All Topics / Overseas Deals / getting money back to OZ

Viewing 9 posts - 1 through 9 (of 9 total)
  • Profile photo of DimoDimo
    Member
    @dimo
    Join Date: 2004
    Post Count: 2

    Hi,
    Just wanting to know how often we can access our rental property money from N.Z. If the properties are purchased through a trust, the money goes to the trust account in N.Z. how often can we draw on this money weekly, monthly or annually back in Australia?
    As there is not much point having positive cash flow property if you can only access the money once a year.
    Any info will be much appreciated.

    Dimo

    Dimo

    Profile photo of Nigel KibelNigel Kibel
    Participant
    @nigel-kibel
    Join Date: 2005
    Post Count: 1,425

    You can access the funds as often as you like. We have a tax agreement between our two counties which means any tax you pay in New Zealand you will get a tax credit for in Australia. But you still need to declare any funds that you bring in.

    Nigel Kibel

    http://www.propertyknowhow.com.au
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    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    You just have to weigh up the charges of transferring money overseas. I know ANZ charges $22 to send overseas from Australia, plus they make a bit on the exchange rate too. Could be costly to bring it back too often.

    What about just leaving it there and paying down the loan?

    Terryw
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    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    You just have to weigh up the charges of transferring money overseas. I know ANZ charges $22 to send overseas from Australia, plus they make a bit on the exchange rate too. Could be costly to bring it back too often.

    What about just leaving it there and paying down the loan?

    Terryw
    Discover Home Loans
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    Send an email to get my newsletter.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://structuring.com.au/
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of westanwestan
    Member
    @westan
    Join Date: 2002
    Post Count: 1,950

    Hi Dimo

    the others have answered the question for you.

    One other thing to consider

    when you are transfering money if its a larger amount say 10,000 or more consider using Ozforex, they are excellent , no charge and they make less on the currency than the banks. I’ve been using them for over 2 years , they have literally saved me thousands.

    regards Westan Johnson

    http://www.globalpropertydeals.com

    [email protected]

    Profile photo of ttmanttman
    Member
    @ttman
    Join Date: 2005
    Post Count: 61

    Westdan,
    How did you transfer money from NZ to Oz using forex ?

    Profile photo of RetRet
    Participant
    @ret
    Join Date: 2003
    Post Count: 6

    Hi

    I know this is a little off the topic but it seems everyone on this blog knows a bit about investing overseas.

    When investing in NZ has anyone heard of gaining finance in Australia? I ask this as NZ interest rates are probably 2% higher than Australia which eats away into your profit. Also i have a friend in Hong Kong who is able to borrow at 4% interest rate to buy property in Australia. So it must be possible somehow?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,190

    Yes, a few lenders will lend for NZ properties from Australia. eg. Pioneer mortgages.

    Terryw
    Discover Home Loans
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    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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    Lawyer, Mortgage Broker and Tax Advisor (Aust wide) http://propertytaxbook.com.au/

    Profile photo of tonkaautonkaau
    Member
    @tonkaau
    Join Date: 2004
    Post Count: 7

    hi i transfer money from the US by having it deposited in my bank of america account and using any efpos in aust , if i use wespac there is no fees tonka

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