All Topics / Overseas Deals / Unit investments in NZ

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  • Profile photo of mhjmhj
    Member
    @mhj
    Join Date: 2001
    Post Count: 4

    Question… Do buying blocks of units or Flats in NZ attract Stamp duty because they are commercial investments

    Question….If it is a Yes, is their another way around this with changing the wording, or agreeing to purchase individually units assuming they are strated.

    Thanks-Marc
    PS I hope I don’t sound like a crimal, just a smart buyer[biggrin]

    Marc Hamilton-Jessop

    Profile photo of scorpioscorpio
    Member
    @scorpio
    Join Date: 2003
    Post Count: 16

    The short answer in my experience is no. I have bought blocks of units – some self titled , others all on one title. Stamp Duty has never been an issue on NZ residential loans, where funds are raised in NZ.

    Most banks or lenders will regard them as a residential investment loan depending on whether the units are self titled. Some banks may regard the investment as a commercial loan if they are on a single title, and may require a higher deposit.

    Hope this helps.

    Scorpio.

    Profile photo of GamerzGamerz
    Member
    @gamerz
    Join Date: 2004
    Post Count: 2

    Unless the laws have changed there is no such thing as stamp duty in New Zealand.

    Profile photo of CastleDreamerCastleDreamer
    Participant
    @castledreamer
    Join Date: 2003
    Post Count: 288

    Hi Gamerz,
    technically there is stamp duty in NZ (at least it is provided for under their legislation or whatever). It is simply that the government has set it at 0%!!! so its the best stamp duty you will ever pay!!!
    Cheers
    CD

    CastleDreamer
    NZ Investor and Property Spotter

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