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There are many categories of buyers, and the rules are slightly different for each class: local buyers, overseas buyers with or without permanent residence, expatriate New Zealanders, visa holders, companies, partnerships. Make sure that you tell me exactly in which class you are and how you want to buy.
I am a foreigner to New Zealand
Foreigners can buy land in New Zealand but there are certain conditions in place. Foreigners can obtain mortgages from New Zealand banks. You will need a deposit of 30-35% depending on your financial circumstances and on the following conditions:
- You must be able to give documentary evidence of your equity
- You must be able to prove your overseas income
- Bank statements showing satisfactory account conduct
- You will have to appoint a NZ Solicitor with a Power of Attorney
- And have a positive credit check from your home country
I am a New Zealander living overseas
The only restriction applicable to you is that you will need at least a 20% deposit if you want to register a New Zealand mortgage. If your partner is a foreigner you could need Overseas Investment consent if you are interested in buying sensitive land, or rural land if you want to purchase in both names.
I am approved for permanent residence
You can buy land in New Zealand but there could be limitations if you are in partnership with a foreigner. A 10% deposit is usually required for a mortgage in New Zealand.
I am a visa holder
Depending on your type of visa, you can purchase in New Zealand subject to certain conditions.
We are in a partnership
A business partnership in New Zealand is not a separate legal entity. Therefore creditors can sell your personal estate.
Relationship partnerships: We have rules to protect the financial status of partners in a long-standing relationship, which your solicitor can advise you about. Check out the rules of immigration
Company
If your company is going to buy the property you will have to comply with the rules of the Overseas Investment Office.
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