Hi all,
A member did some research on getting NZ finance (he is o/s) to buy IP in NZ here is his response->
I just went through their website - http://kiwibank.co.nz/ - and spoke to someone who appeared to operate in their call centre.
There could be absolutely no doubt in the mind of the person from Kiwibank that I was from Australia and he was adamant about the 95% LVR. He did say that loans over 80% would need mortgage insurance though. My telephone conversation notes with him include the following:
If I wanted to proceed with a pre-approval, I would need to speak with someone from the 'Direct Lending Team'.
Best Regards
Marc
A member did some research on getting NZ finance (he is o/s) to buy IP in NZ here is his response->
I just went through their website - http://kiwibank.co.nz/ - and spoke to someone who appeared to operate in their call centre.
There could be absolutely no doubt in the mind of the person from Kiwibank that I was from Australia and he was adamant about the 95% LVR. He did say that loans over 80% would need mortgage insurance though. My telephone conversation notes with him include the following:
- K. will go to up to 95% (less for some areas though)
Loans can be in the name of a company or trust, but must be secured by a personal g'tee
There are no loan establishment costs for loans less than 80% LVR
If I borrowed up to NZ$300K and the LVR was 95%, then the cost of mortgage insurance is approximately $3,300
If I borrowed up to NZ$300K and the LVR was instead 90%, then the cost of mortgage insurance would reduce to just under $2K
Allow approximately 2+ weeks for the pre-approval process (particularly if you are going over 80%)
A pre-approval is good for 90 days
For loans OVER $300K but less than $400K, the maximum LVR reduces to 90%
For loans OVER $400K, the maximum LVR is 85%
If I wanted to proceed with a pre-approval, I would need to speak with someone from the 'Direct Lending Team'.
Best Regards
Marc
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