All Topics / Overseas Deals / How to finance NZ IP?

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  • Profile photo of orange_oranjeorange_oranje
    Participant
    @orange_oranje
    Join Date: 2012
    Post Count: 3
    March 27, 2014 - 11:33 am

    We live in AU and currently all our income is earned in AU. My wife is a NZ citizen, and we are considering buying IP in NZ. How should we go about getting finance for IP in NZ? Are AU banks or AU non-bank lenders happy to take care of this, or should we talk to loan providers in NZ? Does anybody have experience with this?

    Thanks in advance for any comments.

    Profile photo of DwightDwight
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    @bigvman
    Join Date: 2002
    Post Count: 42
    May 15, 2014 - 9:25 am

    Hi Oranje,

    I’ve bought a handful of investment properties in NZ over the past 2 years. Forget going to to Aussie banks. If you have the ability to service a loan and cash for a deposit it’s no different to being over here. You just need the normal documentation.
    SOme NZ banks have an affiliation with local Aussie banks which would aid in setting up your account. You would need to open a new account and provide all the normal ID.

    I did this in person when I was on a buying trip 2 years ago. My wife was able to be ID’d because our bank in OZ was a “partner” to the bank I was dealing with.

    Good Luck!

    Dwight

    Dwight

    Cashflow Positive Investor

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    May 15, 2014 - 12:59 pm

    orangje, Big V is not quite right as there are 2 Aussie lenders that will lend on NZ securities however will depend on where the property is located.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Steve McKnightSteve McKnight
    Keymaster
    @stevemcknight
    Join Date: 2001
    Post Count: 1,763
    May 15, 2014 - 9:57 pm

    Hi,

    My experience from a decade or so was ago was that Aussie banks only wanted to lend against Aussie property, but NZ banks were happy to lend to Aussie investors buying NZ property.

    I suggest you contact a NZ based mortgage broker, as well as a couple of banks direct. The Bank Of NZ lent to me based on my Aus tax return and the proposed income from the NZ properties.

    – Steve

    Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
    https://www.propertyinvesting.com

    Success comes from doing things differently

    Profile photo of EngeloRumoraEngeloRumora
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    @engelorumora
    Join Date: 2010
    Post Count: 618
    May 16, 2014 - 9:42 am
    Steve McKnight wrote:

    Hi,

    My experience from a decade or so was ago was that Aussie banks only wanted to lend against Aussie property, but NZ banks were happy to lend to Aussie investors buying NZ property.

    I suggest you contact a NZ based mortgage broker, as well as a couple of banks direct. The Bank Of NZ lent to me based on my Aus tax return and the proposed income from the NZ properties.

    – Steve

    Hey Steve,

    Its great to see you active on the “darkside” of the forum lollol

    This side had died down unfortunately over the past year or so.

    Thanks and have a great day

    EngeloRumora | Ohio Cashflow
    http://ohiocashflow.com/
    Email Me | Phone Me

    F@#$ THE REST WORK WITH OHIO CASHFLOW TO INVEST

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