- FireCaesarMember@firecaesarJoin Date: 2004Post Count: 71
Just curious, how much can I borrow (LVR) against a typical property in N.Z? (e.g a $100k house)
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The max LVR for non NZ-residents is 90% subject to LMI policy,
However as a rule and in the majority of cases 80% LVR is the norm,
On a purchase of $100.000 @ 80% LVR you could borrow $80.000 without to much trouble. Cheers.
PLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.TerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Up to 90% with LMI from Australia. Not sure about over there.
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[email protected]Don NicolussiParticipant@donJoin Date: 2005Post Count: 1,086
These guys are right. If you are an aussie would be best to do your numbers on and 80% lend. It is probably where you will find a better choice of products.
CheersMiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
less sometimes, i,e, 70 percent, 60 percent. It depends on things like the lender’s criteria on the property you are buying, the mortgage ‘product’, whether it is commercial, residential, bare land, lo or full docs, which town it is in, your income, etc etc.
But yes for cookie cutter offshore investor clients (employees) cookie cutter NZ properties, cookie cutter lenders, 80 percent is a good rule of thumb.jspriMember@jspriJoin Date: 2004Post Count: 55
I wanted 90% for my IP in NZ. But i got knocked back because of the lenders policy, which was not giving 90% to someone under 21 or under 20. So i settled with 80%. So if your older then me, you should be able to get 90%.
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We’ve just been to NZ and obtained finance there. We buy through a NZ Trust and get 80% LVR for most residential property, except where there are more than 2 dwellings on the section (title), then we found you can only obtain a 70% LVR. This is always open to negotiation with the lenders. There is currently a ‘lending war’ between NZ banks so they may be more flexible. (Article appeared in NZ Herald 28/2/05 ‘BNZ climbs back in the ring to battle for mortgages’ stating that the battle for home mortgages had been renewed)FireCaesarMember@firecaesarJoin Date: 2004Post Count: 71
Thanks for all the inputs!
What about for international buyers? (I’m not Australian)
jspri, yes I’m older than you. Could you give me an idea of how much you paid for your IP (estimate will suffice) and which area it was in? (Just to get some idea …)
Looking for another income source? – Email me.aptamParticipant@aptamJoin Date: 2004Post Count: 61We buy through a NZ Trust and get 80% LVR for most residential property, except where there are more than 2 dwellings on the section (title), then we found you can only obtain a 70% LVR.
Can someone clarify the reasoning behind this? I would have thought two dwellings on the one section would equate to less vacancy risk because there is (potentially) more than one source of income.
andrew.CastleDreamerParticipant@castledreamerJoin Date: 2003Post Count: 288
banks consider more than two titles on one property a greater risk sometimes because it is more ‘commercial’ rather than residential – and I am told by a couple of bankers that that means they are saleable to a smaller market – ….. i have had 80% lends with three flats, but never with four or more, despite chasing around to try and find someone that would!!