If you are planning on using a mortgage for buying an apartment, town house or country home in New Zealand Mortgages are available for both House Purchase and Home Improvements (other purposes on request) on a repayment basis only.
The Minimum advance is £ 50,000 with No Maximum, but the advance must not exceed 80% of Valuation or Purchase Price (whichever is the lower)
Proof of Income is required in all cases (can be made up of Earned Income, Pension, Investment or Rental Income. Please note however, it is not always the case that the Lender will take all or part of these Incomes into account when determining the maximum loan available). Non-Status loans are currently not available. Please note that a Power of Attorney with a resident in New Zealand may be required by the relevant Lender.
Term can be from 3 to 25 years up to age 70, mortgages are available in New Zealand dollars only
The Current Interest Rate is from approx 9.55% Variable in New Zealand Dollars. Fixed Rate loans are also possibly available (ie: Fixed for 5 years at 7.75%).
Typical Example of a New Zealand Mortgage would be a Repayment Mortgage of approx NZ$150,000 over a period of 20 years at an approx interest rate of 9.55% Variable = approx NZ$1,423.50 Capital & Interest per month = a total approximate amount payable over the term of NZ$346,880 including capital, interest, arrangement and survey fees.
If you would to learn more about using a mortgage to purchase a property in New Zealand Enquire
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