NZ Winter means beautiful picturesque snow in the skifields, "evergreen" New Zealand with the clean sheep, farmland, forests and picturesque residential landscape colours. New Zealand is a great place to live not only for lifestyle but for jobs, education and purchasing property. A huge factor is low interest rates. Because of NZ great competitive low interest rates (particularly fixed.rate), there is competition among the banks. If you require a mortgage preapproval (valid 4 to 6 months) and seriously looking at properties in New Zealand then contact Mary.
In June there have been lending policy changes by the major NZ banks/lenders aimed at offshore borrowers after Australia banks/lenders took action back in March. The changes from the major banks are that there will be no future lending for nonresidents earning foreign income who are not NZ or Australian citizens or do not have NZ permanent residency. Policy change for nonresident Australian and New Zealanders with some NZ banks is restricting lending from 80% to to 70% finance (conditions apply). These changes are reflected on "Responsible Lending", change of foreigners driving house prices higher in NZ and mortgage fraud issues which have been in Australia.
GDP for Q1 (March 2016) was 2.8%. NZ exports remain high.
Unemployment Rate for Q1 2016 was 5.2% down from 5.4% in Q1 2015.
All nonresidents now, must have a NZ tax file number before they can settle any New Zealand Property and provide their overseas tax file number.
All Investors for NZ investment property must be aware of the law "Bright Line Test" whereby all investors who purchased residential NZ property after 1 October 2015 with the intention of selling and making gain within first 2 years will require income tax to be paid on any gains and will be taxed at the seller's normal income tax rate (refer to your NZ Accountant).
Property Market - New Zealand average median house increased 13.5% in the past 12 months to June 2016 to $590,909, Auckland Area increased 16.10% to $975,087, Tauranga increased 23.6% to $599,915, Wellington increased 14.4% to $625,319, Christchurch increased 3.6% to $491,148, Queenstown Lakes District 25% to $899,335 and Dunedin 10.7% to $327,664. With low interest rates and property demand the property market continues to be good throughout New Zealand according to these statistics.
When you look at such a diversified value in New Zealand and look at the rental return on the Govenment websites (outlined on this website), you will see the capital growth and rental returns that suits you.
Remember there is no Stamp Duty and No Land Tax in New Zealand. You normally require 20% to 30% deposit plus approximately NZ$1,500 legals to NZ solicitor to acquire a New Zealand property if you have a NZ or Austraian passport/citizenship.
Refer to my "Case Studies"on my website of many Australian residents, Ex Pat Kiwis and nonresidents living in Australia investing or moving to NZ. Contact Mary from New Zealand Mortgage Solutions Pty Ltd for a preapproval from a choice of leading New Zealand banks/lenders
My father came from Tralee Ireland many years ago and I have seen many Irish enjoy the New Zealand lifestyle and I would love to help the Irish.
Contact Mary of New Zealand Mortgage Solutions for assistance
Mary O’Brien sets out to help Irish people achieve a life’s ambition of owning property or investing in a great property asset ‘Downunder’.
Mary O’Brien is uniquely positioned to help the Irish obtain finance. Accredited with 13 New Zealand and 35 Australian banks/lenders Mary specialises in assisting the Irish with New Zealand and Australian finance. A move to another country is never easy, especially when selling and buying a home. Before leaving Ireland, or if you live in Ireland (as an investor), Mary can obtain a bank letterhead pre-approval for a NZ or Australian property. It gives you, the buyer, the confidence and comfort in knowing just how much you can borrow and is usually valid for 90 days.
Mary, herself is of second generation Irish descent, knows and understands the ups-and-downs, the twists-and-twirls, of establishing ones-self in a new country. That is how Mary’s father, Michael, from Tralee, Co Kerry, found the ‘New Country’ in the construction industry. Through her father, Mary has been imbued with a flair for property investment. Being a frequent visitor to Ireland, maintaining close contact with her Irish relations, Mary has that special understanding of what it is like to be Irish living aborad. She is delighted to be in a position in being able to assist other Irish people in their antipodean adventure. To read the latest real estate news in New Zealand, checkout our newsletter.
This calculator will help investors analyse various repayment schedules and interest rates, as well as the effect of extra repayments beyond the minimum amount. Click here to learn more about our mortgage calculators and currency converters.
We have compiled a handy checklist of you so you can begin to understand the process involved in getting a New Zealand mortgage.
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