Question from Cameron updated on 10th August 2013:
I lived in Queensland, Australia for 18 months but now I'm back living in Auckland. While I was over there I developed a residential property. I have about $100,000 AUD equity in it and not wanting to sell. Is there any way I can borrow against the property in Australia to purchase property back here in NZ? Is there any lender that I can go through?
Our expert Kris Pedersen responded:
You will need to go through an AUS based lender to do this. My recommendation is to contact a mortgage broker over there as I deal with a large amount of AUS based clients who want to extract equity from their NZ based properties and there can be quite large differences in what LVR the different banks will let you go to so you are best to talk to a specialist over there who knows the best lender for your individual requirements.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz