# Mortgages for non residents



## prussia7 (May 13, 2012)

Hi,

We are looking into getting on the property market in auckland. We are on 2 1/2 year work to resident visas. Does anyone have any experience or advice in getting mortgages? E g whether higher deposits are required?


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## jsharbuck (Jul 26, 2012)

Hi,

I checked with my bank ANZ while we were in the same situation with just a work visa. They required a 25% down payment. The bank explained that there is a big risk for them approving a loan for someone who is not a resident. Don't know your situation but would advise starting towards your permanent residency. It took is about six months to complete. We just got pre approval on a loan with only 5% down and that's huge difference.


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## topcat83 (Apr 16, 2009)

Are you looking for a property to live in, or an investment property?
That will make a difference too...


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## prussia7 (May 13, 2012)

Thanks guys, good advice. It's our first home, which we anticipating staying in for a good two years at least. So we are looking to do anything we can that may help improve the lenders opinion of us as we are on a work to residence visa we are looking into whether its possible to get the residency application underway. 

Thanks!
Anna


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