hi all
does anyone know how easy it is to get home loans from NZ banks to purchase IP in NZ. Do they require as much as info as they do here.?
also do they chk your credit rating here in australia?
thx heaps
gianni
Many of the major banks in NZ are Australian. ANZ and Westpac. The Bank of NZ looks set to be purchased by either ANZ or Commonwealth Bank.
There are some legal differences between Australia and NZ but for the most part their lending policy is very similiar to that here is Australia.
AS for borrowing through an NZ Bank to purchase in NZ it would be classed as non resident lending and they may not allow you to exceed 80% of the property value. However, I suggest you contact a NZ Bank and check out what there policy is in relation to Australian’s.
Hope this helps.
Davo70
To save contacting a variety of nz banks why not try a mortgage broker. There are some that have plenty of experience dealing with non resident buyers. I will post a couple if you are interested.
Tamara
To save contacting a variety of nz banks why not try a mortgage broker. There are some that have plenty of experience dealing with non resident buyers. I will post a couple if you are interested.Tamara
tamara
that would be good
recoveryThis is an interesting topic, are you all saying that if we wanted to invest in NZ it would be as simple as here? i.e. pay a deposit, sign a contract, get a loan through a broker here in NZ$ and then we’re done?
The only difference then is there is the extra currency risk.
Surely its not that easy?
Tas Investor
You are right about the ease of investing in nz.
I feel the only time you will be exposed to currency fluctuations will be in providing a cash deposit (assuming you have no equity to utilise) and fees for professional services. You then make sure sure you have a cashflow positive property.
Banks in nz certainly make it easy to then manage your account/ mortgage from anywhere in nz or overseas.
Tamara
Recovery man
I have not yet used either of these brokers but have emailed them responses to my satisfaction.
http://www.financialpictures.com/
http://www.approved.co.nz/benefits/
Hope that gives you a start.
I am about to draw down some equity from our property and will keep you posted re brokers.
Tamara
Dear Tamara,
I’m seriously thinking of investing in NZand the mortgage broker that was recommended to me by the real estate agent was useless. Could you please recommend any mortgage brokers.
To save contacting a variety of nz banks why not try a mortgage broker. There are some that have plenty of experience dealing with non resident buyers. I will post a couple if you are interested.Tamara
Tessa
Try the couple I included in the post directly above yours. If you are still not happy then I suggest you do a search through google. There are heaps.
As mentioned in other threads about nz two banks do not use mortgage brokers but that still leaves a large selection of lending institutions that you can use.
Please post again if you need more information
Tamara
Hi.
I have purchased properties in NZ and Aus while resident in each particular country so I can’t help re. non-resident purchases.
What I can tell you is that the majority of NZ banks are far easier to deal with and much more efficient than the ones in Australia (which is strange given they are virtually all branch operations of Aussie banks). You can get finance decisions in principle within 24 hours and confirmation shortly thereafter (at least you could when I was there a year or two back).
They are hot on where the deposit is funded from however. They don’t want you borrowing that too.PS. No Stamp Duty or Capital Gains Tax in NZ, but not sure of tax position for Aussie Tax Residents.
Good Luck[
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