Forums / Property Investing / Help Needed! / Aussie investing in NZ

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  • Profile photo of jamestkjamestk
    Member
    @jamestk
    Join Date: 2004
    Post Count: 23

    hi guys,

    anyone got a quick answer to this question?

    if i buy an IP in NZ do i have to pay a hefty fee for an internation funds transfer every time my property manager transfers rent back to me in AUS. i am borrowing through Wizard Home loans NZ so what have you guys discovered is the tidiest and most cost effective way of doing all of this. Do i need to open an NZ bank account, do i get my property manager to transfer funds direct to my mortgage…..what do you guys do?

    thanks in advance,
    James

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    Hi James,
    I would recommend you open a separate NZ account,
    Deposit all NZ rental income, and transfer NZ loan repayments and any NZ investment related expenses with this account,

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

    Profile photo of jamestkjamestk
    Member
    @jamestk
    Join Date: 2004
    Post Count: 23

    Hi Steven,

    Can i open this NZ account from here in AUS and then simply access it via the internet? Can i also have them send my statements back here to me in AUS?

    i guess i would just have Wizard direct debit the NZ account for the mortgage repayments right?

    Profile photo of Mobile MortgageMobile Mortgage
    Member
    @mobile-mortgage
    Join Date: 2003
    Post Count: 913

    HI James,
    I think that would be possible,

    It may also be beneficial to appoint a power of attorney in NZ.

    Regards
    Steven
    Mortgage Broker

    [email protected]
    http://www.mobilemortgagemarket.com.au
    Ph:1800 820 500
    VICTORIA

    PLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.

    Profile photo of IbuycashflowIbuycashflow
    Member
    @ibuycashflow
    Join Date: 2004
    Post Count: 274

    Hi James

    Some banks will allow you to open overseas bank accounts from Aus, some won’t.

    Westpac allowed us to open an Aus account from NZ but the BNZ, which is owned by NAB wouldn’t.

    And yes, you can access it via the internet. You would just download your statements via th net. Ask for a low fee account.

    If you have your NZ transactions go through a NZ account it will be easier to prepare your income statements and tax returns.

    Cheers
    Jeff

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194

    You can do it with ANZ. You take the forms into a local branch herein Aus and they fax it over to the branch in NZ. It’s really easy with the ANZ

    “If You never never ask, you’ll never never know”

    Profile photo of DDDD
    Member
    @dd
    Join Date: 2004
    Post Count: 508

    all accounts there would make your NZ tax return easier but the question guys was by bringing the cash back here, how can he avoid big bloody fees.

    Did I miss something or did you guys hijack this topic just a little?

    DD[jerry]

    Don’t sweat the small stuff,and it’s all small stuff!!

    Profile photo of sidelinesideline
    Member
    @sideline
    Join Date: 2004
    Post Count: 4

    what if you link a credit card to the nz account,then organise a direct min mnthly payment?

    pete

    Profile photo of timbo70timbo70
    Member
    @timbo70
    Join Date: 2004
    Post Count: 1

    Has anyone opened a NZ bank account from here in Australia recently ? I contacted ANZ, and they said they could help with a business account, but for a personal account I would need to visit NZ and open one in person.

    I am in the early stages of purchasing my first cashflow positive property (already sourced) in NZ and I need a NZ bank account.

    Can anyone share your own experiences ?

    Tim Cook

    Profile photo of ADAD
    Participant
    @ad
    Join Date: 2002
    Post Count: 636

    I agree that ANZ aren’t too bad to deal with. I have an account as you have described and I do all over the net. If I want money back here I write a cheque over here and bank it. Maybe you should contact Wizard and ask them to set it up for you. Should be a little bit of paperwork but a whole lot easier later.

    Enjoy
    AD [:o)]
    (Andrew)

    It is good to have an end to journey toward, but it is the journey that matters in the end.

    Profile photo of geogeo
    Member
    @geo
    Join Date: 2003
    Post Count: 1,194

    Hi timbo,

    I opened one last week from Aus. Email me and I’ll reply with the contact and how to do it.

    Kind Regards,
    George.

    “If You never never ask, you’ll never never know”

    Profile photo of wrogers17206wrogers17206
    Member
    @wrogers17206
    Join Date: 2003
    Post Count: 10

    I am in the process of doing this at present I got a loan through a NZ broker The loan ended up with the ASB bank .It has a fee free bank account with a cheque book facility . I have signed up for their internet banking and can manage all NZ transfers using this method. I am presently transferring an amount into the account as start up money If you want the email address of the branch rep that assisted me just email me

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