Question… Do buying blocks of units or Flats in NZ attract Stamp duty because they are commercial investments
Question….If it is a Yes, is their another way around this with changing the wording, or agreeing to purchase individually units assuming they are strated.
Thanks-Marc
PS I hope I don’t sound like a crimal, just a smart buyer[biggrin]Marc Hamilton-Jessop
The short answer in my experience is no. I have bought blocks of units – some self titled , others all on one title. Stamp Duty has never been an issue on NZ residential loans, where funds are raised in NZ.
Most banks or lenders will regard them as a residential investment loan depending on whether the units are self titled. Some banks may regard the investment as a commercial loan if they are on a single title, and may require a higher deposit.
Hope this helps.
Scorpio.
Unless the laws have changed there is no such thing as stamp duty in New Zealand.
Hi Gamerz,
technically there is stamp duty in NZ (at least it is provided for under their legislation or whatever). It is simply that the government has set it at 0%!!! so its the best stamp duty you will ever pay!!!
Cheers
CDCastleDreamer
NZ Investor and Property Spotter
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