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is 25% to much deposit for 1st inv.prop. in NZ

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  • is 25% to much deposit for 1st inv.prop. in NZ

    hi i have a house that i live in that i am paying off to the bank in australia...i have a loan for investment property in New Zealand but bank wants 25% should i do this or maybe i could refinance my home with say anz bank and use equity to purchase investment...can this happen or not i have about 50,000 equity

  • #2
    Hi Kristine

    A couple of questions that will help us answer you.

    Are you a NZ resident?
    Is the house you are living in in Australia? and being held as security by the Australian bank?

    If an NZ resident you may only have to put down a 10-20% deposit on an IP if obtaining finance in NZ for your first NZ IP.

    There are a few trans-tasman mortgage brokers on here that may be able to help.
    Try and refinance your Australian property with an Australian Bank, and your NZ property with a NZ bank.
    Speak to them as each case is different.

    Hope this helps.

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    • #3
      my house is in australia i am a australian citizen

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      • #4
        Kristine,
        You could purchase outright in NZ with your Australian funds, or use part of these funds as a 20% deposit on a NZ purchase,

        I’m not sure why the bank has requested a 25% deposit, but it may be due to your banks lending criteria for that particular area,

        Regards
        Steven

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