New ZealandAt a glance:
| | Mortgage | Refinance | Equity Release | Buy to Let | | Maximum Loan to value | 70% | 70% | 60% | 65%* | | Maximum Interest only period | 0 | 0 | 0 | 0 | | Maximum Term | 30 years | 30 years | 30 years | 30 years | | Maximum Age on completion | 70 | 70 | 70 | 70 | | Average interest rates | 4% | 4% | 4% | 4% | | Average monthly price per thousand | 4.37 | 4.37 | 4.37 | 4.37 |
Process:
Mortgages in New Zealand are quite competitive. There are not only numerous products but currecy options to choose from. The process is quite standardized and transparent. Available for non residents and residents alike, the process normally takes no more than 9 weeks. Approximate timelines (weekends not included): | 1. | Approval in principle | Instant | | 2. | Final licences | Day 1 | | 3. | Property registration details | Day 1 | | 4. | Application (receipt of documents) | Day 1 | | 5. | Power of attorney | Day 1 | | 6. | Confirmation of approval in principle | Day 3 | | 7. | Valuation | Day 6 | | 8. | Formal offer | Day 10 | | 9. | Arrange signing | Day 15 | | 10. | Signing | Day 20 | | 11. | Transfer of deeds | Day 20 | | 12. | Payment to developer | Day 20 | | 13. | Agency of service | Day 20 | | 14. | First mortgage payment | Day 21 | | 15. | Commission received | Day 41 |
Costs: For guidance purposes, as costs vary from lender to lender: Cost | Amount | Payable | | Broker fees | 800 | Up front (refundable) | | Application / bank fees | 200 | Up front | | Valuation fee | 500 | Up front (refundable) | | Opening commissions | 1% of loan amount | On signing | | Registry / Notary fees | 0.85% of purchase price | On signing | | Agency of Service | 120 | Annually on signing date |
Currencies:
New Zealand Mortgages are available currently in Euros, GBP, US Dollars, Swiss Francs, Yen, Canadian, Hong Kong, Singapore, Australian and New Zealand Dollars.
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