All Topics / General Property / Need help with NZ banks

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  • Profile photo of mitzu5mitzu5
    Participant
    @mitzu5
    Join Date: 2003
    Post Count: 50

    Hello everyone,
    Living in Sydney, I would like to purchase an IP in NZ for $75000.00.
    Tried going through a Morgage broker but their minimun home loan amount was $100,000.00. Even if I bought 2 properties worth over this amount I still cannot go through them because of the costs involved with one home loan.
    I tried the Kiwibank which has great rates but they need you there to fill in forms and to sign.
    The ASB informed me that I would probably need to put a 50% deposit down because it is an IP, under $80,000.00 and because I live O/S.
    Does anyone know of a bank that would pre-approve a home loan or is the only way to get a home loan is to go to NZ for a week to sort paper work out.
    I do have a bank account in NZ with the ANZ but have not heard back from them yet.
    Any suggestions would be greatly appreciated.
    Regards
    Andrea

    Profile photo of battz71battz71
    Participant
    @battz71
    Join Date: 2003
    Post Count: 95

    G’day Andrea,

    i have just got back from 8 days in NZ (flew back in on Wednesday) where I made a few contacts with RE agents and Banks. Drop me an email vmax at bigpond.net.au

    Cheers,

    Battz

    Profile photo of JetDollarsJetDollars
    Participant
    @jetdollars
    Join Date: 2003
    Post Count: 2,435

    Andrea

    Quoted:

    quote:


    Living in Sydney, I would like to purchase an IP in NZ for $75000.00….
    I do have a bank account in NZ with the ANZ


    I also live in Sydney and would like to open a bank account with ANZ NZ. Can I open it in Aus?

    Where did you open your bank account? in Aus or NZL?

    Kind regards

    Chandara
    [Keep going, you’re nearly reach the end of financial freedom]

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    hi mitzu

    i don’t know who told you that about kiwibank but i got 3 properties financed with them from OZ. but they are so slow and service is poor so i’m using ANZ in NZ and i’ve had excellent service.

    westan

    Profile photo of wilandelwilandel
    Member
    @wilandel
    Join Date: 2003
    Post Count: 761

    Hi Andrea,

    50% deposit – ridicoulous!

    As Westan suggested – try ANZ, they gave us pre approval, and we did everything my phone, email, fax & express post.

    Thank goodness for technology.

    Regards,

    Del

    Profile photo of mitzu5mitzu5
    Participant
    @mitzu5
    Join Date: 2003
    Post Count: 50

    Hi guys,
    Thanks for the response. I have rung kiwibank afew times and have been given the same answer each time. I have to be in the country to sign or have a Power of Attorney to sign for me. They said once signing happens, it could take a week to get approved. ANZ said I also had to be in the country to sign, but I could get the ball rolling from this end. They would take 24-48hrs for approval. – Westan when u said u got your IPs financed by Kiwibank, you still had to go to NZ to get your IP loan approved didn’t you?
    I know this doesn’t sound right but what Im trying to do is get a loan without going back there at all.
    Since I have a reliable builder looking at houses that I see on the net, I just want to buy without going to NZ at the moment, hence trying to get a loan over the phone. (Im planning to go back in March but came across a good deal).
    Chandara for you question, I opened an ANZ bank account in NZ, so Im not too sure if you can open one here for NZ.
    I think I will have to get a power of Attorney. Hopefully I can find a lawyer that will be able to do it here otherwise I will have to find a laweyer in NZ

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post Count: 1,414

    Hi Mitzu

    yes you will have to get a lawyer in NZ anyway to buy properties so you may as well get them to be your power of attorney too. That might be your best bet.

    cheers-
    Mini

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