- munmun5Participant@munmun5Join Date: 2011Post Count: 65
I am a kiwi living in aussie (Brisbane). Aiming to target and purchase cosmetic renovations initially to quick turn for sale and build my capital base. Due to the high amount of regulations in QLD ( eg having to get someone with a builders licence for jobs over 10k) plus CGT + stamp duty I was wondering what how purchasing in NZ would go. Obviously no CGT or stamp duty would mean less cutting into the back end profit but what I was more interested in is would a) aussie banks lend for purchases in NZ ( from what I have read I think the answer is no) or b) do NZ banks lend to Kiwis living in aussie to invest. If they answer to is yes what kind of LMR would I be able to get and would there be any extra costs being overseas and applying for the loan? As this would be my first IP and I have no PPOR would this pose a problem.
Thanks in Advance
ps. sorry wasn't sure what forum was the best re finance, renos, overseas deals.phill666Member@phill666Join Date: 2012Post Count: 10
sup bro.. im a kiwi in sydney and im a builder.. what you can do is 'employ' someone like myself but the thing you do is apply for an owner builders licence.. so basicly you are the one building your home or doing renos.. the trick is, 'for example' i do the work but youd have to pay 'me' out of your account as cash and lable it as another expense from your account… that way you avoid all the builders fees, goverment charges and GST
you would have to purchase all the materials, plans, drawings.. etc etc or what ever it takes to do the job has your name all over it
to apply for the owner builder license is pretty cheap and done through the counciljmsrachelParticipant@jmsrachelJoin Date: 2012Post Count: 711
Phil can you elaborate on this. I’m not understanding?Kyron GosseParticipant@roadhog260Join Date: 2011Post Count: 7
NZ banks don't have a problem lending to Kiwis in Aussie. However as an offshore owner you would struggle to get LVR above 80%
As you are trading you will be subject to GST and tax on your profits.
You would probably want to get a project manager and find someone to help you find the deals.
Build Wealth, Create Freedom, Do AwesomeJessicahsmMember@jessicahsmJoin Date: 2012Post Count: 7
Hi, do NZ banks lend to Aussie to buy investment property in NZ? if yes do you know what the process and procedures are? thanksspeedy gonzalesMember@speedy-gonzalesJoin Date: 2010Post Count: 149
Yes they certainly do. You can get up to 80% LVR. Pretty well the same process you would go through with Aussie banks. I have a good broker based in Auckland if that helps.