Hi Mini,Westan & other NZers,
Thankx Mini for answering my last question .I haven`t looked those sites up yet as i`m not feeling 100% tonight & about to hit the sack. ( Must be to many late nights talking to you lot!!!)NEW QUESTION FOR MINI &/OR WESTAN
Anyway, my husband & I are just discussing how you can use available LOC from over here on an NZ IP.
Is this possible? or do we have to set up another LOC in an NZ bank before we can buy? Then, which country do you pay tax on for the + C/f for the NZ rent!!! I think we need your NZ solicitor,accountant & mortgage/insurance broker.
Sorry if this sounds complicated to u, just answer what ever you can,I really apprecaite & enjoy talking with you .
See u soon, cheers
A little bit sick Diamond
PS can any one tell me how to insert a smiley face???? I am a bit computer illiterate i`m afraid, Tahi diamond
having a rest if your off “color’ and can’t “cut” it with the rest of us is a “brilliant” idea. i’m sure you will me “sparking” tomorrow.
O those stupid diamond jokes are making me feel sick.
if you had a LOC and had the cash you can spend it how you like, car , boat or NZ property. so you can buy theproperty outright with the cash and have no loan. Does that answer the question?
Or you could use the LOC cash as the deposit to buy properties in NZ but then best to use a NZ banker. i ckecked this out a few months ago and was told by and OZ bank it is far cheaper to get the loan from an NZ bank.
Don’t know about the other questions
Hey how do you do those faces they look fun.
Regards westanHi Diamond, (and crew),
[
][][][][][][][][][]To insert a smiley face, simply click on the faces to the left of your message box. I mean when you are putting on a post, or replying to one. (If you haven’t noticed them there are four lines of them). [
]Also, if you hold your curson still on top of the smiley face, it gives an explanation of what the face is, i.e. sad,[
] angry,[!]Where ever your cursor is on the msg. screen, that’s where it will appear. The actual smiley face doesn’t appear until after you have posted your reply.
Does that make any sense[?][?][?][?][?][?][?]
Give it a try, it’s fun.See ya,
Del & Willthanks wilanddel
[]
hey it works
[]
theres no stopping me now[8D][^]
westanI am only new to this game but I am very interested in finding out anthying I can about investing. Are wrap deals legal in NZ i have heard that they are not … appraicate any comments
cheers [?]
Mini,
Did you inspect your properties prior to purchase or buy sight unseen?
I’m gessing it was easy for you to open a NZ bank account, being a kiwi. Has anyone who’s not from NZ done it – what are the logistics?
Also has anyone set up a NZ company or trust structure?thanks,
Rod.
hi rod
i’m an Aussie and i had no problem opening a NZ bank account, i did it in person when i was there 2 weeks ago. and a loan was easy actually less paperwork required than some aussie banks i’ve been using.
westanWestan
Good stuff!
How did they verify your income?
Cheers
David U
hi David
i had to fax cofirmation of my salary income, but i didn’t have to verify my Oz rental income or show existing loan docs, didn’t ask to see Tax docs for my Family trust or company. i’m getting 80% finance and had to verify projected rental income of the 3 NZ propertries i am purchasing, so asked agents to write and confirm as i would in OZ. the only unusual condition was i have to place 5000 in a one year term deposit with the bank for 12 months and i must deposit rents into my BNZ bank account,
no problems
westanHi there,
What about the tax implications investing overseas? Do you have to fill out 2 tax returns, one for NZ and one for Australia (excuse the ignorance but I know virtually nothing about taxes, except that you have to pay them [
])
How do you bring back the money from the offshore account back into Australia (ie. income from rentals or income from wraps…etc? I was under the impression the limit was 10K max?
What other implications are there for investors? What are the risks? If there is a downturn in the dollar, how will that effect the investments?
I’m interested to know how you mitigate the risks.
Cheers
Sooshie []
By the way, it’s lovely to see so many new forumites! [^]“small steps make the journey” (SAS)
Hi Guys
Here is the email address of my account who has his main office in Napier. I think he also has interests in Australia. He may be able to help those of you who have queries about investing in NZ and the tax implications etc.
[email protected].
He also has a web site but I can’t remember what it is.
RegardsHi Westan
Sounds too easy…
What about credit checks?
David U
hi there everyone,
rod –
>Did you inspect your properties prior to purchase or buy sight >unseen?
I SOOO had a builder’s report. the building inspector became my new best friend, especially as he also acted as project manager to carry a lot of the stuff out.>I’m gessing it was easy for you to open a NZ bank account, >being a kiwi.
Yes, I reopened the one I used to have when I was living there. However I also opened an account in the US with an opening deposit of $300, and one in the UK when I lived there. So don’t think it would be a problem???
>Has anyone who’s not from NZ done it – what are the >logistics?
>Also has anyone set up a NZ company or trust structure?check the KPI (kiwi property investor) magazine. As richmastery’s Phil Jones and David Hows have been teaching all this stuff and have some interest in the magazine (run it, own it???) there were lots of ads in the magazine for accountants specialising in structures.
I’ve subscribed.cheers-
MiniEvening all,
Thanks for your concern about my health Westan, gave me a giggle as well. Yes i`m all sparkling tonight. I think all of todays banter from everyone has answered my questions from last night so thanks to all of you & to you muppet for sharing accountants email.Got no new questions tonight, just wanted to check in to see what you all had to say, quite a bit tonight.Going to go & watch The Footy Show now .See ya tomorrow
Cheers
Sparkling Diamond[]
Did i do the smile right?????Thanks for the info averyone, this threads really got me thinking.
Westan, Did you purchase using your Australian Company/Trust or did you need to set up a structure in NZ?
Mini, Do you have a link or address for KPI magazine?
thanks,
Rod.
I just found the KPI link
http://www.propertyinvestor.co.nz for anyone thats interested.Rod,
Mini
thank you for all your assistence,, I have one more request
who is you bulding inspector and where
does he live
thank youMore questions
Or you could use the LOC cash as the deposit to buy properties in NZ but then best to use a NZ banker.If you do this which country do you claim the LOC interest in Oz or NZ?
I have a disc. trust here in Oz (with a corporate trustee). Can I use this entity to purchase in NZ or do I need to establish a trust or company structure there? Or just buy in my own name?
thanks,
Rod.
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