When Can Expats to NZ Buy Property
If you’re relocating from the UK to NZ, sorting out whether to buy a property—and when—is likely high on your list. It’s not as tricky as it might look, but you’ll need to get your head around the rules, especially the government’s Overseas Investment Act (OIA). Here’s what you need to know
Step 1: Visa Status—What the Law Says
Your visa dictates what you can buy under NZ law. If you’re a New Zealand citizen or permanent resident, you’re sorted—no restrictions, even if your partner’s still on a UK passport. They can buy with you, no fuss.
If you’re both fresh from the UK, though, it’s different. The OIA says you typically need a residence-class visa and 12 months living here to buy residential land without approval. You must have been in NZ for at least 183 days in that year and be a tax resident too. If you haven’t hit that mark, you’re an “overseas person” and can’t buy existing homes without consent from the Overseas Investment Office (OIO).
Here’s the workaround: you can apply to the OIO to skip the 12-month wait. It costs about NZD 2,040, and it’s usually quick—I’ve seen it processed in days once the fee’s paid, with little digging into your background. So, if you’re keen to buy soon after landing, this could be your route.
Step 2: Timing—Is Now the Moment?
The market isn’t racing ahead right now. As of March 2025, prices aren’t climbing fast—NZ economist Tony Alexander noted on March 6 that buyer concerns about finance have dropped sharply since last August, with only 37% of real estate agents citing it as an issue, the lowest since 2020. That points to a steady, not surging, market. No panic to buy day one, then—you’ve got time to settle. Alexander reckons an upturn’s coming later this year, but it’s not a rush yet, so you’re not missing out by waiting a bit.
Step 3: Renting or Buying—What’s the Plan?
When you arrive, you’ll need a roof. An Airbnb for a month is a cracking idea—gives you breathing room to sort a rental or scout properties. After that:
Rent for a Year: Renting for 12 months lines up with the OIA’s residency rule, letting you qualify to buy without OIO consent while you test the waters.
Short-Term Let (e.g., 3 Months): If you’re set on buying fast, this keeps you flexible—especially if you go the OIO route.
Some jump straight to buying if their visa’s sorted and they find a gem. It’s all about what fits your timeline.
Step 4: Get the Right Help
Work with a lawyer and mortgage broker who know the expat drill. The OIA’s rules are government-enforced, so a lawyer’s key—they’ll confirm upfront if you’re clear to buy under the Act. It’s daft to wait for sign-off at the end which is how the banks work —get your lawyer to green-light you up front and use a lawyer who works with expats. Otherwise, you risk finding a place, falling for it, then hitting a legal wall. A broker’s handy too, especially if you’ve got UK income or a new NZ job, and to get insights into the NZ finance landscape.
Final Thoughts
Moving from the UK to NZ is a big leap, and your property plan should match your pace. Whether you rent first, buy quick with OIO help, or wait for residency, it’s about knowing the OIA rules and timing it right. The market’s calm enough now for you to be fairly patient, so you can settle without feeling pressed. Reach out to us if you have questions or need mortgage advice.