How Australians Can Buy a Holiday Home in Queenstown (2026 Guide)
Thinking about a holiday home in Queenstown? Australians can buy in NZ without government approval, and there's no stamp duty. The trick is the finance.
How Australians Can Buy a Holiday Home in Queenstown (2026 Guide)
By Chris Dodson, Director and Principal, Mortgages Plus Last updated: 24 September 2026
About the author Chris Dodson is the founder of Mortgages Plus. NZ-born and an Australian citizen, he helps clients buy and refinance property on both sides of the Tasman, working with a network of lenders, lawyers and accountants in both countries. Chris Dodson trading as Mortgages Plus is an authorised Credit Representative (NO. 50855) of: Australian Mortgage Advisors Group Pty Ltd, Australian Credit License No. 388570.
Queenstown is a three-hour flight from Sydney, Melbourne orBrisbane. It offers world-class skiing in winter, lakes and hiking in summer,and a property market that has held its value. It's no surprise that moreAustralians are asking whether they can own a piece of it.
The good news: Australian citizens can buy a home in Queenstown without applying for New Zealand government approval, unlikemost other overseas buyers. The harder part is the finance. New Zealand banks are cautious with borrowers who live overseas, and most Australian banks won't lend against a property in NZ.
This guide explains how Australians are funding Queenstown purchases in 2026, what to expect from NZ lenders, and the rules to know before you rent the property out.
Can Australians buy property in Queenstown?
Yes. New Zealand banned most overseas buyers from purchasing existing homes in 2018, but Australian citizens are exempt. According to Land Information New Zealand, Australian citizens can buy land classed as "residential" or "lifestyle" without consent from the Overseas Investment Office.
A few details matter:
- Australian citizens are exempt whether or not they live in NZ.
- Australian permanent residents (who aren't citizens) are only exempt if they're ordinarily resident in NZ. If you're a PR living in Australia, you'd normally need consent.
- Some land classed as "sensitive" (for example, very large rural blocks or land beside lakes and reserves) has extra rules. Your NZ lawyer will check this before you sign.
Queenstown vs an Australian holiday home: key differences
Queenstown (NZ)
Holiday home in Australia
Government approval for Australian citizens
Not required
Not required
Stamp duty
None
Yes, varies by state
Typical deposit for an Australian buyer
30% to 40% (NZ banks lending to non-residents)
Often 10% to 20%
Who provides the mortgage
An NZ lender
An Australian lender
Short-stay letting rules
Must register with Queenstown Lakes District Council
Varies by state and council
Capital gains tax
Australian tax residents are generally still taxed in Australia on gains from overseas property
Australian CGT applies
General information only. Speak to a lawyer andaccountant about your circumstances.
What does a Queenstown property cost?
Queenstown-Lakes is one of New Zealand's most expensive property markets. The average property value was about NZ$1.96 million in August 2026, up around 6.9% over 12 months (Opes Partners, REINZ data).
Apartments and townhouses in areas like Frankton, Lake Hayes Estate and Jack's Point are more affordable than lakefront homes in Queenstown Hill or Kelvin Heights, which can run well into the multi-millions.
One cost you won't pay: New Zealand has no stamp duty. Your upfront costs are mainly legal fees, a building inspection and any valuation, which can save you tens of thousands compared with buying in Australia.
How much deposit do you need?
This is where most Australians get caught out. NZ bankstreat borrowers who live and earn overseas as higher risk.
As a guide:
- Most NZ banks lend 60% to 70% of the property value to non-residents, so plan on a 30% to 40% deposit
- Your Australian income will be assessed in NZ dollars, often with a buffer for currency movements
- NZ low-deposit and first home schemes don'tapply to non-residents
- On a NZ$1.5 million apartment, that means a deposit of roughly NZ$450,000 to NZ$600,000, plus costs.
The smart way to fund your deposit: your Australian equity
Most Australians don't have $500,000 sitting in a savings account. Many do have that much equity in their Australian home.
Here's how it works:
- Release equity from your Australian property. An Australian lender increases your existing loan (or sets up a separate split) against your Australian home, and the funds become your deposit.
- Transfer the funds to NZ. You move the money across using a bank or specialist foreign exchange provider.
- Take out an NZ mortgage for the balance. An NZ lender funds the rest of the purchase, secured by the Queenstown property.
Not every Australian lender is comfortable releasing equity for an overseas purchase, and policies differ on how much they'll release andhow they treat the NZ loan in your serviceability. This is where a broker who knows both markets saves time and avoids declined applications.
Example
A Sydney couple own a home worth A$2.2 million with aA$600,000 loan. They want a NZ$1.5 million apartment in Frankton.
- They release equity from their Sydney home to cover the deposit and costs
- An NZ lender funds 60% to 70% of the purchase price
- Their Sydney home isn't used as security for the NZ loan, which keeps the two properties separate
This example is for illustration only. Your borrowing capacity depends on your income, expenses and lender policy.
The mistakes I see Australian buyers make
Having worked with clients on both sides of the Tasman, these are the issues I see most often:
- Falling in love with a property before sorting finance. Queenstown's best properties move quickly. Buyers who haven't organised their Australian equity release and NZ pre-approval often miss out, or sign unconditionally and scramble to settle
- Assuming an Australian bank will lend on the NZ property. Most won't. The finance usually needs two lenders, one in each country, and the order you apply in matters.
- Underestimating the deposit. Buyers used to 10% or 20% deposits in Australia are often surprised that NZ banks want 30% to 40% from non-residents.
- Ignoring the rental rules. If you're counting on short-stay income to help cover costs, check the zoning and council rules first. Not every property can be let on Airbnb without consent.
- Leaving currency to the last minute. A small movement in the exchange rate on a six-figure transfer can cost thousands. Plan your transfer, and consider locking in a rate
The common thread is timing. Get the structure right before you start making offers, and the purchase is far smoother.
Managing currency risk
Because your deposit moves from AUD to NZD, the exchange rate on the day you transfer affects how far your money goes. A few tips:
- Compare specialist FX providers with your bank. The difference on a large transfer can be thousands of dollars.
- Ask about forward contracts, which let you lock in a rate for a future settlement date.
- If you plan to repay the NZ loan from Australian income, remember that currency moves will change your repayments in AUD terms.
Renting it out: Queenstown's short-stay rules
Many buyers plan to use the home for a few weeks a year and rent it out the rest of the time. Queenstown has specific rules for this.
According to Queenstown Lakes District Council:
- Letting a home to paying guests for stays under 90 days is classed as Residential Visitor Accommodation, and you must register it with the council.
- Rates increase if you let it for more than 28 days a year, and rise further beyond 180 days.
- Operating outside the standards for your zone requires resource consent.
Check the zoning and rules for the specific property before you buy, especially if rental income is part of your plan. NZ lenders may also assess short-stay income differently from long-term rent.
Tax: get advice on both sides
Owning in NZ while living in Australia means dealing with two tax systems. Areas to discuss with an accountant who understands both countries include:
- Declaring NZ rental income in both countries, and how foreign tax offsets apply
- Whether interest on the Australian equity release is deductible
- Australian capital gains tax when you eventually sell, and NZ's bright-line rules if you sell within a short period
- Getting an NZ IRD number, which you'll need to buy
We don't give tax advice, but we can introduce you to accountants who work with trans-Tasman clients.
How Mortgages Plus helps
Most brokers work on one side of the Tasman. We work onboth.
I'm NZ-born and an Australian citizen, with strong networks in both countries. For Australians buying in New Zealand:
- We arrange the Australian side, releasing equity from your Australian property with a lender that suits your plans.
- Our licensed NZ partner arranges the NZ mortgage, and we coordinate both sides so you have one point of contact , and we coordinate both sides so you have one point of contactfrom pre-approval to settlement.
- We connect you with trusted local professionals, including NZ lawyers, accountants and FX specialists.
[Book a call] to talk through your Queenstown plans.
Related reading:
- Can Australians Buy Property in New Zealand? (2026 Guide)
- Buying Property in Australia as a New Zealander
Frequently asked questions
Can Australians buy property in Queenstown? Yes. Australian citizens are exempt from New Zealand's foreign buyer ban and can buy residential property without Overseas Investment Office consent. Australianpermanent residents usually need consent unless they live in NZ.
How much deposit do Australians need to buy in New Zealand? Most NZ banks lend 60% to 70% to borrowers living overseas, soexpect to need a 30% to 40% deposit. Many Australians fund this by releasing equity from their Australian home.
Can I use equity in my Australian home to buy in Queenstown? Yes. An Australian lender can release equity from your Australian property to fund the deposit, and an NZ lender provides the mortgage on the Queenstown property. Lender policies vary, so structure matters.
Is there stamp duty in New Zealand? No. New Zealanddoesn't charge stamp duty on property purchases, which reduces upfront costs compared with Australia.
Do Australians pay capital gains tax on NZ property? Australian tax residents are generally taxed in Australia on capital gains from overseas property, including property in New Zealand. NZ's bright-line rules may also apply if you sell within a short period. Speak to an accountant abouty our situation.
Can I rent out my Queenstown holiday home on Airbnb? Usually, yes, but you must register with Queenstown Lakes District Council, and rates and consent requirements depend on your zone and how many nights you let the property.
Can an Australian broker arrange an NZ mortgage? Australian brokers can't arrange NZ loans directly. At Mortgages Plus, we arrange the Australian finance and work alongside our licensed NZ partner, who arranges the NZ mortgage.
