I have a question regarding opening up an account with a bank in NZ.I have a trustee company and I want to open an account with the bank in NZ to enable me to borrow for the purpose of buying property. They have come back to me saying the company has to be registered in NZ. Is this correct ?.What does everyone else do when borrrowing in NZ for investment properties.
IS THERE ANYBODY OUT THERE WHO IS ABLE TO COMMENTWhere are all the NZ investors doesn’t anybody know.
Regards
SMITHY
Hi Smithy,
I’m not too sure on whether or not you can register your trust in NZ as well but to resolve your problem you can either:
– Set up an account in your own name
– Form a Limited Liability Company for about $300 and have the shares of that company owned by your Australian Trust.
– Set up a NZ TrustIf you buy property in your own name you can always transfer it later. There is no stamp duty but you will incur legal fees, title transfer fees and perhaps refinancing fees.
By the way, most of the banks in NZ are owned by Australian banks anyway.
eg BNZ is owned by NAB, National Bank is owned by ANZ, ASB is owned by CBA and of course we have ANZ and Westpac as well.Hope this helps
Cheers
JeffJeff
Thanks for the reply I thought to have a company in NZ the directors or one of them, had to be a resident of NZ. I am waiting for conformation on that point.The reason for going with the ASB as all our acounts in Australia are with the CBA but we can’t borrow through the CBA for overseas purchases.
Regards
SMITHY
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