Getting Finance in NZ

[Cales405]

I am looking at helping my father out in NZ and buying into half of his property. From some limited advice we have been given, we are possibly going to set up a family trust, but am unsure of my options for finance.

I have been in touch with a broker in NZ, but I am looking at other options too, as I am unsure whether he is the broker I would like to use.

Has anyone here bought property in NZ and obtained finance there? Any recommendations?

 

[Qlds007]

Not sure whether they still do it as i havent done one for years but Firstmac used to cross Tasman loans in the right town.

 

[josko]

Yes, First Mac was who I used.

They would only lend at 70%LVR and Interest rates are higher. It wouldn't suprise me if the LVR were less now.

Regards Jo

 

[Jamie_D]

Some banks have a dedicated non resident lending department.

I helped a client in Malaysia purchase and fund a NZ property.

 

[ani]

I've always arranged finance with a New Zealand bank, always easy at 80% LVR.Just produced the normal documents like pay slips, bank statements from here.

Check out the whole trust thing though. From my research it was very expensive to have a party to the trust offshore. From memory, it was something like requiring the trust to be audited annually.

 

[Cales405]

Thanks for all the help. My accountant in Australia said it is probably better financing individual.

I am unsure of the ways property deductions work in nz.

I plan on financing half, with 50/50 share ownership with father, but his cash money will fund his 50% and my income will fund the other financed 50%. He will live in the property with a boarder and I will receive rent from the boarder and pay interest on loan myself.

I am unclear on how deductions would work this way.