Background
Our clients are a professional couple in their thirties, with two school-aged children. One partner is an Australian citizen, the other a New Zealander. Having recently relocated from Australia to a rural New Zealand town, they were looking to purchase an owner-occupied home for their family.
Challenge
One of the applicants, a qualified teacher is employed at a local high school on a fixed-term contract. Despite their professional background and steady employment, their home loan application was declined by their main bank due to the temporary nature of the contract.
Mitigants
Rather than taking a box-ticking approach, our team carefully assessed the clients’ full financial profile and circumstances.
- Sizable deposit from the sale of a property in Australia, evidenced in a NZ bank account
- Low LVR
- The co-applicant is fully employed in a PAYE role
- Clean credit with good overall scores
- Promising permanent employment outlook given the shortage of secondary school teachers in rural areas.
Solution
We provided a tailored Near Prime first mortgage solution, enabling them to purchase their new home and settle into life in New Zealand.
LOAN AMOUNT
$399,650
INTEREST RATE
6.90% p.a.
LVR
60%
TERM
30 years, Principal and Interest
AVANTI FEE
$705
ADVISER FEE
1%
CASE STUDY - PROPERTY LENDING
First Home Loan for Returning Kiwis
Many Kiwi families returning from overseas face unique challenges when trying to secure finance for a home or investment property in New Zealand. Common hurdles include unstable employment, income uncertainty, or a limited local credit profile.
Avanti’s first home mortgages are designed to offer a flexible, stress-free lending solution tailored to these circumstances. Our team takes an out-of-the-box approach, assessing your clients’ full financial profile and personal situation.
If you have clients in a similar position, get in touch.