Refinancing from Australia

Question from chris updated on 16th May 2018:

We wish to refinance our home in New Zealand for a deposit ($90,000) on a house in Australia. We are living in Australia and we are both working full time with a combined income of $150,000. Our house in New Zealand is valued at around $650,000 with a mortgage of $210,000. My wife is a New Zealand citizen while I am Australian. Is this possible? We were recently told by a bank that it isn't possible because I am Australian... Advice sought! 

Our expert Kris Pedersen responded:

This sounds fine. Note that over the last couple of years banks have ended up treating offshore income a lot harder. Most banks will scale income to allow for exchange rate risk which may have caused an issue here. Also note that you are unlikely to get a straight cash out approval and that you will need to get a conditional approval from this side subject to them sighting the Sale & Purchase agreement and loan offer from the AUS side. Please feel free to email me at and we can look at options for you.


Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies.

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