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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.
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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.
***** *****.
Submitted: 2 months ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 2 months ago.


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.