Is it true that NZ banks will only loan on 80% of the property value. I was hoping to take out a 100% loan. I am also hearing conflicting information re the finance – 1. you must use only a NZ bank. 2 – You can use an Australian bank?
Is anyone able to point me in the right direction.Cheers,
Rufus
Yes Rufus
It is true that you will need to provide a deposit of 20%. I believe that this is for exactly the same reason as off shore investors investing in oz, you cant get mortgage protection insurance.
sorry can give you specific information regarding the second question.
Tamara
Hi Rufus,
No Tamara not really – some lenders will give you 90% and if you have equity here, lenders here in Aus will give you 100%. Thus, you can use an Australian Bank.
“If You never never ask, you’ll never never know”
Hi Rufus,
The Max Loan amount on NZ security for Non NZ residents is 80%There are lenders based here in Australia and in New Zealand who will lend to non-NZ residents for the purchase of NZ property, with the NZ property being the security over the loan.
You may also purchase NZ property outright with funds/equity from Australian property etc, or use this method to raise the required 20% deposit on a NZ investment loan,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Rufus,
I have really done my homework on this one, and can definately give you a definative answer (and even explain the contradicting answers you are getting).
Australian banks will not take NZ property as collateril. If you use an Australian property as collateril, they don’t care what you spend it on… more Aus property, NZ property or strippers.
So if you want to use the NZ property you are buying as collateril, you have to go to a NZ bank. Now I have, and have read lots of others on this site, found that the maximum LVR you can get as an Aussie is 80%
Be creative… you can buy knowledge.
Hi all,
There are lenders BASED here in Australia and NZ, who will lend to non NZ residents for the purchase of New Zealand Property,
and the New Zealand property is the security over the loan,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Can anyone recommend a NZ lender in the North Island?
Bank, Mortgage Broker whatever..?
Hi Hux001
Have a look at http://www.propertytalk.co.nz
There is listed a number of mortgage brokers recommended by members.
Regards
Hi Hux001,
Contact ANZ or Westpac in invercargill NZ,
They can organise finance for Australian investors,Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Hi All,
Thanks for the great advice. Will carefully follow all paths.Rufus
Hello this is my first post but I have recently been in the same position as you. I applied to the ANZ bank but did not meet their criteria , no reason given. I then tried http://www.morgagelink.co.nz and found them to be fabulous . The process was fast and the money is available to purchase .You can email their site .I used Terry meredith as he was recommended . Mortgage Link BOP Ltd <[email protected]> is his email Hope this helps you
The best way to go about getting a loan is the same as over here… go through a mortgage broker, they do all the work getting you a good deal, and you don’t pay for it.
Dan.
Looking for positively geared property? Check out http://www.positivelygeared.com.au
Hi all,
There are lenders BASED here in Australia and NZ, who will lend to non NZ residents for the purchase of New Zealand Property,
and the New Zealand property is the security over the loan,
Regards
Steven
Mortgage BrokerHi Steven, would you mind giving some names on who those lenders are ? thanks
Kev
Ho to all,
Im working with a lender in the South of NZ although Im a Melburnian and he said he can get me 90%. If its true and he succeeds in doing so, I’ll pass his details onto you all – I should know within a week. He approved it over the phone, but Id like to get something in writing so I know for certain then I’ll give you all his details.
kind Regards,
George.“If You never never ask, you’ll never never know”
It seems that it’s all about who you know unfortunately.
I have spoken to investors who got an 85% lend straight off the bat, and then 6 months later after creating a track record, have applied to have their limit increased to 90 or 95%.They had very strong applications though.
Brendon
Acute Mortgage Reductions
http://www.acutemr.com.au
[email protected]
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