A question we get a lot here at No1 Property Guide is “can NZ citizens buy property in Australia?” And the short answer is, yes! New Zealand citizens can absolutely buy property here in Australia. In fact, we’ve helped hundreds of Kiwis achieve their homeownership dreams across the country.
There are a few different things you need to be aware of though, as it’s not quite as straightforward as it is for Australian citizens. Luckily, Darren Walters and the New Home Consultants at No1 Property Guide are experts in everything you’ll need to know as an NZ citizen to buy your new home here in Australia. They’ve put together this article to give you the answers to all of your questions about buying property in Australia as an NZ citizen.
Using his no or low deposit new home system, Darren has helped thousands of renters become homeowners. Whether you’re a first home buyer, have owned before or are looking to invest, No1 Property Guide can help. The first step is to fill in our simple pre-qualification form. From there, our New Home Consultants will be in touch to discuss all your factual new home options.
Do I Need to Become a Citizen?
This is generally the first and most common question we get asked. And the simple answer is no. You don’t need to become a certified citizen or permanent resident to buy property in Australia. When Kiwis first come to Australia, they are given access to a special visa called the Special Category Visa (Subclass 444).
As an NZ citizen living in Australia, you basically have the same options as a regular Australian citizen when it comes to buying a home. Though some states will have additional requirements to avoid fees or to gain approval.
In NSW you will need to live in the state for 200 days to avoid paying additional stamp duty. While in QLD you may have to pay additional fees if they deem or discover you came to Australia for the sole purpose of buying a property.
However, if you’ve made the move over and are simply looking to buy your family home, then you have plenty of great options. Your first step is simply to understand your factual options so you can make an informed decision. And our pre-qualification form is the best way to find out what you can or can’t do. Simply fill it in and then one of our New Home Consultants will contact you to go over how we can help you achieve your homeownership dreams.
Do I Have to Buy a New Home?
As an NZ citizen, the home you buy in Australia doesn’t have to be a new home. However, if you want to access any of the First Home Owner Grants, or stamp duty waivers, then a new home is definitely your best option.
Almost every government grant and scheme is only applicable to new properties. Which unfortunately means existing homes won’t be a viable option. However, building new is generally the best idea anyway!
By buying or building a new home, you not only get access to governments grants, but you can also get a better guarantee that your home is in great condition.
Our no or low deposit house and land packages give you a great way to secure your new home with government grants. While also being assured that your new home is built to the highest standard.
Will I Pay a Higher Interest Rate?
As an NZ citizen living in Australia, you will have access to the same interest rates as Australian buyers. However, if you’re not a New Zealand citizen, or are still living in NZ at the time of settlement, you might end up paying a higher interest rate.
There are a few ways you can get a great interest rate on your home loan (as an Australian or NZ citizen). Some general tips for getting a low interest rate are:
- Have a larger deposit
- Have a guarantor
- Add additional applicants to your mortgage
Even if you can’t do any of these, No1 Property Guide still has options. We work with all major lenders and have access to affordable low rates. In fact, we’ve helped many clients secure their new no or low deposit house and land package at a low 1.99% interest rate.
Getting a great interest rate is going to come down to your overall situation. Not whether you’re an NZ citizen or not.
The New Home Consultants at No1 Property Guide can help you secure your no or low deposit new home at the lowest interest rate possible. Simply contact our team and fill in our pre-qualification form to begin your journey from renting to homeownership today.
What About Stamp Duty Surcharge?
Stamp duty surcharge is an additional tax that foreign buyers pay on top of stamp duty when purchasing a home in Australia. As an NZ citizen, you can avoid this surcharge. However, there are some situations where you will still have to pay.
First of all, the Northern Territory has no surcharge, so the sure-fire way to avoid the cost is to purchase your new home there. However, if you wanted to buy in other states, there are a few ways to avoid paying the additional cost.
If you’re looking to buy a property in NSW, you’ll have to live in the country for 200 days before you buy. And you’ll have to be here during the contract exchange as well. The other states will generally only charge you the additional surcharge if they find you have come over to Australia for the sole purpose of buying property.
We always recommend you speak to a professional solicitor or financial expert to ensure you meet the criteria to avoid any stamp duty surcharge you can.
What About an Investment Property?
Kiwis can absolutely buy investment properties here in Australia. Even when you’re still living in New Zealand! However, most lenders will require a larger deposit or have additional requirements you’ll need to consider.
You’ll also have a few more hoops to just through if you want to use the equity in your NZ home to purchase an investment property in Australia.
The trickiest part is that this will be 2 separate home loans. And will often require going through 2 different lenders to get organised. You will need to use a lender (most likely your current home loan lender) to refinance your mortgage and release the equity. And then another lender to organise the mortgage in Australia to buy your investment property.
Of course, if you’re living in Australia and simply want to buy an additional property to use as an investment property you can do that as well. This is actually easier in most cases as you can use the equity in your existing home in Australia to leverage and start building your portfolio. Without needing to use multiple lenders or meeting additional overseas criteria.
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So, NZ Citizens Can Buy Property in Australia?
Yes! If you’re looking to buy a property in Australia as an NZ citizen, talk to the New Home Consultants at No1 Property Guide today. We’ve helped thousands of renters become homeowners using Darren Walters’ no or low deposit new home system.
Darren has more than 20 years of experience in property, finance and lending policies, and understands the ins and outs of the property market. He created his unique no or low deposit system to give renters an opportunity to get into the market without needing a huge 20% deposit like most lenders require.
The first step is simply understanding your factual options by filling in our pre-qualification form. From there, our New Home Consultants will work with you to discover what you can or can’t do. And to guide you into your new home.