I bought couple of IPs in NZ under my own name. Both have mortgages. One IP requires substantial work and I am putting it on the market. In case I can’t sell it and if I walk away from it, will the mortage lender able to touch any future IPs thay I buy using a trust ?
I don’t know. But think that any property held under a trust is not really ‘owned’ by you, so it is better to hold this way than not.
But if just walk away and they sell the property with still money left owing, they will come after you. Being ina different country will make it alot more difficult though.
It will be hard for you to buy anymore properties in the near future if they list a default on your CRAA – you will have to go to a non conforming lender to get a loan, with much hgiher rents.
Terryw
Discover Home Loans
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
thank you very much Terryw, but is there a different CRAA in NZ ?
Set
Sorry I didn’t really tell you much there!!
I am not 100% sure, but think NZ finance applications will still appear on your CRAA over here. Baycorp is a global company (ouch) so be careful.
Terryw
Discover Home Loans
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
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