All Topics / Help Needed! / Arranging Finances for NZ

Viewing 6 posts - 1 through 6 (of 6 total)
  • Profile photo of MTRMTR
    Participant
    @marisa
    Join Date: 2004
    Post Count: 663
    February 28, 2004 - 1:04 am

    Hi everyone, hoping someone out there can help we are currently looking at buying properties in NZ.

    We have a line of credit where we can access funds, not sure whether we should be seeking loan from NZ banks or just use our own funds.

    Has anyone got any experience in this area, many thanks

    Cheers

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950
    February 29, 2004 - 9:31 am

    Hi marisa

    i think its best to get finance on your nz properties, and keep your cash for future investments, if this is your wish i recommend
    steve crane http://www.mobilemortgagemarket.com.au/

    i know a lot of very happy customers of his.

    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]

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    February 29, 2004 - 9:44 am

    Hi Marisa
    I would suggest you use the LOC for 20% deposit with an Australian or NZ lender,
    If you were to use your own funds to purchase outright you may find it difficult to find the deposits on future purchases,
    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    Victoria

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

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913
    February 29, 2004 - 9:50 am

    Sorry I did not See Westans Reply,

    Marisa, Westan also has a lot of happy customers [:)]
    Cheers
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    Victoria

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

    Profile photo of MTRMTR
    Participant
    @marisa
    Join Date: 2004
    Post Count: 663
    March 1, 2004 - 10:12 am

    Thanks, for your help.
    Cheers,

    Profile photo of Kiwi-FullaKiwi-Fulla
    Member
    @kiwi-fulla
    Join Date: 2002
    Post Count: 371
    March 2, 2004 - 1:57 pm

    I do not suggest an LOC … as they are designed to send people up @#$% Creek.
    I would use the sellers equity for the 20% and then you can go to either a private lender or a traditional lender (depends on your exit strategy)…. If you need to access funds that are tied up in loadns … it is easy to get access to the funds in 2-3 days…. so it is unlikely to be a deal breaker.
    I remember “Rick Otten” mentioning one time that Citibank actually set up the LOC services because they were basing their stats on only 35% of customers actually utilising them correctly and the other 65% used up all of thier equity within 3 – 5 years …. then they would reininace out to a P & I loan…… os be carefull out there pilgrims…… Remember that most loans can give you access for redraw if required….
    Cheers,
    Kiwi
    [:D]

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