Hi all[
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I am going over to NZ to get some PI and would like to do better than 20%[]
I have a good deal with my bank manager here, so 20% is a shock to me.[]
ALSO, what is the best way to get money across to NZ.[?]
Is there any thing in particlur than is different to NZ PI, ie with here we have white ants
thanks to all
this forum has been a great for my enthusiasm for PI, as I live in the country with only one friend interested in PI
thanks[][8D]recoveryman. When you say better than 20% deposit I assume you mean that because you are buying overseas that you need 20% plus costs? This is becuase mortgage insurers will not mortgage insure a property located in an overseas market.
You may approach HSBC as they are an overseas bank located in Australia. I am not 100% on thier overseas policy but NZ is one of their favourites.
Hope this helps.
recoveryman. When you say better than 20% deposit I assume you mean that because you are buying overseas that you need 20% plus costs? This is becuase mortgage insurers will not mortgage insure a property located in an overseas market.You may approach HSBC as they are an overseas bank located in Australia. I am not 100% on thier overseas policy but NZ is one of their favourites.
Hope this helps.
Thanks davo70
I looking for better than 20% i.e 10% only
might be a bit hard, will have to do with 20% plus cost
thanks for your reply
recoverymanI have read on a mortgage brokers site that some non resident buyers are eligible for a less than 20% deposit. Unfortunately I cant remember where I read it. It did go on to say that very few people were eligible for it.
I assumed that the exemption worked in the same way as in Australia…..must be earning a large 6 figure income.
I understand that it is not banks that have put the 20% cap on, but the mortgage insurance companies which wont insure you
Tamara
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The topic ‘Can anyone do better than 20% deposit in NZ?’ is closed to new replies.
