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Ask USTaxAdvising Your Own Question
Category: New Zealand Law
Satisfied Customers: 1237
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Because of my health I am having difficulty with mortgage

Customer Question

Because of my health I am having difficulty with mortgage repayments.I am presently on 9% Lo Doc and cannot refinance as we are on welfare now . I do have my house up for sale but can afford to keep it if we were on the lower current interest rate of 4.5%.
I have seaside property in NZ , about 13 acres. Can I get it valued and borrow against the land to buy my house here.
Submitted: 2 years ago.
Category: New Zealand Law
Expert:  USTaxAdvising replied 2 years ago.
Hello, Sorry to hear of your situation. A US bank won't give you a loan using the NZ property as collateral (the US bank would have no recourse on the NZ property). The best thing to do would be to have a NZ bank provide an equity loan on the value of the property in NZ. The NZ bank would use the property as collateral and you should be able to get a loan based on the value or equity of the property. You could then transfer the loaned funds from NZ to the US to purchase your property in the US. I hope that helps. Please let me know if you have any further questions and I will get back to you as soon as I can. Best regards,
Customer: replied 2 years ago.
Thank you for your response but I thought I was writing to a NZ Lawyer. How do I do that through this website
Expert:  USTaxAdvising replied 2 years ago.
Basically you would need to submit the question through to the legal section. I will see if an administrator can help. Someone should be in touch. Best,