Mortgages in New Zealand
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Mortgages in New Zealand
The mortgage market and the property market in New Zealand are mature and both benefit from being backed up by a solid legal system that protects all parties involved in a property transaction.
Who can borrow
Property enthusiasts are able to borrow to purchase a property in New Zealand whether they are a resident, a citizen, a non-resident, a temporary resident or even if they have never been to New Zealand and have no intentions of ever going there.
However, the amount an individual can borrow and the type of property that can be purchased is largely determined by their residence status as well as their financial status.
For example, buyers that emigrate and live in New Zealand (achieving permanent residence status) will be given the same rights as a New Zealander in terms of the property that is available to buy, the amount that they can borrow and their overall rights of property ownership.
Available property
Becoming a permanent resident in New Zealand gives buyers the right to purchase any property or parcel of land in New Zealand that is available for sale.
If the buyer is temporarily on a work-related visit to the country, or is a citizen of another country and is buying simply for investment or holiday home purposes, then current laws restrict them to the purchase of real estate on land less than 12.5 acres.
Alternatively, up to 12.5 acres of undeveloped land is available to buy unless the land is either:
- In the vicinity of a protected area such as a national park
- Is on an island, meaning only 1 acre of land is available to own.
Next: New Zealand mortgage types
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