I've been following Property Talk for years and have found it immensely useful. Thanks to everyone for their contributions. I have a specific question that I'm hoping some of the readers can assist with.
I have 2 IPs in NZ and have secured a loan against these to buy a third. Unfortunately, as I'm non-resident (Sydney-based) I can't get a loan for any new property I purchase (as far as I can determine). This somewhat limits my funds. Before the lending changes I had intended to use that loan to fund a deposit and get a new loan against the new property for the remainder. This doesn't seem possible and the money I have available (approx. $300k) won't buy the sort of property I was hoping to get.
I have an investment loan against my PPOR in Australia and could supplement the $300k but what would be the tax implications? I imagine that I won't be able to claim a tax deduction in NZ against the interest on the Oz loan. Hopefully, I can claim that on my Oz tax return. Has anyone been through something similar?
Am I better off readjusting my expectations and look for a property for $300k? Can I possibly find some NZ lender who would loan against the new property (or is that simply not allowed by the new rules)?
Thanks in advance
Richard
I have 2 IPs in NZ and have secured a loan against these to buy a third. Unfortunately, as I'm non-resident (Sydney-based) I can't get a loan for any new property I purchase (as far as I can determine). This somewhat limits my funds. Before the lending changes I had intended to use that loan to fund a deposit and get a new loan against the new property for the remainder. This doesn't seem possible and the money I have available (approx. $300k) won't buy the sort of property I was hoping to get.
I have an investment loan against my PPOR in Australia and could supplement the $300k but what would be the tax implications? I imagine that I won't be able to claim a tax deduction in NZ against the interest on the Oz loan. Hopefully, I can claim that on my Oz tax return. Has anyone been through something similar?
Am I better off readjusting my expectations and look for a property for $300k? Can I possibly find some NZ lender who would loan against the new property (or is that simply not allowed by the new rules)?
Thanks in advance
Richard
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