A) A common misconception of NZ Expats is that they will need to obtain OIO approval to purchase property in NZ. Recently the Government has been cracking down on foreign investors who have purchased property without the necessary approvals from the OIO. However, NZ Citizens living overseas do not require OIO approval to buy property in NZ.
A) Yes we can arrange finance for you, lending requirements have tightened and you will a minimum of a 30% deposit. Most banks will also apply a shading to your overseas income of anywhere between 20-40%.
A) With the exception of Australian citizens, the banks wont provide a mortgage to a foreigner wanting to obtain a mortgage on a NZ property.
A) This depends on weather you have been AML/CFT Anti-Money Laundering and Countering Financing of Terrorism processed by the lending institution that is providing the mortgage. If this process has been completed in is possible to sign the necessary documents in-front of the appropriate authorities abroad, however more often than not a trip home should be factored into your budget to fulfill this requirement.
A: Paying off a loan which is based in NZ dollars from overseas earned income does expose you to interest rate fluctuations. Below are steps you can take to help manage this risk.
Find a money transfer provider who can deliver better exchange rates than your bank.
Consider using forward contracts to lock in favourable exchange rates for up to one year.
Set up recurring payments, so you don’t get hit with late fees.
Assess the value of sending one larger lump sum versus a series of smaller payments.