Buying property in New Zealand | Settled.govt.nz (2024)

FAQs

How to buy property in New Zealand as US citizen? ›

It can take as little as 3 to 4 weeks to complete the process of buying a house in New Zealand, once you have found the place you want. After a bid is formally accepted there can be no last minute offers, which makes buying here a lot less stressful than in some parts of the world.

Buying a home in New Zealand should be straightforward, and there are plenty of protections in place to make sure consumers don't run into trouble. For example, once an offer has been accepted, it's not possible for another buyer to make a last minute bid and get the property you'd agreed to buy.

What is the minimum deposit that I need to buy a house in New Zealand? The ideal deposit for any own-home purchase is 20%, but typically, the minimum required is 10% for an existing property and, in some rare cases, 5% for a turn-key build.

If you want to live in New Zealand as a retiree, you will need a visa that will allow you to follow that dream.

Living in New Zealand

To live in New Zealand permanently, you need a resident visa. There are a number of pathways to obtaining a resident visa, many of which start with a temporary visa allowing you to work, study or own a business in New Zealand.

Calculate how much you'll need for a deposit

If you are a first home buyer looking to purchase an existing home, in most instances you will be required to have a deposit that is 20% of the home's value. This means that for a home worth $500,000, you will likely need a deposit of $100,000.

Generally, only residents and citizens can buy residential property in New Zealand, but there are some exceptions. Find out if you are eligible to buy property in New Zealand on the New Zealand Now website.

Investment property deposit requirements New Zealand

The banks generally require a 35% deposit to buy an investment property. These requirements are in force due to loan to value restrictions (LVR) imposed by the Reserve Bank that limit the amount of lending retail banks can offer to low deposit borrowers.

Is property a good investment in New Zealand? ›

Why invest in property? New Zealand needs rental properties. The number of households renting is increasing each year and the bulk of those are living in homes provided by private landlords. This creates plenty of opportunity to use property as a way of building your own wealth.

House prices peaked in Nov 2021. They then fell 17.80% and appeared to bottom out in May 2023. Since bottoming out NZ house prices have increased 2.28%. That includes REINZ house price index data through to May 2024.

Christchurch: Cheapest major city in New Zealand

Christchurch has the lowest cost of living of any major city in New Zealand by a large margin - compared to Wellington and Auckland, this southern centre is a bargain.

Finding the deposit for your first home can be a challenge, with most lenders currently requiring a minimum 20% deposit. But with a First Home Loan you only need a 5% deposit, which means getting into your first home is that much easier.

To live alone as single person in Auckland, you'll want to earn around$90-$100k. Having children in Auckland drastically changes how much money you need to earn. A family of four would need to earn about $162,000 (combined income) to live comfortably.

If you have a multiple entry visa, you can visit New Zealand as a tourist as many times as you want and stay for a total of up to 6 months in a 12-month period. The 12-month period is calculated back from the last day you intend to be in New Zealand (your intended departure date).

Citizenship by Grant

To be eligible, you typically need to have held a resident visa for a specified period, usually five years, and have met certain criteria such as time spent in the country and commitments to New Zealand's laws and customs.

US tax forms for expats in New Zealand. Despite living abroad, U.S. citizens and green card holders are still obligated to file U.S. tax returns, reporting their worldwide income.

Two Passports

As a dual citizen, you are allowed to carry passports from both countries. For example, if you are a citizen of the U.S. and New Zealand, you can travel more easily between these two countries.