The law around who can buy property in NZ is somewhat complex. Figuring out whether you are eligible to buy a house may require some legal advice. To save you some time and possibly even money, here’s a quick, simplified process to work through to self-assess whether you are able to purchase property in NZ.
First off, the most obvious answer: NZ citizens are automatically qualified to purchase residential property, no questions asked.
The ambiguity arises when someone who doesn’t hold citizenship tries to test the waters in the property market. If this applies to you, check the following 3 things:
The type of Visa you hold: It must be a Residency visa. Working permits, student visas, tourists visa etc.. do not qualify.
Your tax residency status: You must be an NZ tax resident to qualify to purchase residential property.
Time spent in NZ: This is the one that causes the most confusion. To be eligible to purchase residential property, you must make sure that you have been living in NZ for the last 12 months, and that out of those 12 months, at least 183 days have been spent physically in NZ i.e. if you have spent more than 6 months collectively visiting family overseas, you will not qualify. Note also that this is regardless of when you obtained your resident visa, so for example, if you have been living in NZ for the last year and have spent over 6 months of that time actually in the country, but only obtained your visa today, then you are eligible to purchase a property.
Keep in mind that this applies to both owner-occupied and investment properties.
Now there is one exemption to these rules, and that is the De Facto partner exemption. This applies to people who are not themselves residents of NZ but are in a De Facto Relationship with someone who does qualify to purchase a house. In this case, the couple can purchase a property jointly.
If you’re a little unsure of whether you are able to purchase a home in NZ, get in touch with and we’ll be able to steer you in the right direction, so you can shop for a house with confidence.