In general, anyone can buy homes in New Zealand to live in. However it might be difficult for you to get a loan while not being a resident, so check with banks or a mortgage broker about that.
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“Cross posted from NZ
Kia Ora
My wife and I have moved in the last 18 months and are loving NZ. As such we would very much like to start planting roots here. We’re on a skilled migrant visa at present. My questions are
Are we eligible to start looking at buying a house or would we need to wait till we have permanent res?
What are our options regarding moving money over from the UK safely and securely? Outside bank transfers (given they have max amounts)
Thanks for your help”
(Original question on Reddit)
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Kia Ora! It’s great to hear that you’re enjoying your time in New Zealand and considering buying a house. Here’s some information that might help:
Buying a House:
In general, anyone can buy homes in New Zealand to live in. You might want to use the tool provided by New Zealand Immigration, (https://www.live-work.immigration.govt.nz/live-in-new-zealand/housing/buying-or-building) to understand if you are able to buy.
However it might be difficult for you to get a loan while not being a resident, so check with banks or a mortgage broker about that.
The process of buying a house in New Zealand can take as little as 3 to 4 weeks, once you have found the place you want. It’s recommended to get independent advice from a lawyer or conveyancer experienced in home buying before you make an offer.
Transferring Money from the UK:
There are several options for transferring money from the UK to New Zealand. You can do it through your home bank in an online transfer (telegraphic transfer) or with an international bank draft. Alternatively, you can use a foreign exchange broker, like XE Money or Wise, to transfer money to your New Zealand bank account, avoiding hefty bank fees. Other alternative transfer methods include debit or credit card payments, Google Pay, Apple Pay, or cash pick-up. It’s important to compare the total cost of your GBP to NZD transfer, including both the upfront fee and the Pound Sterling/New Zealand Dollar exchange rate.
Hope this helps.
Regards, Clive Fernandes (Financial Adviser)
Director – National Capital
Disclosure: I am the director of National Capital, a KiwiSaver advice firm. The views expressed in this article are the views of the author. The information provided is of a general nature and is not intended to be personalised financial advice. You may seek appropriate financial advice from a Financial Adviser to suit your individual circumstances or contact National Capital.
