All Topics / Overseas Deals / Buying in NZ

Viewing 7 posts - 1 through 7 (of 7 total)
  • Profile photo of munmun5munmun5
    Participant
    @munmun5
    Join Date: 2011
    Post Count: 65

    I am a kiwi living in aussie (Brisbane). Aiming to target and purchase cosmetic renovations initially to quick turn for sale and build my capital base. Due to the high amount of regulations in QLD ( eg having to get someone with a builders licence for jobs over 10k) plus CGT + stamp duty I was wondering what how purchasing in NZ would go. Obviously no CGT or stamp duty would mean less cutting into the back end profit but what I was more interested in is would a) aussie banks lend for purchases in NZ ( from what I have read I think the answer is no) or b) do NZ banks lend to Kiwis living in aussie to invest. If they answer to B) is yes what kind of LMR would I be able to get and would there be any extra costs being overseas and applying for the loan? As this would be my first IP and I have no PPOR would this pose a problem. 

    Thanks in Advance

    Vic

    ps. sorry wasn't sure what forum was the best re finance, renos, overseas deals. 

    Profile photo of phill666phill666
    Member
    @phill666
    Join Date: 2012
    Post Count: 10

    sup bro.. im a kiwi in sydney and im a builder.. what you can do is 'employ' someone like myself but the thing you do is apply for an owner builders licence.. so basicly you are the one building your home or doing renos.. the trick is, 'for example' i do the work but youd have to pay 'me' out of your account as cash and lable it as another expense from your account… that way you avoid all the builders fees, goverment charges and GST

    you would have to purchase all the materials, plans, drawings.. etc etc or what ever it takes to do the job has your name all over it

     

    to apply for the owner builder license is pretty cheap and done through the council

    Profile photo of jmsracheljmsrachel
    Participant
    @jmsrachel
    Join Date: 2012
    Post Count: 711

    Phil can you elaborate on this. I’m not understanding?

    Profile photo of Kyron GosseKyron Gosse
    Participant
    @roadhog260
    Join Date: 2011
    Post Count: 7

    NZ banks don't have a problem lending to Kiwis in Aussie. However as an offshore owner you would struggle to get LVR above 80%

    As you are trading you will be subject to GST and tax on your profits.

    You would probably want to get a project manager and find someone to help you find the deals.

    Kyron Gosse
    http://www.kyrongosse.com

    Build Wealth, Create Freedom, Do Awesome

    Profile photo of JessicahsmJessicahsm
    Member
    @jessicahsm
    Join Date: 2012
    Post Count: 7

    Hi, do NZ banks lend to Aussie to buy investment property in NZ? if yes do you know what the process and procedures are? thanks

    Profile photo of speedy gonzalesspeedy gonzales
    Member
    @speedy-gonzales
    Join Date: 2010
    Post Count: 149

    Yes they certainly do. You can get up to 80% LVR. Pretty well the same process you would go through with Aussie banks. I have a good broker based in Auckland if that helps.

    Profile photo of JessicahsmJessicahsm
    Member
    @jessicahsm
    Join Date: 2012
    Post Count: 7

    Thanks speedy, can I please have your broker details? are you Australian c. and have a property in NZ? if yes did you buy the property under your name or under a trust? Thanks in advance for your help

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