Refinancing from Australia
Question from chris updated on 16th May 2018:
We wish to refinance our home in New Zealand for a deposit ($90,000) on a house in Australia. We are living in Australia and we are both working full time with a combined income of $150,000. Our house in New Zealand is valued at around $650,000 with a mortgage of $210,000. My wife is a New Zealand citizen while I am Australian. Is this possible? We were recently told by a bank that it isn't possible because I am Australian... Advice sought!
Our expert Kris Pedersen responded:
This sounds fine. Note that over the last couple of years banks have ended up treating offshore income a lot harder. Most banks will scale income to allow for exchange rate risk which may have caused an issue here. Also note that you are unlikely to get a straight cash out approval and that you will need to get a conditional approval from this side subject to them sighting the Sale & Purchase agreement and loan offer from the AUS side. Please feel free to email me at email@example.com and we can look at options for you.
Kris Pedersen of Kris Pedersen Mortgages is a commentator on property and finance. His team sources top finance strategies. www.krispedersen.co.nz