Forums / Property Investing / Overseas Deals / New law stops Aussies opening kiwi bank accnt?!

Viewing 15 posts - 1 through 15 (of 15 total)
  • Profile photo of e-Kiwie-Kiwi
    Member
    @e-kiwi
    Join Date: 2003
    Post Count: 4

    Hi All,

    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.
    Melbourne.
    [email protected]

    Profile photo of NobleoneNobleone
    Member
    @nobleone
    Join Date: 2004
    Post Count: 146

    Hi Wayne & Liz,

    Here are the contact details for my bank in NZ…

    Doug Speak
    Business Manager – New Plymouth
    ANZ
    Level 1
    Cnr Gill & Currie Streets
    P O Box 8049
    New Plymouth
    New Zealand

    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.”

    Profile photo of e-Kiwie-Kiwi
    Member
    @e-kiwi
    Join Date: 2003
    Post Count: 4

    Heya Nobleone,

    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
    [biggrin]

    All the best.
    Wayne.

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502

    Hi Wayne,

    You can even arrange finance for NZ property from here in OZ.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

    Profile photo of kerwynkerwyn
    Member
    @kerwyn
    Join Date: 2004
    Post Count: 145

    Hi Wayne
    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.
    Kerwyn.

    Profile photo of oziozi
    Member
    @ozi
    Join Date: 2004
    Post Count: 262

    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.

    Regards,
    Ozi

    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086

    Hi Ozi,

    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.
    .
    Regards,

    Don and Liz

    Don Nicolussi | Mortgage Broker - Home Loan Warehouse
    http://homeloanwarehouse.com.au
    Email Me | Phone Me

    "I think of finance as a technology, a way of getting things done." Robert Shiller

    Profile photo of oziozi
    Member
    @ozi
    Join Date: 2004
    Post Count: 262

    Don and Liz,

    Yes, it was a personal account, in my own name. It also has internet/phone banking set up too.

    Regards,
    Ozi

    Profile photo of Don NicolussiDon Nicolussi
    Participant
    @don
    Join Date: 2005
    Post Count: 1,086

    Thanks ozi. That clears up some of the confusion over this issue.
    .
    Regards

    Don and Liz

    Don Nicolussi | Mortgage Broker - Home Loan Warehouse
    http://homeloanwarehouse.com.au
    Email Me | Phone Me

    "I think of finance as a technology, a way of getting things done." Robert Shiller

    Profile photo of SeafireSeafire
    Member
    @seafire
    Join Date: 2005
    Post 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

    Natalie Penn

    DD 09 378 0916

    F 09 378 0917

    M 027 2964 694

    Cheers
    Lee

    Profile photo of e-Kiwie-Kiwi
    Member
    @e-kiwi
    Join Date: 2003
    Post Count: 4

    Hi everyone,

    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.
    Cheers,

    Wayne.

    Profile photo of oziozi
    Member
    @ozi
    Join Date: 2004
    Post Count: 262

    Wayne,

    I’m glad it worked out with the ANZ! You will be happy with the service they provide you ;)

    Regards,
    Ozi

    Profile photo of PropertyGuruPropertyGuru
    Participant
    @propertyguru
    Join Date: 2003
    Post Count: 1,502

    One of my friend open account in NZ HSBC from here only. May be for that you have to open an account with HSBC in OZ first.

    Cheers
    PropertyGuRu [sultan]
    Mortgage Consultant
    [email protected]
    MSN ID: amitash, Yahoo Id: bornguru

    NZ loan pre approval from OZ in 48 hours

    Profile photo of MiniMogulMiniMogul
    Participant
    @minimogul
    Join Date: 2002
    Post 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.

    Profile photo of chickybidchickybid
    Participant
    @chickybid
    Join Date: 2005
    Post Count: 2

    Try the BNZ. We are Aussies now living in NZ though. They’ve been great with us.

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