Just curious, how much can I borrow (LVR) against a typical property in N.Z? (e.g a $100k house)
Fantastic way to make recurring monthly income!
If you’re interested, email me. (You’ll be glad you did!)The max LVR for non NZ-residents is 90% subject to LMI policy,
However as a rule and in the majority of cases 80% LVR is the norm,
On a purchase of $100.000 @ 80% LVR you could borrow $80.000 without to much trouble. Cheers.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
Up to 90% with LMI from Australia. Not sure about over there.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
less sometimes, i,e, 70 percent, 60 percent. It depends on things like the lender’s criteria on the property you are buying, the mortgage ‘product’, whether it is commercial, residential, bare land, lo or full docs, which town it is in, your income, etc etc.
But yes for cookie cutter offshore investor clients (employees) cookie cutter NZ properties, cookie cutter lenders, 80 percent is a good rule of thumb.
I wanted 90% for my IP in NZ. But i got knocked back because of the lenders policy, which was not giving 90% to someone under 21 or under 20. So i settled with 80%. So if your older then me, you should be able to get 90%.
Cheers
Cheap and easy way to transfer money overseas.
http://www.tranzfers.com/refer.asp?r=jarred_spriggs%5Burl%5D%5B/url%5DWe’ve just been to NZ and obtained finance there. We buy through a NZ Trust and get 80% LVR for most residential property, except where there are more than 2 dwellings on the section (title), then we found you can only obtain a 70% LVR. This is always open to negotiation with the lenders. There is currently a ‘lending war’ between NZ banks so they may be more flexible. (Article appeared in NZ Herald 28/2/05 ‘BNZ climbs back in the ring to battle for mortgages’ stating that the battle for home mortgages had been renewed)
Thanks for all the inputs!
What about for international buyers? (I’m not Australian)
jspri, yes I’m older than you. Could you give me an idea of how much you paid for your IP (estimate will suffice) and which area it was in? (Just to get some idea …)
Looking for another income source? – Email me.
We buy through a NZ Trust and get 80% LVR for most residential property, except where there are more than 2 dwellings on the section (title), then we found you can only obtain a 70% LVR.Can someone clarify the reasoning behind this? I would have thought two dwellings on the one section would equate to less vacancy risk because there is (potentially) more than one source of income.
thanks,
andrew.aptam hi.
banks consider more than two titles on one property a greater risk sometimes because it is more ‘commercial’ rather than residential – and I am told by a couple of bankers that that means they are saleable to a smaller market – ….. i have had 80% lends with three flats, but never with four or more, despite chasing around to try and find someone that would!!CastleDreamer
NZ Investor
http://www.nzpropertytogo.com
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