How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chris The Lawyer Your Own Question
Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23061
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
32702153
Type Your New Zealand Law Question Here...
Chris The Lawyer is online now
A new question is answered every 9 seconds

I am 70 years old, live in NZ and have very little capital.

Customer Question

I am 70 years old, live in NZ and have very little capital. I own no property in NZ and live in rented accommodation. I still work part time to support myself. I bought an apartment in Queensland about five years ago when I lived there with an interest only mortgage. I was hoping it would go up in value to help support my retirement in NZ. It has done the opposite. Unfortunately due to the huge number of apartments in Brisbane I have been unable to sell the apartment to repay the loan and it has now become a principal and interest payment which I cannot afford. I have written to the mortgagors to explain I can continue to pay the interest only payments for a few months more until I can sell.
My question is if they have to take repossession action what, if any, remedies do the mortgagors in Australia have against my assets (such as they are) in New Zealand.
I look forward to hearing from you.
Regards
***** *****.
Submitted: 2 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 2 months ago.

Hi

If there is a shortfall in Australia after a sale, they can get a judgment there. This can be enforced in New Zealand relatively easily, although if you own nothing here it is unlikely they will bother enforcing this, because the costs will be greater than any benefit. In my experience a frank discussion with the bank will often explain your position and they may agree not to take any action.

Customer: replied 2 months ago.
Thank you for your prompt reply.
Expert:  Chris The Lawyer replied 2 months ago.
Let me know if you have further questions
Expert:  Chris The Lawyer replied 2 months ago.

May I help further with your questions? If you have finished and are satisfied with the answer, then you may rate the answer you are ready.