Immigrant Home Loans Find Solutions with General Finance
Owning a home is a fundamental for family life in New Zealand. South African immigrants to New Zealand often find home
ownership hard to achieve, because of restrictive rules about money exiting South Africa.
The good news is: an established New Zealand mortgage company has identified this problem, and has provided two products
to serve recent immigrants.
"We have developed two products based on what we know are needs in the immigrant community," says director of General
Finance James Lockie. "The first product - '100% Home Loan' - enables buyers to own their own home at a competitive
interest rate, without having a deposit.
"The second - 'No Financials Home Loan' - meets the needs of self employed purchasers who may not have two years'
financial statements to validate their incomes."
General Finance Limited is an established, private lender, with a history of home loans in New Zealand for 5 years, and
serving thousands of families here. General Finance can provide fast approvals, flexible 'mix and match' type loans, and
has competitive fees. (www.general.co.nz)
· The 100% Home Loan recognises the skills and ability of newly arrived South Africans who, while they may arrive with
few savings, are easily able to service a mortgage. Criteria for this loan include: a household income level of $75,000
plus; in present employment for at least six months; few dependents; and less than $3,000 debt. · Self employed
immigrants who cannot provide two years of financial statements to validate their New Zealand earnings, may also
consider the "No Financials" Home Loan, which allows them to self certify their incomes. Work history prior to
immigration may qualify a self-employed purchaser to borrow up to 80% of the value of the property.
"We have many South African who have been satisfied with our services. Part of our success is that we have South
Africans on staff too," says James, "Call us for help and further information and criteria."