- viralkMember@viralkJoin Date: 2003Post Count: 65
Hello NZ Specialist! I have been told that you just need 10% deposit to get NZ finance? There is company called century 21 in queenstown (NZ) have told me at Property Expo. Is it true? do you know any other lender agree to give loan on 10% deposit to Australian Resident?CastleDreamerParticipant@castledreamerJoin Date: 2003Post Count: 288
I hunted around for bank/lenders who would do less than 20%, but all said 20% minimum (or worse) for O/S investors in NZ.
Century 21 are a realestate agency – do they offer finance as well in NZ?
Let me know how you go.
CastleDreamerMiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
Might be different for off the plan in Queenstown. wanaka.
?????SiboParticipant@siboJoin Date: 2003Post Count: 126
I agree with minimogul – often the 10% is for a deposit on an off the plan. I would have thought however that given the close relationships of the economies that australians would not fall into the same category as other overseas investors.
SitamaraMember@tamaraJoin Date: 2003Post Count: 56
Whether I invest in nz or oz I am asked for a 20% deposit. Mind you I have not bought an off the plan property.
TamarabrentParticipant@brentJoin Date: 2001Post Count: 165
I’ve spoken to several Aussie investors with good financials who had trouble getting 70% LVR’s.
If you can get 90% finance at good rates for good deals *anywhere*, then you da’ man!
See if you can get a discounted rate if you refer a few more clients, and I’ll bring them some deals too.
I’m going on a property buying tour!SiboParticipant@siboJoin Date: 2003Post Count: 126
Think about other creative financing options eg vendor finance, garauntees from family etc
SiTasman PropertyParticipant@tasman-propertyJoin Date: 2003Post Count: 126
Anythings possible if you find the right person to talk to… butin my experience 80% LVR is the limit for Aussie investors in NZ. Plus if you go over that you have another cost to factor into your CoCR calcs, namely mortgage insurance.
Stick to 80% or less in the current market would be my tip, depending on your own circumstance.
Good luck with your trip Brent.
(I believe that later this year there will be no +CF deals left in NZ. If you’d like Steve’s MAP protege living in NZ to leverage your time and find the deals to build your portfolio quickly, just ask me!)Michael RMember@michael-rJoin Date: 2003Post Count: 302
10 percent is the down payment on an OTP [off-the-plan] residential property – held in a trust account and only refunded if the developer defaults under contract.
You must then secure the remaining 90 percent prior to settlement – which will likely require a 20 to 30 percent cash or other equity investment.
— MichaelgeoMember@geoJoin Date: 2003Post Count: 1,194
Ive spoken to one lender who said he can get me 90% finance – but it is not confirmed – I will find out in a few days. Remind me to let you all know how it goes. If successful, I will recommend him to you.
“If You never never ask, you’ll never never know”viralkMember@viralkJoin Date: 2003Post Count: 65
Thanks Geo. I will remind you.DanTheManMember@danthemanJoin Date: 2003Post Count: 100
I wrote to a stack of mortage brokers asking the exact same thing. I got alot of people saying it is impossible to get more than 80% LVR, but some said they have done it for Aussies before, it depends on the area in NZ you want to invest. Here is a list of email addresses of a stack of brokers. Hope it helps…
[email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected], [email protected],
Also, check out http://www.positivelygeared.com.au They source positively geared property in New Zealand, and put you in contact will everyone you need.
If you want an extraordinary life you have to be prepared to do things that ordinary people aren’t prepared to do.MiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414westanMember@westanJoin Date: 2002Post Count: 1,950
yes let us know how you go with thast 90% finance, it would certainly be a first in my experience, just be careful with some of the lesser players in NZ they often make claims and then lack the follow through. They also have trouble with dealing with corporate trust set ups so my advise is pay 20% deposit and stick to the major banks.
yes Mini $4,400 is a ridiculous price. I heard you secured an excellent deal for a friend of mine recently well done
I find +ve cashflow deals in New Zealand which I sell to other investors. To be on my database send an e-mail to [email protected]