Here is our issue: We have a small property profolio of 6 houses in NZ. They are valued around NZ$2.3million with $1.0million mortgage. We had $120000 in rent last year and after expenses we had $30,000 profit. We are Non returning tax residents in NZ so pay min tax.
We moved away from NZ about 2 years ago to our native Maldives. Its nice but our income is about NZ$20,000 in here for me wife and 3 kids. We live very comfortably as has free accommodation.
We did withdraw our kiwisaver last month and got around $200000 in our account. We didn't tell our banks that we are leaving the country as that would have complicated things. I still have my NZ vodafone number which I used to call the bank when fixing new rates and stuff. So far pretty good and we pay capital and interest.
We also locked in our capital gains over the past years by selling the properties from our company to our personal names about a year ago as Taxindar was in power.
We are looking at buying a house in Christchurch for around $500,000. Will we be able get a mortgage from and 1st or 2nd tier lender?
We are not going to approach our current banks A*Z and WP as they might gobble our cash reserves and cancel O/D facilities. We have around $200,000 O/D facility from A*Z and WP. I am reasonably good at flipping NZX sharers but we love houses.
Any thoughts much appreciated...
We moved away from NZ about 2 years ago to our native Maldives. Its nice but our income is about NZ$20,000 in here for me wife and 3 kids. We live very comfortably as has free accommodation.
We did withdraw our kiwisaver last month and got around $200000 in our account. We didn't tell our banks that we are leaving the country as that would have complicated things. I still have my NZ vodafone number which I used to call the bank when fixing new rates and stuff. So far pretty good and we pay capital and interest.
We also locked in our capital gains over the past years by selling the properties from our company to our personal names about a year ago as Taxindar was in power.
We are looking at buying a house in Christchurch for around $500,000. Will we be able get a mortgage from and 1st or 2nd tier lender?
We are not going to approach our current banks A*Z and WP as they might gobble our cash reserves and cancel O/D facilities. We have around $200,000 O/D facility from A*Z and WP. I am reasonably good at flipping NZX sharers but we love houses.
Any thoughts much appreciated...
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