Betty and Arnold want to buy a new property to live in. They have a deposit of $80,000. The property has been valued at $800,000. Betty and Arnold’s Bank has declined to loan them the balance to buy the new property because of LVR restrictions. What does this mean? LVR means “Loan-to-Value Ratio”. LVR restrictions […]
Obtaining a Land Information Memorandum (LIM) report can be a crucial step in purchasing a property. LIM reports are provided by the local Council. You can find out how to apply for a LIM report by visiting the local Council website. Some Councils have an online application and payment process available. Things to look out […]
If you are a first home buyer, you may be able to use all or part of your KiwiSaver and be eligible for a HomeStart grant. KiwiSaver Scheme First-Home Withdrawal First of all check you are eligible. You must meet all the following criteria: You have been a KiwiSaver member for 3 years or […]
The recent court decision in Holler v Osaki can be summed up using two words: Insurance and Intention. The ruling means residential landlords are now liable for accidental damage caused by tenants. This relates to your insurance excess, because if a tenant causes ‘accidental damage’ less than your excess, then you will have to pay […]
Our client Dan, owns a large dairy farm in the Rural Zone. Dan has been hit hard by the downturn in the dairy payout in recent times, and his bank is putting the squeeze on him to reduce some of his farm debt. Dan’s property adjoins a State Highway; is within an area of high […]
The government has recently introduced new tests to improve property tax compliance when buying and selling property in New Zealand. Some have suggested that the true reason behind the tests is to curb property speculators and scare off foreign buyers. Regardless of this, the new tests are seen as an attempt to limit soaring house […]
You may be aware that the government has made changes to the KiwiSaver HomeStart grant as of 1 August 2016. In parts of New Zealand it has become increasingly difficult for first home buyers to purchase property. The recent changes are an effort by the government to assist first home buyers into their first home. […]
Is your Beach House rented on a short-term basis? Does the entity that owns your Beach House file GST returns? If you answered yes to both those questions, then you need to know about recent changes. The definition of “commercial rental property” has recently changed. The change means that a Beach House (rented for part […]
I have recently encountered a few clients having issues selling or purchasing cross leased properties. What I’ve realised is that many owners of cross lease properties do not understand the cross lease concept. Whether you own a cross lease property, or are looking to purchase one, it is important to understand the ownership structure. WHAT […]
‘Losing your marbles’ is often joked about, but the stress and cost to your family if you do not organise your affairs in advance, is no joking matter. On a weekly basis I receive a phone call from a family member wanting to “get Enduring Powers of Attorney” to act for a relative who has […]
