Australian finance in NZ

Hi Xenia

In NZ you must have at least 20% deposit, so where this come from is up to you. but it can’t be the security of an OZ property. One way is to refinance the Australian property so you get access to the cash yourself then use this cash as the 20% deposit. Once you pay the 20% deposit the NZ property is enough security for the NZ banks. Does that answer the question ?

regards westan

I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]

Yes good point Del and also i found some real cheap properties i picked up last year for 23k i had to pay 10k towards my loan so thats nearly 50%, nearly not worth even getting a loan. Kiwibank bought in a rule the deposit must be 20% or atc least 10k.
regards westan

I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]

Xenia,

While I don’t personally do NZ finance, I have contacts based in Sydney who I can refer you to if that’s more convenient. Otherwise Steve’s deal sounds pretty good rates subject to other costs.

Steve,
Have you got a direct relationship with a particular lender in NZ or is it a broker you use over there?

Cheers, WM

Finding you smarter ways to finance your investments.

Some more info, In response to the high level of inquiries I have received regarding finance for NZ,

Standard Rate 6.85%
Standard Application Fee $330.00 (Aust $)
Legal Fee (1 Property) $425.00 (NZ $)
Valuation Fee $500.00 (NZ $)

Regards
Steven
Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Hi Westan
I have contacted the lending institution for a list of the valuer companies they use in NZ,
As long as you use the valuer on the list then what you sugest will be fine, I will e-mail the list to you as soon as I receive it,
Kind Regards
Steven
Mortgage Broker

[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Victoria

PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

Westan,

You’re right about the valuations. The valuation is almost as good as being there yourself! Probably more thorough than an average building report. So far, I have paid between $380 & one at $425 for each valuation, depending on travelling time. (1hr each way travelling time for the $425 valuation).

I would think it would be cheaper to obtain finance via a traditional NZ lender. We have managed to do it from Australia, with no application or legal fee, but I think they take each application on it’s own merits. However, 6.85% seems a pretty good rate if it’s a no monthly fees loan.

I have found the Managers in NZ much more obliging than in Australia. They actually seem to provide a pretty good service too, don’t you think..

Regards,

Del

Hey Westan,

That’s a hell of a lot of $23,000 houses!![:p]

Bye,

Del

A mortgage broker friend in NZ tells me that HSBC is the only lender there that will loan overseas investors 90% to invest in property. There’s just one catch – you have to be a Kiwi. Knew there eventually had to be an upside to my heritage []
I don’t know what the interest rate is like, but for all you NZers out there, it’s worth checking out! I’d be interested in hearing how others go with this as I hope to invest in NZ later this year.

Melissa