Auckland Suburban Home for a UK Healthcare Professional
NZD 820,000 · 30 years · 6.85% fixed 2 yrs. A UK nurse had secured a residency visa through New Zealand's healthcare skills shortage programme and needed a home loan in Auckland.
The Client
UK Expats - Primary Residence
The Challenge
A UK nurse had secured a residency visa through New Zealand's healthcare skills shortage programme and needed a home loan in Auckland. She had no New Zealand credit history, had been in the country for just over a year, and her initial income was in a lower NZD band than her eventual earning potential.
Our Solution
Doulton placed the mortgage with a New Zealand bank experienced in healthcare migrant workers. The residency visa and healthcare employment were both viewed positively. A 20% deposit was sourced from UK savings to avoid Lender's Mortgage Insurance and access the most competitive rate tier.
The Outcome
Home purchased in a southern Auckland suburb within commuting distance of her hospital. New Zealand credit file being established. A pay review six months later increased income, and a refix at term end should improve the rate further. Key highlights: Healthcare residency visa treated positively by lender; 20% deposit from UK savings avoided LMI; Pay review at month six improved long-term position.