Hi,
We are currently looking at our first investment property which is located in NZ. We are seeking finance but don’t know where to start. We spoke with a consultant from mortgage choice and they told us that only some banks will finance these properties as once you buy overseas the banks have no jurisdiction over their money.
Could someone shed some light on who might finance such investments.Regards,
Louise.I can do so – but would need some more info from you as to how you wanted to run this.
Are you looking for a loan here or in NZ?
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985NODOC Loan – 65% Loan – No questions asked!
Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Louise,
I would suggest that you acquire finance from an NZ lending institution,
This will allow you to use the NZ investment property as security over the loan, with a 10% or 20% deposit.I have access to New Zealand lending institutions/Banks who will finance Australian investors for this purpose.
Feel free to call me for further information.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 guys
I have been doing a lot of research in this area and might have some useful info, I am a kiwi and have lived in OZ for 5yrs. I have rang some major banks in N.Z (as I will be purchasing property there very soon)BNZ,WESTPAC,ANZ to see if it was better for me to finance from this side of the Tasman or from that side, as I will continue to live here. I have found that they all said the same thing, its possible, all they require is a power of attorney who can represent you from that side. Each bank had pretty much the same rates but differed in the deposit needed (10%-20%-5%). I have decided to go with a bank called KIWI BANK who offer a 5% deposit with good rates. I rang there head office on 1-9-04 just to double check and they told me no worries just need a power of attorney and to fulfill there lending criteria. I don’t know if it would be any different for you or if my coming from NZ had anything to do with it but here is there site and there direct number to there head office.Good Luck….
http://www.kiwibank.co.nz
Ph 00116444731133Perfect, just what I needed too. Will be doing the NZ thing in November, thanks.
DD
Don’t sweat the small stuff,and it’s all small stuff!!
Hi Guys,
you may well find that the 5% deposits mentioned above by lemueltipene will not be available to the average ‘Aussie’ investor – most NZ banks will require a 20% deposit – my experience is with around eight institutions to date of the big lenders.
The banks will tell you that you are an increased risk being from O/s and that they require he 20% deposit – or greater is some areas – ….
If you want access to some of the good lenders, the guys above have said they access NZ finance, or alternatively use the Finance Link on the site here.. Leonie from Edenlea will put you in contact with one of NZs best brokers on the ground over there. Who better to give you NZ banking advice than a good NZ broker.
Otherwise, you can go direct to Kiwibank, ANZ (in NZ, not here), BNZ or Westpac.
Watch out for Westpac, they will require a 50K deposit per property for O/S investors ( I imagine that Lemueltipene may have been in a different boat being a Kiwi not Aussie….)
That’s my experience being shared here. Obviously you would need to make your own investigations to see what works for you…Cheers
CDCastleDreamer
“+CF properties in NZ available now, email CastleDreamer or Minimogul”From my experience in financing people into NZ IP’s most lenders/banks require 20% deposit for non residents. I do have one lender at 10% deposit. I am not aware of Kiwibank offering 5% deposit. They need to use a risk insurance company (eg PMI) at 5% deposit and in general the risk insurer won’t cover non residents. In saying this it is worth a shot with them but don’t make your decisions until you can clarify this with them
Regards
Terry
You must be logged in to reply to this topic. If you don't have an account, you can register here.
