[suebeenz]

I've heard that this is possible from some of the bigger banks. You have to rattle some cages, but banks outside NZ can help you buy NZ houses. Does anybody have first hand experience with this? With interest rates, and exchange rates, I would save a lot of money with this approach. I called several banks, and none of them said they could help me.

Anybody else have first hand experience here? :cheers

[wiki]

I think most banks only offer a mortgage if it was for a second home - they don't want the hassle of trying to repossess in a foreign jurisdiction, but if you still have a home in the UK then that can be collateral and they will seize it if you default on the mortgage for your NZ property.

[veronica]

there was athread about this recently that was quite in depth. try doing a forum search.

[johnandbethcox]

I've actually had this conversation with my investment advisor and with a mortgage broker (both in the US) and received the response "absolutely not" to all of the following options:

1) mortgage in the US for overseas property
2) keeping current US mortgage after sale of property so that I can use the capital to buy a house in NZ
3) using a home equity line of credit or second mortgage in US for overseas property

Of course, I was told that I can always keep the US house and refinance it to take out all of the capital, but then I would go broke trying to make the payment because I would never find a renter willing to cover it all!!!

Beth

[Ana&Steve]

I got a pretty similar response from my credit union, but oddly enough, she said we could keep our credit line open to purchase almost anything else overseas, including a car:confused: Don't think we'll go for it though, just makes it sound like a credit card on steroids, and I don't what to owe anything in the States once we're in NZ.
Ana

[suebeenz]

I got a pretty similar response from my credit union, but oddly enough, she said we could keep our credit line open to purchase almost anything else overseas, including a car:confused: Don't think we'll go for it though, just makes it sound like a credit card on steroids, and I don't what to owe anything in the States once we're in NZ.
Ana

Hey good news! Maybe I can borrow from my US credit union to put in the pool then ... (actually, i guess double pane glass and central heating is more likely :wah )

:yes