[Ana&Steve]

Hi, can we hypothetically buy a house in NZ? Say we pay cash for it so no mortgage (in NZ anyway!) I thought we could but my friend said Shania Twain was having trouble buying an NZ property a few years ago...

[victoria24]

don't know the answer I'm afraid and that don't impress me much :)

[Mrs Pony]

don't know the answer i'm afraid and that don't impress me much :)


. . . W o w . . .

[BkyMonster]

You can you just need a larger downpayment. Typical (according to migrant banking) mortgage is 95% for residents and those with PR. More (20% down) is required if you aren't a resident is all. :)

[Ana&Steve]

don't know the answer I'm afraid and that don't impress me much :)
http://img179.imageshack.us/img179/2241/facepalm2ic7copyrl2.jpg

[Ana&Steve]

You can you just need a larger downpayment. Typical (according to migrant banking) mortgage is 95% for residents and those with PR. More (20% down) is required if you aren't a resident is all. :)
Thanks!

[victoria]

Ah but you can negotiate the deposit. We did & got it down to 10% a year ago.

[James 1077]

You can, and Shania Twain did! My cousin has been mowing her lawns as a winter job!

[jubjub]

There are restrictions on the kind of land you can buy, and you cannot buy over a certain size (someone at DH work got caught out with that, he had work visa not PR).

But as for your basic house on a normal sized section, you should be fine.

See here...

http://www.justlanded.com/english/New-Zealand/Tools/New-Zealand-Guide/Property/Introduction

particularly this bit..


If you aren't a permanent resident you’re sometimes limited by the Overseas Investment Act 1973 (OIC Act) to buying a home on less than five hectares (12.5 acres) of land. If the land is on, or adjacent to, a sensitive area (e.g. an island or reserve), overseas buyers and those with work permits are sometimes limited to buying less than 0.4 hectares (one acre) of land. Buying apartments, houses and land in urban areas generally isn't affected by Overseas Investment Commission (OIC) Act restrictions

[Ana&Steve]

You can, and Shania Twain did! My cousin has been mowing her lawns as a winter job!

Right on! My friend sited ST's problem, but not that it all worked out, so glad the result benefited your family:nice1

Thanks Sal for the link and quote:cheers

PS-I've tried to spread some rep, but several of you are blocked til I spread the love:o

[IanW99]

You can, and Shania Twain did! My cousin has been mowing her lawns as a winter job!

She did, but was turned down initially due to the Overseas Investment act as quoted by jubjub, but then she did want a little more than the 5 hectares :yes.

Ian

[ColeyNZ]

I am wrapping up a cash purchase right now for a property in Fendalton and I ran into no problems at all. The house I'm buying is nothing special though, .6 of an acre, 2800 sq feet, 4 bed, 3 bath, garage, in-law quarters in the back, etc.

[Gar1]

My cousin has been mowing her lawns

Is that a uphamism

[BadlyDrawnGirl]

My in-laws own a two bedroom condo in the Bay of Islands where they live from January to May each year. They have repeatedly tried to get residency through the Active Investor programme but keep being turned down because they only invest in property and therefore do not actually "run a business." So they're hoping for our EOI to get accepted just as hard as we are!! :laugh