home in NZ as a Migrant

Helpful links.

First home buyers

Try our calculators

Get in touch

#advisersworkforyou