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  • Overseas investors

    I have NZ passport, credit history, POA for me and so forth, but I meet a lot of UK citizens who are keen to invest in New Zealand, and I don't really know what to tell them that is specific to them.

    If I was a UK investor with no ties to NZ, what sort of mortgage could I get? What sort of deposit would I need to come up with? Should I use an LAQC or in my own name or another structure?

    Assuming I will not be living in NZ but will come and visit occasionally.

    Thanks,
    Leanne

  • #2
    Hi LeanneS,

    I have sent Rae an email to this post- she is our local mortgage broker.

    Best Regards

    Marc
    Free business resources - www.BusinessBlogsHub.com

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    • #3
      They can apply to a NZ lender or use a global lender such as HSBC, the bank would firstly look favourably on a 20% deposit and 80% funding, you do not need to have any ties already in NZ

      With regards to an LAQC there is no benefit unless you are residing and paying tax in New Zealand this is because LAQC's are only beneficial where there are two taxable incomes and there is a reasonable difference between these incomes.

      Overseas investors need to have a Power of Attorney to act for them and handle any issues relating to the rental property, the likes of a global lender like HSBC may not require this but it is still desirable for you to have.

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      • #4
        Thanks Rae.

        Are the interest rates comparable to products for residents?

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        • #5
          yes, it is the same for residents as it is non-residents.

          Cheers
          Rae

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          • #6
            Great thread Leanne

            Rae - are there any known restrictions on where you could / could not purchase? (ie coastal, bordering national parks, historical (listed buildings))

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            • #7
              Some banks have restrictions based on locations and the population, for example, many major lenders are not keen on an area with a population less than 10,000 it depends very much on the LVR and the purpose of the loan as each case can be very different.

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              • #8
                I suggest you look at this web site www.nzselectproperties.co.nz I am pretty sure they will be able to answer all your questions.

                Comment


                • #9
                  Welcome to the forum Souljah!

                  Thanks for the info.

                  Cheers,

                  Donna

                  :P
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                  BusinessBlogs - the best business articles are found here

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