Hi
So I currently live in Australia but I'm from NZ. I'm buying property in NZ off a family member but I am not able to use my kiwisaver or get the first home owners grant as I am a tax resident of Australia so technically an overseas buyer.
I have been told maybe I can get around this by setting up a family trust and buying the property under the trust and when I eventually move back to NZ I can buy a property under my own name and still get away with using my kiwisaver for my 'first home' and also be entitled to the first home owners grant?
Does anyone know anything about this? I don't really know who to speak to as I don't want to speak to my bank or anyone from kiwisaver and admit Im trying to find a loophole...
The property I am buying is under the house price cap for the home start grant so if I was living in NZ I would be entitled to it.
Can someone also explain how the whole gifting of an asset in a trust work?
Thank you
So I currently live in Australia but I'm from NZ. I'm buying property in NZ off a family member but I am not able to use my kiwisaver or get the first home owners grant as I am a tax resident of Australia so technically an overseas buyer.
I have been told maybe I can get around this by setting up a family trust and buying the property under the trust and when I eventually move back to NZ I can buy a property under my own name and still get away with using my kiwisaver for my 'first home' and also be entitled to the first home owners grant?
Does anyone know anything about this? I don't really know who to speak to as I don't want to speak to my bank or anyone from kiwisaver and admit Im trying to find a loophole...
The property I am buying is under the house price cap for the home start grant so if I was living in NZ I would be entitled to it.
Can someone also explain how the whole gifting of an asset in a trust work?
Thank you
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