Hi all,
I know we have had many posts about NZ investment, but going through the searches leaves a lot of info unclear in my mind.I am trying to get preapproval finance from Australia with an NZ bank so that I can use my time in NZ to house hunt not sit in a bank managers office.[
]Kiwibank – have not responded to three email enquiries
Westpac NZ – want $50k investment in each property – I laughed and said that some of the properties will only be 40K to purchase. They have promised to look into it more thoroughly given that I have heaps of $ invested with WBC on this side of the water.
BNZ – no reply to my two email enquiries.[]Could those of you – who are not Kiwis with Kiwi assets alread – who have gotten approval in Australia please post a brief description of the bank and how you got through to them.[?]
I also saw a post in the archives from one of you guys who said that you had found a bank that would do 90-95% lends for an Aussie O/S investor. Who was that????
Cheers
Lisa RHi Lisa,
also saw a post in the archives from one of you guys who said that you had found a bank that would do 90-95% lends for an Aussie O/S investor. Who was that????
I think the bank was Kiwibank who was mentioned as doing 90-95% lends, but I think this is only for PPOR, not investment properties.
I also have tried the same banks, e-mailing them, with no response. It can get frustrating, but the best way is to call them up and explain your situation. Have you got a mortgage broker contact?
I’m heading over there next week. I hope to clarify some of the issues faced by overseas investors.
Cheers
Sooshie []
[email protected]When a problem is created the solution is created simultaneously
Hi there,
I know that Kiwibank can hardly keep up – they have been absolutely swamped and i think the waiting list is about 3 weeks to process. not surprisingly they haven’t got back to you yet….as far as dealing with banks directly, seeing as they haven’t got back to you have you considered using a broker?
mikepero.co.nz was recommended to me and I’m just getting my stuff together for them myself actually.they did reply to me within 24 hours and put me in touch with someone in the office closest to where my current IPs are.
cheers-
miniThanks Sooshie and Mini. Westan emailed me today and told me doing OK with ANZ over there. I will try the broker, a few more phone calls and ANZ!!
Cheers guys.
Lisa R[]Hi Lisa,
You should be able to get preapproval from Australia using a NZ bank. I would agree with the other comments it’s probably easiest to get a mortgage broker to do the leg work for you. They should be able to take all your details and shop around for the best package.
Different banks have different rules. I’ve heard that Westpac have a 60/60 rule, which means that if a property is less than $60K they will only lend 60%. BNZ and ASB also can be reluctant to lend on properties less than $60K. ANZ and some of the others have a list of areas where they will normally only lend 70%, sometimes though they will go to 80% if you get a registered valuation.
hope this helps.
Rod.
Hiya,
If you contact ANZ (NZ) they will send you that list of areas with 70% lends. If you send me your email address, I can forward you on a copy.
Cheers
Sooshie []
[email protected]When a problem is created the solution is created simultaneously
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