Hello everyone,
Living in Sydney, I would like to purchase an IP in NZ for $75000.00.
Tried going through a Morgage broker but their minimun home loan amount was $100,000.00. Even if I bought 2 properties worth over this amount I still cannot go through them because of the costs involved with one home loan.
I tried the Kiwibank which has great rates but they need you there to fill in forms and to sign.
The ASB informed me that I would probably need to put a 50% deposit down because it is an IP, under $80,000.00 and because I live O/S.
Does anyone know of a bank that would pre-approve a home loan or is the only way to get a home loan is to go to NZ for a week to sort paper work out.
I do have a bank account in NZ with the ANZ but have not heard back from them yet.
Any suggestions would be greatly appreciated.
Regards
AndreaG’day Andrea,
i have just got back from 8 days in NZ (flew back in on Wednesday) where I made a few contacts with RE agents and Banks. Drop me an email vmax at bigpond.net.au
Cheers,
Battz
Andrea
Quoted:
Living in Sydney, I would like to purchase an IP in NZ for $75000.00….
I do have a bank account in NZ with the ANZI also live in Sydney and would like to open a bank account with ANZ NZ. Can I open it in Aus?
Where did you open your bank account? in Aus or NZL?
Kind regards
Chandara
[Keep going, you’re nearly reach the end of financial freedom]hi mitzu
i don’t know who told you that about kiwibank but i got 3 properties financed with them from OZ. but they are so slow and service is poor so i’m using ANZ in NZ and i’ve had excellent service.
westan
Hi Andrea,
50% deposit – ridicoulous!
As Westan suggested – try ANZ, they gave us pre approval, and we did everything my phone, email, fax & express post.
Thank goodness for technology.
Regards,
Del
Hi guys,
Thanks for the response. I have rung kiwibank afew times and have been given the same answer each time. I have to be in the country to sign or have a Power of Attorney to sign for me. They said once signing happens, it could take a week to get approved. ANZ said I also had to be in the country to sign, but I could get the ball rolling from this end. They would take 24-48hrs for approval. – Westan when u said u got your IPs financed by Kiwibank, you still had to go to NZ to get your IP loan approved didn’t you?
I know this doesn’t sound right but what Im trying to do is get a loan without going back there at all.
Since I have a reliable builder looking at houses that I see on the net, I just want to buy without going to NZ at the moment, hence trying to get a loan over the phone. (Im planning to go back in March but came across a good deal).
Chandara for you question, I opened an ANZ bank account in NZ, so Im not too sure if you can open one here for NZ.
I think I will have to get a power of Attorney. Hopefully I can find a lawyer that will be able to do it here otherwise I will have to find a laweyer in NZHi Mitzu
yes you will have to get a lawyer in NZ anyway to buy properties so you may as well get them to be your power of attorney too. That might be your best bet.
cheers-
Mini
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