SearchExploring deposit options
Diem asks:
(updated on Monday, October 23rd 2017)
I'm a New Zealand citizen but have recently relocated to Australia for about a year. I'm planning to move back to New Zealand at the end of this year, 2017. I'm looking to buy a property for myself to live once I'm back in New Zealand.
But, in the meantime, my parents will live in that property and will pay rent for me. I can't afford to deposit 40% on the $700,000 worth house. I have about $220,000. What is the best option for me to do now? My income is $50,000 after tax.
Our Experts Answer:
With the house being a rental property the main banks aren't going to exempt this, even though you plan to live in it down the track. There may be a non-bank option to look at as there are a lending options outside the main banks which can do investment lending at LVR's in the 70-80% bracket - both of which you meet.
Do note that one issue may be the servicing side of the equation, based on what you have stated. But I would need more information on the rental that you will achieve and what you are paying in AUS rent to advise further on that.
Most Read
| Unity First Home Buyer special | 3.99 |
| SBS FirstHome Combo | 3.99 |
| TSB Special | 4.39 |
| Co-operative Bank - First Home Special | 4.39 |
| ICBC | 4.39 |
| SBS Bank Special | 4.49 |
| Unity Special | 4.49 |
| ANZ Special | 4.49 |
| Westpac Special | 4.49 |
| Kiwibank Special | 4.49 |
| Co-operative Bank - Owner Occ | 4.49 |
| ICBC | 4.59 |
| ANZ Special | 4.69 |
| TSB Special | 4.69 |
| BNZ - Std | 4.69 |
| Wairarapa Building Society | 4.79 |
| Nelson Building Society | 4.87 |
| Westpac Special | 4.89 |
| Co-operative Bank - Owner Occ | 4.89 |
| Kiwibank Special | 4.89 |
| SBS Bank Special | 4.89 |
| Unity Special | 4.89 |
| ICBC | 5.19 |
| Westpac Special | 5.29 |
| TSB Special | 5.29 |
| BNZ - Std | 5.29 |
| SBS Bank Special | 5.69 |
| Co-operative Bank - Owner Occ | 5.69 |
| Kainga Ora | 5.69 |
| ASB Bank | 5.69 |
| AIA - Go Home Loans | 5.69 |
| Kiwibank Special | 5.79 |
| Westpac | 5.89 |
| SBS FirstHome Combo | 3.29 |
| AIA - Back My Build | 3.34 |
| SBS Construction lending for FHB | 3.74 |
| CFML 321 Loans | 3.95 |
| Co-operative Bank - Owner Occ | 4.99 |
| Co-operative Bank - Standard | 4.99 |
| Heartland Bank - Online | 5.30 |
| ICBC | 5.39 |
| Kiwibank - Offset | 5.65 |
| Kiwibank | 5.75 |
| Unity Standard | 5.79 |
