We are still lending to Overseas Income
So all of the four major banks have now changed their overseas income policies and all slightly different.
Thankfully as mortgage advisers we have a whole host of options and this is where those options separate us from the others.
It is time for us to really go to work and turn this challenge into an exciting opportunity which we are relishing and already have several options for overseas income.
Australians or Ex-Pats
Across our policies we have the following options:
· Earning AUS$ - up to 80% LVR
· Earning other currencies – up to 70% LVR (except Chinese yuan)
Due to the main reason why banks are unable to offer overseas income none of our lenders will offer finance for Chinese investors who do not reside in New Zealand until further notice. If you reside here and your earnings are Chinese yuan this cannot be considered.
Other Overseas Income
We can consider on a case by case basis with points below crucial:
· Overall strength of client, must have very strong income $200,000+
· Strength of company you work for – large corporate preferable
· Bank statements – in English
· Cannot be self employed
This is certainly the hard stick approach by the major banks and we certainly foresee their policies chopping and changing further in the coming months.
You may already be committed for a section or property but if you are not unconditional you may find your lender changing or removing the finance offer when it expires.
If this is the case or you are looking to invest in New Zealand property, don’t hesitate to contact us to navigate you through our ever changing financial policies.