Buying property as a foreigner coming to Norway

Member since 31 August 2021

elizabethlavMember31 August 2021 14:05:19

Hi all. We are moving to Norway from Australia in October, and have all the papers in order.

Our plan is to stay in Norway for the next 5 years at minimum.

From what I can gather online it seems owning your home in Norway is what is "more normal", and also doesn't look like to be a bad investment. Seems real estate prices pretty much online go up like they do here (lol).

Questions.

1. What banks are considered more foreigner friendly? My partner and I both have jobs and steady income.

2. Playing around with this mortgage calculator https://lanfordeg.no/boliglan/boliglanskalkulator/ and unless I'm missing something, on a combined 1M NOK income you can borrow 5M NOK, and you can max have 85% LTV?

3. What websites are best to look for homes? Right now I have used https://www.finn.no/realestate/browse.html. Any other sites worth checking out?

Thanks in advance for any help and other tips.

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teux New member

Member since 29 April 2021

teuxNew member27 October 2021 10:02:00

Hi, interested as well as an American that just moved.

But that said, I think your biggest hurdle might be getting a loan. Not sure what Australia uses, but my US credit scores didn't follow me, so even though I have 800k nok income and good credit history, I currently can't even get a modest car loan.

They look at tax returns, total assets, bill payments, etc, and I was advised it will likely be at least a year (until I have a tax return showing a full year of living in Norway) that I can get a loan but could possibly be longer. It's nice to be free of the weird credit score system but it also means they need other ways to verify loan eligibility.

Just so you know what to expect initially.

bergera New member

Member since 25 November 2021

bergeraNew member25 November 2021 10:33:22

Hei!
I came here from Germany more than two years ago, and I found it not difficult to get a loan for a house. The first bank I approached was a bit difficult, as you said, looking into payment profile, etc. But the second and third bank I approached were both willing to offer, so I had a negotiation position. Now after two years of payback I found another competitive offer that helped me to negotiate new terms for my loan
I think you just need to take your time and meet with different banks. They have to see that you are honestly interested.
Btw, the interests paid are reported automatically to the finance authority and help to get a tax deduction.
Good luck!
Andy

PS Finn.no it the right portal to look for real estate