I expect to be plunging into the NZ rental market soon thanks to some of the great people of this forum, but still not clear on how you get your rental income back into Aus? What does everyone do? Should I open an NZ bank account and let it accumulate in it until I have a large amount to Telegraphic Transfer back ?
Any ideas appreciated.
Hux001CastleDreamerParticipant@castledreamerJoin Date: 2003Post Count: 288
don’t know what the other guys are doing precisely, but this is my plan. For the first year, pay all loans interest only, accumulate all cash flow into NZ savings account, bring it home in larger amounts maybe every couple of months – otherwise the telegraphic transfer costs will get you.
Other ideas you could consider – get an NZ credit card and use that – check the costs of changing nz to aud on the card if any –
plug the money back into the next investment in nz.
plug it into the current investments
One thought – if you don’t know what you want to do with it – i suggest you don’t put it into one of the loans thinking you can draw it off later for other use. If you draw it out – albeit that it is extra payments – for private use, the interest will not be tax deductible.
Thanks Castle Dreamer, I think placing it in an NZ bank account and transfering it to Aus every few months appears the way to go. Shame we just can’t do a bank transfer like Net Banking.CastleDreamerParticipant@castledreamerJoin Date: 2003Post Count: 288
Hey Hux, your bank should allow you to net bank it from NZ to Aus – mine does – its just that it costs 25NZD out and 10AUD when it gets here.
Sending money to NZ costs me 20AUD out and 20NZD there. ‘telegraphic transfers’ are cheaper if I do them on the net than over the counter.