Borrowing in NZ with 10% deposit, high Oz income & Oz equity?

[Smilla]

Hi there

Has anyone borrowed in NZ with a 10% deposit while on an overseas income?

Here is our situation. Would love to hear of other's experiences.

My fiance is a Kiwi with a high income earned in Australia. We own three properties in Oz with AUD300K equity at the moment and enough money for a 10% deposit on the IP we wish to buy.

We have just found out we can't borrow in Australia and use the NZ property as equity and we don't have enough Oz equity to use as collateral.

He works for a big four bank and has been there for fifteen years).

We are speaking to the NZ branch tomorrow but were keen to hear of others experiences in the meantime.

We know we can borrow cash against our Oz equity if need be but would prefer to avoid that if possible.

Cheers!

 

[alexlee]

We know we can borrow cash against our Oz equity if need be but would prefer to avoid that if possible.

Cheers!

Why? Why would this be a bad idea?

 

[Smilla]

Hi Alexlee.

Sorry I should have been clearer. There's no problem from our side. The issue is that if you earn an overseas income and want to buy in Nz they typically require at least a 20% deposit (sometimes up to 50%!).

I have read that exceptions are sometimes made and that non-banks will lend with a smaller deposit and I was wondering if anyone had experienced this recently?