Like a lot of you my wife and I have been searching for pos IP’s in NZ. After lots of late late nights on the net, we found a couple of opportunities, and after a round of negotiations signed up (subject to finance).
We’ve got the money for deposits and finance shouldn’t be a prob, however my solicitor over there has been told by Westpac that a change to the Australian Financial Services Reform Act has recently been intyroduced to prevent Australians from opening a bank account in NZ. What the?! (I’ve got a copy of the fax).
We looked like having success with ASB (they didn’t seem to be aware of the this ‘new’ law) but we’ve just heard back that although we can get finance through them, they do not offer finance for houses in the area we are interested in (Sth Taranaki region), and they generally don’t offer finance on properties under 80k in value.
Grr. A lot of time wasted, and now our contract dates are fast approaching.
Anyone found a bank over there which is experienced in lending to Aussies, and had a good hassle free experience (not asking much are we. hehe) [blink]
Any help much appreciated.
Wayne & Liz.
[email protected]NobleoneMember@nobleoneJoin Date: 2004Post Count: 146
Hi Wayne & Liz,
Here are the contact details for my bank in NZ…
Business Manager – New Plymouth
Cnr Gill & Currie Streets
P O Box 8049
Phone: +64 6 759 9700
Mobile: +0274 483 345
Fax: +64 6 758 9928
E-mail: [email protected]
They lent me 80% on one of my IP’s in Hawera south Taranaki… Let me know how you get on.
Cheer, Nobleone. [biggrin]
“Making mistakes is just another another tool for learning.”
That’s fantastic. One of our properties is in Hawera too so I’m sure he’ll be able to help.
Will let you know how we go.
Maybe we can have an informal agreement that you buy half the town and we’ll buy the other
All the best.
Wayne.PropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502kerwynMember@kerwynJoin Date: 2004Post Count: 145
Yeah I had the same problem with Westpac in January even before the new laws started in Feb. I was in NZ and they just refused to open an account. The law has something to do with banks with Aussie affiliates so any banks like ANZ, National etc could be a problem. I got around it by going into a bank of NZ and opened an account no problem.
It’s good to see the government still trying to stick it to us investors, wouldn’t want them to go soft on us.
You should have a talk with ‘PropertyGuRu’ about finance, Amit will get you a good deal with little hastle.
I opened an ANZ account in NZ from Australia the other week. No problems!
Contact Sacha or Carina at ANZ (Balclutha) on (03) 418 2022 or (03) 418 4731.
You won’t find better customer service anywhere else. They have been great to deal with.
OziDon NicolussiParticipant@donJoin Date: 2005Post Count: 1,086
Were you able to open a personal bank account or did you open one in the name of your company/trust etc. Did it have net access.
Don and Liz
Don and Liz,
Yes, it was a personal account, in my own name. It also has internet/phone banking set up too.
OziDon NicolussiParticipant@donJoin Date: 2005Post Count: 1,086SeafireMember@seafireJoin Date: 2005Post Count: 9
Hi, Have just settled only last Friday on two purchases. Here is a broker experienced in Australians lending.
I have sent you a private message of my fax number I would like to see a copy of that if you dont mind. I also had some fun getting insurance because one property was pre 1945 ot 35 cant remember as I type however I needed to obtain and electrical certificate and plumbing certificate to certify that they had been re done.and what foundations it was other wise will only cover you for depreciated value not replacement value. May also be an issue with the bank when lending. Mine turned out ok but that might something work looking into before you go unconditional.
E L I T E
MORTGAGE BROKERS LTD
DD 09 378 0916
F 09 378 0917
M 027 2964 694
Just wanted to add that we were finally able to open an account in NZ. Many many thanks to everyone for all their help, especially Ozi for putting us in touch with Sacha at the ANZ Balclutha. Now back to searching for property [blush2]
Hope this has helped others as well.
I’m glad it worked out with the ANZ! You will be happy with the service they provide you
OziPropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502MiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
Sacha at ANZ as others have noted is an absolutely triple AAA+++++ contact. The person and their can=do attitude is so often the difference between a positive experience and not.
nevertheless I have heard good reports of service all over NZ with different brokers and lenders and I put it down to the low population density means they just have a few less people to deal with compared to Aus and so therefore they have more time for you. You get more real people and less automated waiting queues like you get here in Aus, because in Aus they are processing so many more people.