Buying a home in Australia can feel like a natural next step for many New Zealanders. You might already live and work here, or you may be planning a move across the Tasman and want to understand how property ownership works. The good news is that New Zealanders can buy property in Australia, and you may have more pathways available than people on other temporary visas.
In this guide, Unconditional Finance explains how home loans for Kiwis work in Australia, how lenders assess New Zealand citizens, and what you can expect at each stage.
What New Zealanders Should Know Before Buying Property in Australia
Most New Zealand citizens enter Australia on a Special Category Visa (SCV 444), which allows you to live and work here indefinitely. This matters because many lenders assess SCV holders in a similar way to Australian permanent residents.
If you live in Australia on an SCV, you can usually access standard home loan products and buy established property without extra approvals. While the SCV is not a permanent visa, lenders often classify New Zealand citizens as resident borrowers, although documentation requirements can still vary.
New Zealand citizens are also generally exempt from Foreign Investment Review Board (FIRB) approval, which reduces a step that applies to most other foreign buyers. This exemption applies whether you live in Australia or overseas.
You might still need FIRB approval if the property is purchased:
- through a company
- through a trust
- with someone who is not an Australian or New Zealand citizen
In these cases, lenders may ask for more details about the ownership structure before proceeding.
How Australian Lenders View New Zealand Citizens
Lenders assess New Zealand citizens based on where you live and how your income is earned. Many treat SCV holders in a similar way to Australian permanent residents, which can mean access to comparable loan features, deposit requirements and credit criteria.
Policy differences still exist. Some lenders may assess you under non-resident rules if you work in New Zealand, earn income in NZD, have limited Australian credit history or live overseas. This can reduce borrowing capacity or affect the loan-to-value ratio a lender is willing to consider.
Lenders usually confirm your SCV through passport checks. Some may also request:
- a VEVO check
- proof of Australian residency
- your entry date into Australia
These checks help ensure your application is assessed under the correct category.
Deposit Requirements for Kiwis Buying Property in Australia
Your deposit affects your loan options, borrowing capacity and whether lenders mortgage insurance (LMI) applies. Many lenders may consider lending up to 90–95% for New Zealand citizens living in Australia, depending on income strength, credit history and savings behaviour.
A larger deposit may be required when:
- your income is earned overseas
- the loan is assessed under a non-resident policy
- the property sits outside standard risk categories
- you have limited Australian credit history
LMI for NZ borrowers generally applies when borrowing above 80%. Some lenders may support higher LVRs with LMI, while others may restrict the LVR if your income is in NZD or earned outside Australia.
Certain essential service occupations may have access to LMI waiver programs with specific lenders. These programs are not universal and depend on lender policy and your overall profile.
Borrowing Capacity and Income Assessment for NZ Citizens
Borrowing capacity affects how much a lender may be willing to offer. For New Zealand citizens living and working in Australia, many lenders assess income in a similar way to Australian permanent residents. Lenders usually review:
- base salary
- overtime or allowances
- employment type
- existing debts and commitments
Overtime and allowances may be included if they are consistent and supported by payslips or employment contracts. Treatment of variable income can differ between lenders.
New Zealand student loans, such as StudyLink, and other overseas debts are included in serviceability calculations. While formulas vary, all ongoing liabilities are generally taken into account.
If you work in New Zealand but buy in Australia, your income is assessed under foreign income policy. This typically involves currency conversion, income shading and extra documentation, which can reduce borrowing capacity compared with earning AUD.
Buying Property in Australia While Living in New Zealand
You can live in New Zealand and buy property in Australia, but lending options are usually more limited. How your income is assessed and which lenders are available can differ from applications made in Australia.
Income earned in New Zealand is assessed under foreign income policy. This may involve:
- currency conversion and income shading
- confirmation of consistent income
- verification of tax and employment details
Some lenders do not accept foreign income, which can reduce lender choice. Banks may discount foreign income to manage exchange rate risk. The level of discount varies and can affect borrowing capacity. If you apply from New Zealand, lenders may request:
- NZ payslips
- NZ bank statements
- IRD income summaries
- an employment letter
Applying from overseas can also mean higher deposit requirements and extra verification. Preparing accurate documents early can help reduce delays.
Property Types NZ Buyers Commonly Purchase in Australia
Different property types can be assessed differently by lenders, which may affect borrowing limits, valuation outcomes and loan structure.
Established Homes for Owner-Occupiers
Established homes are usually the most straightforward for lenders to assess, provided the property meets standard valuation, zoning and condition requirements. These properties are usually accepted by more lenders and assessed under standard criteria, as there is no construction or completion risk involved.
Investment Properties and Rental Income Assessment
Investment properties are typically assessed more conservatively. Some lenders may apply shading to expected rental income, which can reduce borrowing capacity. Lenders may also consider ongoing expenses like management fees, maintenance and potential vacancies when assessing the loan structure.
Off-the-Plan Purchases and Valuation Considerations
Off-the-plan purchases involve additional timing and valuation risks. If the completed property is valued lower than the contract price at settlement, you may need to increase your deposit or reassess your loan structure. Pre-approvals may also need to be reviewed if construction timelines extend.
Regional vs Metro Properties and Policy Differences
Property location can affect lending policy. Some lenders apply tighter criteria in regional or lower-density areas, which may reduce maximum loan-to-value ratios or require extra valuation checks compared with metro properties.
Step-by-Step Home Loan Process for New Zealanders
The home loan process for New Zealanders follows a similar structure to Australian borrowers, with a few important considerations along the way.
1. Understand Your Visa and Lending Category
Confirming your Special Category Visa (SCV) status helps lenders determine whether you are assessed as a resident or non-resident borrower. This classification affects which lenders may be available, how your income is assessed and the loan-to-value ratios that may apply.
2. Review Borrowing Capacity and Deposit Position
Reviewing your borrowing capacity and deposit position early helps you set a realistic purchase price and avoid surprises later. This step also helps identify whether changes to your savings plan or debt levels could improve your borrowing position.
3. Gather Documents Lenders May Require
Preparing documents such as identification, payslips, bank statements, employment details, and evidence of savings can streamline the application process. Having these ready reduces delays and allows lenders to assess your application more efficiently.
4. Secure Pre-Approval With a Suitable Lender
Pre-approval provides an estimate of how much you may be able to borrow and helps narrow your property search. While useful, it is not a guarantee and remains subject to final assessment, valuation and lender conditions.
5. Make an Offer and Complete Due Diligence
When making an offer, it’s important to understand finance clauses, cooling-off periods and inspection requirements, which vary by state. These protections can help manage risk while your loan is finalised.
6. Valuation, Formal Approval and Settlement
Once the lender completes the valuation and confirms all conditions are met, formal approval is issued. The loan then progresses to settlement, where funds are advanced, and ownership is transferred.
Costs NZ Buyers Need to Budget For in Australia
Beyond your deposit, there are several upfront and ongoing costs to factor into your budget.
Stamp Duty and State-by-State Differences
Stamp duty is a significant upfront cost and varies depending on the state or territory where you buy. Rates, thresholds and any available concessions are set by each state revenue office and depend on factors such as property value and buyer status.
Conveyancing, Inspections and Bank Fees
In addition to your deposit, you’ll need to budget for conveyancing or legal fees, building and pest inspections, and lender costs such as application fees, valuation fees and settlement charges. These costs can differ between lenders and service providers.
Extra Costs for Overseas Applicants (If Applicable)
If your application is assessed under a non-resident lending policy, some lenders may charge additional verification or processing fees. This depends on the lender and how your application is classified.
Ongoing Ownership Costs
Once you own the property, ongoing costs may include:
- council rates
- strata fees for apartments or townhouses
- building and contents insurance
- general maintenance and repairs
Planning for these costs helps you manage your budget more comfortably over time.
How a Mortgage Broker Supports New Zealanders Buying in Australia
Working with a mortgage broker for first home buyer Kiwis in Australia can help you navigate lender policy differences and application requirements.
Comparing Lenders Who Understand SCV and NZ Borrower Profiles
We compare lenders that have established policies for New Zealand citizens, including those familiar with SCV status and NZ income considerations. This helps ensure your application is assessed under the most appropriate criteria based on where you live, how your income is earned and the type of property you’re buying.
Structuring Applications for Stronger Approval Outcomes
We help structure your application clearly and accurately, taking into account income type, deposit position, liabilities and lender policy. A well-prepared application can reduce delays, limit follow-up requests and support a smoother assessment process.
Coordinating Assessments for NZ-Based Applicants
If you are living in New Zealand, we assist with document collection, lender communication and responding to queries across time zones. This coordination helps keep the application progressing without unnecessary interruptions.
Ongoing Guidance From Pre-Approval to Settlement
Our support continues from pre-approval through to settlement, helping you understand each stage, manage lender conditions and stay informed as your purchase moves forward.
Key Takeaways for New Zealanders Entering the Australian Property Market
Buying property in Australia as a New Zealander is often more straightforward than many expect, particularly if you hold a Special Category Visa and live or work here. Understanding how lenders assess your residency status, income, deposit and property choice can help you prepare a clearer application and avoid unnecessary delays throughout the process.
If you’re planning to buy in Australia or are unsure how your New Zealand citizenship may be assessed, as a mortgage broker in Sydney, Unconditional Finance can help you compare lender policies, explain how different criteria may apply and guide you through the next steps with clarity.
The right preparation can make the process far more manageable. If you’d like to see what options may be available for your situation, our brokers can help you compare policies and move forward with confidence.
Disclaimer: The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention are taken in its preparation, any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates are subject to change. Approved applicants only.
Frequently Asked Questions (FAQs)
Generally, KiwiSaver funds cannot be used to purchase residential property in Australia. KiwiSaver is designed to support retirement savings and first-home purchases in New Zealand, and Australian lenders do not treat it as an acceptable source of funds for an Australian property deposit. You would usually need to rely on savings, equity, or other verified funds instead.
Living and working in Australia for a longer period can help in some cases, especially if you have stable employment and an Australian credit history. While there is no fixed timeframe that guarantees better loan terms, longer residency may make it easier for lenders to assess income consistency and overall risk, depending on the lender’s policy.
Yes, New Zealanders can apply jointly with an Australian citizen or permanent resident. However, lenders assess each applicant separately, including visa status, income source and credit history. In mixed applications, the most restrictive policy can apply, so borrowing power and deposit requirements may differ depending on how the application is structured.
Changing jobs does not automatically rule out approval, but lenders may assess your income differently. Some lenders may want to see that you are past probation or that your new role is in the same industry. The impact depends on employment type, income structure and how recently the change occurred.
Refinancing is possible for New Zealand citizens, but future eligibility still depends on lender policy at the time. Changes to income, residency status, property value or lending rules can all affect refinancing options. Even if you stay with the same lender, a new assessment is usually required when you refinance.