I am a new zealand born citizen, ive talked to the bank and I am eligible to purchase an investment home for 10% min

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Customer: I am a new zealand born citizen, ive talked to the bank and I am eligible to purchase an investment home for 10% min deposit under the "new builds" scheme or whatever it is called. with new builds id be paying a 5%ish deposit now and paying the rest when the house is built in around a years time, and at that time my eligibility for the homeloan would be reassessed completely. the issue is I want to move to australia at around the same time. my question is, can I still purchase a my property when it is built while living in australia? would I need to file for consent? my bank manager said i should seek legal advise on this.
JA: Have you talked to a lawyer about this?
Customer: no
JA: What steps have you taken so far?
Customer: none
JA: Is there anything else the Lawyer should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Answered by Chris The Lawyer in 12 mins 1 year ago
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Chris The Lawyer
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Chris The Lawyer, Expert

Hi My name is ***** ***** I am a New Zealand lawyer based in Wellington with more than 42 years of experience. I am here to help with your questions.

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Chris The Lawyer, Expert

You need to check the terms of the loan to see if there is a requirement that you live in the house after it is built. That is likely the only restriction if there is such a clause.

Customer
there is no requirement that I live in it as far as Im aware, as I specifically told my bank manager that it is an investment property and that i would not be living in it.
Customer
My bank manager said that it is not legal for me to purchase a property while living overseas. but said i should seek legal advise on this. can you show me where is states in NZ law that I can or cannot purchase an investment property while living overseas even though i am a newzealand citizen?
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Chris The Lawyer, Expert

Then it may be ok. I do suggest you ask your property lawyer to go through the parts to check more carefully

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Chris The Lawyer, Expert

I would not rely on your bank manager for legal advice.   But there are no laws stopping you from owning property while overseas. There are a large number of New Zealanders who live overseas and own property here.

Customer
https://www.newzealandnow.govt.nz/live-in-new-zealand/housing/buying-or-building
Customer
is there a property lawyer on here i can talk to?
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Chris The Lawyer, Expert

That site refers to restrictions on foreigners buying property. If you are a citizen then you are not restricted.

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Chris The Lawyer, Expert

But you will be instructing a property lawyer when you sign the bank loan documents and you should ask them to check whether there are any contractual restrictions. There are no statutory restrictions

Customer
okay, to clarify. "There are no statutory restrictions for a new zealand citizen to purchase land and build investment rental properties while living overseas"
Customer
correct?
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Chris The Lawyer, Expert

Yes

Customer
Okay thanks.
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Chris The Lawyer, Expert

It will be important to have your lawyer review the loan documents still

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