Finance & Strategy Expert

Finance & Strategy
Ask Kris Pederson, director of Kris Pederson Mortgages questions relating to Mortgages, Finance, and Strategy

Kris is a respected commentator on the property and finance markets in New Zealand and overseas. He spends his time working closely with his support team sourcing clients leading edge finance strategies.

Change in circumstances

Michael asks:

I own a house with 67% LVR and a mixture of fixed term and floating loans. I am moving overseas for two to five years and have just rented my house. Do I need to tell my bank about the change in my circumstances? Will it affect my ability to borrow or restructure my loan in the future?

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Secondary occupiers under the LVRs

Richard asks:

In the new LVR restriction wording it mentions that secondary occupiers are treated as ordinary owner occupiers.

What's to stop a current rental property owner either moving back in temporarily or leaving it empty after the next lease has expired (and treating it as a secondary residence for an interim period), topping up their loan up to the maximum 80% LVR (assume they are currently below 40% LVR), and then moving out again/re-renting and saying if asked that there had been a change in circumstances?

What checks in reality will the bank actually make in respect of this?

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Relocation tax considerations

Vladimir asks:

My wife and I own the house that we have lived in for the past 15 years and a rental property. They are both in Lower Hutt.

A career progression opportunity in Auckland presented itself and I have accepted it. Therefore, the house we live in will be rented out when we leave for Auckland.

We are not likely to buy anything in Auckland for some time, so I wonder what implications this arrangement might have both financially and income tax wise?


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