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daimac
Testing The Water
Joined: 29 Jan 2004
Posts: 6
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Posted: Wed Feb 04, 2004 4:05 pm Post subject: Can you buy property as soon as you arrive? |
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Hi
We are moving to Wellington NZ within the next few months and wanted to check to see is there are any rules regarding property ownership for new emigrants.
Can you like just turn up slap your deposit down and buy straight away, or do you have to wait for a set period of time before the banks give you a mortgage?
It obviously depends on personal finance etc., but was curious whether there were any regulations too overcome too e.g. having a bank account open for a period of time before you can borrow.
We both have jobs so getting a mortgage shouldn't be a problem...
Any tips appreciated. |
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andy
I Like It Here
Joined: 17 Nov 2003
Posts: 60
Location: Auckland
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Posted: Wed Feb 04, 2004 5:04 pm Post subject: |
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| We bought within a week of arriving. You need some proof of income like a letter from your employer but we had no probs. |
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rodders
Valued Member
Joined: 25 Nov 2003
Posts: 134
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Posted: Thu Feb 05, 2004 5:14 am Post subject: |
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that's fast work andy  had you visited auckland previously? |
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Gerry
I'll Hang Around A Little
Joined: 13 Jan 2004
Posts: 38
Location: Nelson NZ
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Posted: Thu Feb 05, 2004 5:29 am Post subject: |
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The banks are delighted to lend you money at any time, as long as they are sure that they will get it back. Since you don't even have to be a resident to buy property, there is no timescale involved for new arrivals.
However............ thee are many options to choose from in and around Wellington so it's worth taking your time! That said, property is still on the rise so don't take too long!
Good luck with the move |
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aurora
I Like It Here
Joined: 20 Nov 2003
Posts: 52
Location: Christchurch, NZ (formerly Adelaide, AUS)
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Posted: Thu Feb 05, 2004 11:00 am Post subject: |
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There is no restriction on foreigners buying residential property in NZ. As long as you've got the money they'll sell it to you. If you're borrowing money, it's better to borrow the money here in NZ if you can (protects you against large currency exchange movements), otherwise you'll have to borrow the money in your home country.
The only restriction I know of is on properties above a certain size (5 acres or something like that). |
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Tara Sage
I Like It Here
Joined: 27 Feb 2004
Posts: 71
Location: Rangiora New Zealand
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Posted: Thu Mar 04, 2004 5:07 am Post subject: Mortgages |
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Hi My family and I are all new to this, we are looking at moving hopefully sometime this year if we can get organised enough Paperwork aaagh
How quickly are the banks willing to give you a mortgage, I know in England we have to be employed for at least 3 months, before they would even consider it.
We have so many questions hope someone can help. Finding this forum has been fantastic you are all so helpful  |
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Dianne
I'll Hang Around A Little
Joined: 19 May 2004
Posts: 23
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Posted: Mon May 24, 2004 10:43 pm Post subject: |
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Does anyone know any more about the size thing , as I was hoping to get a place with around 10 acres?
Also, does anyone know about buying additional property to rent out, and whether that's allowed once we are over there?
Dianne |
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Rob P
Testing The Water
Joined: 20 May 2004
Posts: 6
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Posted: Tue May 25, 2004 3:25 am Post subject: |
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| Dianne wrote: | Does anyone know any more about the size thing , as I was hoping to get a place with around 10 acres?
Dianne |
Should be OK with 10 acres.
http://www.reinz.org.nz/nzinfo.cfm?view=24
'The Regulations'
An "overseas person" must obtain consent under the regulations to acquire or take "control" of "significant" assets in New Zealand. The significant assets relate to:
Businesses or property worth more than $10 million
land over 5 ha or worth more than $10 million
certain sensitive land over 0.4 ha (e.g. on islands; containing or next to reserves, historic or heritage areas, the foreshore or lakes).
Control is generally associated with an overseas person obtaining a 25% ownership or control interest in an asset.
The regulations are divided into parts. One part deals with significant non-land investment while a second deals with land investments. |
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Dianne
I'll Hang Around A Little
Joined: 19 May 2004
Posts: 23
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Posted: Tue May 25, 2004 3:59 am Post subject: |
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thanks for that - very helpful.
Thankfully, I'm not rich enough to be in any of those categories  so I should be okay.
Mind you, I've net even got through the EOI bit yet, so one step at a time!!!!
Dianne |
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