hi guys,
anyone got a quick answer to this question?
if i buy an IP in NZ do i have to pay a hefty fee for an internation funds transfer every time my property manager transfers rent back to me in AUS. i am borrowing through Wizard Home loans NZ so what have you guys discovered is the tidiest and most cost effective way of doing all of this. Do i need to open an NZ bank account, do i get my property manager to transfer funds direct to my mortgage…..what do you guys do?
thanks in advance,
JamesHi James,
I would recommend you open a separate NZ account,
Deposit all NZ rental income, and transfer NZ loan repayments and any NZ investment related expenses with this account,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi Steven,
Can i open this NZ account from here in AUS and then simply access it via the internet? Can i also have them send my statements back here to me in AUS?
i guess i would just have Wizard direct debit the NZ account for the mortgage repayments right?
HI James,
I think that would be possible,It may also be beneficial to appoint a power of attorney in NZ.
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VICTORIAPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi James
Some banks will allow you to open overseas bank accounts from Aus, some won’t.
Westpac allowed us to open an Aus account from NZ but the BNZ, which is owned by NAB wouldn’t.
And yes, you can access it via the internet. You would just download your statements via th net. Ask for a low fee account.
If you have your NZ transactions go through a NZ account it will be easier to prepare your income statements and tax returns.
Cheers
JeffYou can do it with ANZ. You take the forms into a local branch herein Aus and they fax it over to the branch in NZ. It’s really easy with the ANZ
“If You never never ask, you’ll never never know”
all accounts there would make your NZ tax return easier but the question guys was by bringing the cash back here, how can he avoid big bloody fees.
Did I miss something or did you guys hijack this topic just a little?
DD[jerry]
Don’t sweat the small stuff,and it’s all small stuff!!
what if you link a credit card to the nz account,then organise a direct min mnthly payment?
pete
Has anyone opened a NZ bank account from here in Australia recently ? I contacted ANZ, and they said they could help with a business account, but for a personal account I would need to visit NZ and open one in person.
I am in the early stages of purchasing my first cashflow positive property (already sourced) in NZ and I need a NZ bank account.
Can anyone share your own experiences ?
Tim Cook
I agree that ANZ aren’t too bad to deal with. I have an account as you have described and I do all over the net. If I want money back here I write a cheque over here and bank it. Maybe you should contact Wizard and ask them to set it up for you. Should be a little bit of paperwork but a whole lot easier later.
Enjoy
AD [:o)]
(Andrew)It is good to have an end to journey toward, but it is the journey that matters in the end.
Hi timbo,
I opened one last week from Aus. Email me and I’ll reply with the contact and how to do it.
Kind Regards,
George.“If You never never ask, you’ll never never know”
I am in the process of doing this at present I got a loan through a NZ broker The loan ended up with the ASB bank .It has a fee free bank account with a cheque book facility . I have signed up for their internet banking and can manage all NZ transfers using this method. I am presently transferring an amount into the account as start up money If you want the email address of the branch rep that assisted me just email me
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