My lender (and most of the other ones) have changed their rules so they no longer lend high LVR to non-resident New Zealanders like myself. This is going to leave me high and dry.
My properties are currently in a limited company (not a LAQC).
I thought if I made my father shareholder and/or co-borrower then we can use his NZ-residency status to get the high LVR. Overlooking that his income may not service it (he's on a pension but with the rental income should cover it), won't that put us in trouble with tax/means testing if he's ever put in care?
His own home is in a trust.
Should I put the company in the trust, or the properties directly in the trust? Is there another options which means that Dad can provide the residential status and the proof of serviceability without being means-tested against those assets if it ever comes to that?
Thanks all!
Leanne
PS I'm in NZ this week so if anyone's in Auckland or Napier give me a shout!
My properties are currently in a limited company (not a LAQC).
I thought if I made my father shareholder and/or co-borrower then we can use his NZ-residency status to get the high LVR. Overlooking that his income may not service it (he's on a pension but with the rental income should cover it), won't that put us in trouble with tax/means testing if he's ever put in care?
His own home is in a trust.
Should I put the company in the trust, or the properties directly in the trust? Is there another options which means that Dad can provide the residential status and the proof of serviceability without being means-tested against those assets if it ever comes to that?
Thanks all!
Leanne
PS I'm in NZ this week so if anyone's in Auckland or Napier give me a shout!
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