Overseas Investment Act and Forestry
Changes to the Overseas Investment Act 2005 will come into force on 22 October 2018. The amendments have implications for overseas persons looking to purchase residential land, and also forestry and horticulture land. This article will focus on interesting changes for the overseas purchase of forestry land.
Kiwi DIY
Many of us have done our own renovation work to our property. One of the main ways onto the property ladder is still to purchase a dated property and do some renovation work to make it fresh and new again.
However when looking to do renovation work you need to consider the extent of the works you are contemplating and whether you will need building consent.
The Perils of Parental Lending
It has become increasingly difficult for first home buyers to enter the property market in New Zealand. The amount of deposit required in most regions has increased significantly, with house prices growing at a fast rate in comparison to peoples’ incomes. Banks have put tighter controls on low deposit lending and a flow on effect is large numbers of first home buyers purchasing properties with the help of their parents. This is usually by them either acting as a guarantor on the mortgage or advancing funds as a gift or a loan to help with the deposit.
Purchasing - finance and insurance
The first question we usually ask when assisting someone buying a property, whether residential or commercial, is - do you have the money available to purchase, and if you don’t are you able to borrow to finance the purchase?
Proposed changes to the 'Bright-line' test
The government is proposing to change the current timeframe for the ‘bright-line’ test for property from two years to five years.
