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Banking & Finance


Open a New Zealand Bank Account from Overseas

Opening a bank account prior to arrival in New Zealand, is often preferred by migrants.  This will allow you to be organised, and able to transfer funds to have available upon your arrival.

In most instances banks will set up your account for you, and place it on “hold” until you arrive.  Upon arrival, you will just need to visit your local branch of the bank you have chosen, showing your original identification in order to free up your account, and take the “hold” off.  You will then be able to withdraw and utilize the funds that you may have previously transferred into that account.

If you wish to set up your account from offshore, you may visit the following banks websites on this topic and make your decision from there:

Kiwi Bank | ASB Bank | ANZ Bank | National Bank 

Real Estate

For information on the property market in New Zealand, please visit our Cost of Living section. 

To view houses for sale, please visit the following websites:

Real Estate | Harcourts

Mortgages

Current Mortgage Rates in New Zealand range from: 8 - 11% (as of September 08).  Usually a term for a mortgage loan in New Zealand is up to 25 or 30 years.

To find out information about mortgages in New Zealand, their interest rates, term of loan etc, we recommend that you visit the following websites:

Kiwibank | ANZ Bank

The New Zealand government has created a website called Sorted which has beneficial information for financial planning and includes calculators such as mortgage calculators.  You may find this helpful in working out amounts of loans, periods of time and repayment calculations. 

IRD Number

To work in New Zealand, you must have an IRD (Inland Revenue Department) number.  There are different types of IRD Numbers depending on your immigration status in New Zealand.  Below are links to the IRD Application Form for an Individual IRD Number, together with relevant IRD website pages with information.

Please visit the IRD Website to view this information:

Income tax information, may be sourced in our Cost of Living section.

Kiwi Saver/Retirement Savings

Kiwi Saver is a voluntary retirement savings scheme that the government has put in place for citizens, and people who may live indefinately in New Zealand.  You cannot join Kiwisaver if you hold a temporary permit in New Zealand. 

As an incentive to save for retirement, the government will help with the following:

  • $1,000 deposit when you start with Kiwi Saver, and
  • a tax credit of up to $1,042.86 per year, and
  • a fee subsidy towards your scheme provider fee, and
  • if you qualify, a first home deposit subsidy.

It is recommended that if you go ahead with Kiwi Saver, the contribution from your gross income is to be 4 or 8%.  As of 1 April 2008, Employers will also be required to contribute the following percentage over and above your income towards your Kiwi Saver scheme:

  • 1% year starting 1 April 2008
  • 2% year starting 1 April 2009
  • 3% year starting 1 April 2010
  • 4% year starting 1 April 2011 and annually thereafter

Should you wish to discuss Kiwi Saver options with an expert in the field, please visit Banking and Finance in our Professionals section and contact one of the listed companies for their advice.  You may also visit the Sorted website.

Transferring Pension Funds

Do you have a pension in your home country?  Would you like to transfer those funds to a pension account in New Zealand?  If so, please visit Banking and Finance in our Professionals section and contact one of the listed professionals, who will be able to advise and assist you in this area.