So, you’re living in Aotearoa on a working visa and wondering if you can get a loan? Maybe you’re eyeing up a new set of wheels, need a bit of extra cash, or even thinking about buying a home. The good news? It’s possible! The not-so-good news? It might take a little extra legwork compared to a Kiwi resident. But don’t stress—we’re here to break it down for you.
Can You Actually Get a Loan on a Working Visa?
Short answer: Yes! Long answer: It depends on a few key things, like what type of visa you’re on, how long you’ve got left on it, and what kind of loan you’re after. While some banks are a bit wary, plenty of lenders (like us at The Lending Room) are happy to help out if you meet the right criteria.
What Do Lenders Look At?
Here’s what’ll help get your loan application over the line:
- Your Visa Type & Expiry Date – If you’re on a long-term work visa (like an Accredited Employer Work Visa or Essential Skills Work Visa), you’re in a better position. Most lenders like to see that you’ve got at least 6-12 months left on your visa.
- Your Job & Income – Having a stable job with regular income is a biggie. Some lenders might want you to have been in your job for at least 3-6 months.
- Your Credit History – If you’ve got a good credit record (or at least no major red flags), that’ll definitely help.
- How Long You’ve Been in NZ – Some lenders prefer you to have lived here for a while, so they can see some financial history.
- What the Loan is For – Car loans and personal loans are usually easier to get than home loans, which tend to have stricter rules.
How to Boost Your Chances
If you’re keen to get approved, here’s how you can make yourself a stronger candidate:
- Pick the Right Lender – Not all banks and lenders offer loans to visa holders, so don’t waste time applying to ones that don’t.
- Sort Your Credit Score – Pay bills on time, clear off debt, and keep your finances tidy.
- Show You’re Financially Stable – The more proof you’ve got of steady income and responsible money management, the better.
- Have Your Paperwork Ready – You’ll likely need proof of employment, visa details, bank statements, and maybe a reference from your employer.
- Consider a Kiwi Co-Signer or Guarantor – If you’ve got a friend, family member, or partner who’s a citizen or resident, they might be able to help strengthen your application.
Final Word
Getting a loan on a working visa isn’t impossible—it just takes a bit of planning. If you’re keen to find out what options are available to you, flick us a message at The Lending Room. We’ll help you figure out the best way forward so you can get what you need without the hassle!
