461 Visas - what's the go?

Are you a Kiwi citizen with a partner on a 461 visa?

Do you want to buy a home? Need a mortgage?

• The 461 visa can throw a few curve balls, but it can be done!

• You won't be eligible for the First Home Guarantee (5% deposit scheme) .. unless the NZ citizen borrower can afford to meet the mortgage obligations on their own.

• Most lenders will not approve Lenders Mortgage Insurance (LMI) if there is a 461 borrower. So borrowing more than 80% is generally out of the question.

• I do have one bank that permits a 461 visa holder to secure LMI.

• If you borrow less than 80% of the purchase price, then you will generally be OK.

• You are best advised to purchase the home in the name of the Kiwi citizen. One owner.

• The Kiwi citizen and the 461 visa holder can both be borrowers (for 80% LVR). Two borrowers.

• Other elements need to line up - income (PAYG), deposit source, credit history.

• Get a good Kiwi broker on board - talk with me!

Up the Wahs.