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epr

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  Reply # 2160118 13-Jan-2019 12:45
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Linux:

Jase2985:


Linux:


eracode:


RBNZ LVR Factsheet for Borrowers, Dec 2018:


https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Financial%20stability/LVR/lvr-restrictions-guide-for-borrowers.pdf?la=en


The new regs that came into effect on 1 Jan make it easier to get a home loan, not harder:


https://www.newshub.co.nz/home/money/2018/12/lvr-restrictions-eased-for-both-low-deposit-buyers-and-investors.html



@eracode I wish the new regs made it easier but they have made it far more difficult for me!


The issue is everyone is saying it's your bank causing the issue and I know it's not the bank but RBNZ


John



where in that has it made it harder?


i think your issue lies elsewhere sadly



So the bank and property lawyer are incorrect? I would love them to be incorrect and save me this headache


John



More likely you have misinterpreted what they are telling you, this thread is Chinese whispers at the moment. Get back to us when you can tell the full story and can relay it clearly.



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  Reply # 2160120 13-Jan-2019 12:48
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epr:
Linux:

 

Jase2985:

 

 

 

Linux:

 

 

 

eracode:

 

 

 

RBNZ LVR Factsheet for Borrowers, Dec 2018:

 

 

 

https://www.rbnz.govt.nz/-/media/ReserveBank/Files/Financial%20stability/LVR/lvr-restrictions-guide-for-borrowers.pdf?la=en

 

 

 

The new regs that came into effect on 1 Jan make it easier to get a home loan, not harder:

 

 

 

https://www.newshub.co.nz/home/money/2018/12/lvr-restrictions-eased-for-both-low-deposit-buyers-and-investors.html

 

 

 

 

 

 

@eracode I wish the new regs made it easier but they have made it far more difficult for me!

 

 

 

The issue is everyone is saying it's your bank causing the issue and I know it's not the bank but RBNZ

 

 

 

John

 

 

 

 

 

 

where in that has it made it harder?

 

 

 

i think your issue lies elsewhere sadly

 

 

 

 

 

 

So the bank and property lawyer are incorrect? I would love them to be incorrect and save me this headache

 

 

 

John

 



More likely you have misinterpreted what they are telling you, this thread is Chinese whispers at the moment. Get back to us when you can tell the full story and can relay it clearly.

 

This is what I have so far that was clear!

 

1) Gift Deposit is over 50% (110% clear) and broke some new RBNZ rule (not much more to it than that)

 

2) I would love the bank and lawyer to be wrong

 

3) Bank has no issue with my financial situation and servicing a mortgage for the amount required 

 

John

 

 


 
 
 
 




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  Reply # 2160121 13-Jan-2019 12:59
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Not sure if I have mentioned this before but the property is not in Auckland but Northland

 

John


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  Reply # 2160126 13-Jan-2019 13:13
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Linux:

Geektastic: I can't imagine why the bank would care one iota how big a deposit you have.
You might sell a house for $700,000 clear then buy one for $800,000 and only need $100,000 loan. I can't see why any bank would object to such terms.


That is different and not my situation as a gift of money was done to me


John



Again, so what? You have the money in the bank and are using it to buy equity. Why would a bank care? If they have to sell the house they still get first dibs on the sale money.





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  Reply # 2160127 13-Jan-2019 13:15
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Linux:

Not sure if I have mentioned this before but the property is not in Auckland but Northland


John



Hope the razor wire and machine gun turrets are in order!

All three people I know who moved there left within 5 years due to theft, vandalism and so on.







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  Reply # 2160128 13-Jan-2019 13:21
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Geektastic:
Linux:

 

Geektastic: I can't imagine why the bank would care one iota how big a deposit you have.
You might sell a house for $700,000 clear then buy one for $800,000 and only need $100,000 loan. I can't see why any bank would object to such terms.

 

That is different and not my situation as a gift of money was done to me

 

John

 



Again, so what? You have the money in the bank and are using it to buy equity. Why would a bank care? If they have to sell the house they still get first dibs on the sale money.

 

@Geektastic The bank does not care but RBNZ does for some odd reason 

 

John




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  Reply # 2160129 13-Jan-2019 13:21
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Geektastic:
Linux:

 

Not sure if I have mentioned this before but the property is not in Auckland but Northland

 

John

 



Hope the razor wire and machine gun turrets are in order!

All three people I know who moved there left within 5 years due to theft, vandalism and so on.

 

It's a good part not that far North easy drive to Auckland

 

John


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  Reply # 2160162 13-Jan-2019 13:25
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Geektastic: Again, so what? You have the money in the bank and are using it to buy equity. Why would a bank care? If they have to sell the house they still get first dibs on the sale money.

 

 

 

The bank cares because, hypothetically, you didn't have the money a week ago. And banks don't want to sell your house, because when they do, they sell it for very little, take what they can and write off the rest and bankrupt the customer. At mortgagee sale they don't hang on for months waiting for a good price like the owner could. You are much more useful to them if you are with them for 30 years paying interest. 

 

If you want to borrow money, you still have to meet the conditions. I vaguely recall a gift proportion couldn't be more than 10% of the actual deposit, so if the house was $500k and you needed a 20% deposit as a first home (owner occupied) buyer of $100k, you could only be gifted $10k.

 

But as I've said, I don't work for a bank anymore and can't remember the specifics. With a bit of luck, the OP will have some clarity tomorrow.

 

As an example, I recall turning down a loan for a customer who had more than 50% deposit for a house he wanted to buy, in very tough small NZ town, however he spent all of his pay cheque every fortnight, numerous loans, then suddenly left a decent sum by a parent or grandparent. We turned him down three times. Obviously this is different from the OPs situation, but where the deposit comes from is important. 

 

What I'd like to know, and not something I came across, is how long is it before a gift no longer counts as a gift? 




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  Reply # 2160164 13-Jan-2019 13:27
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mudguard:

 

What I'd like to know, and not something I came across, is how long is it before a gift no longer counts as a gift? 

 

 

I guess once you have spent it all maybe?

 

John


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  Reply # 2160166 13-Jan-2019 13:30
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Linux:

 

I guess once you have spent it all maybe?

 

John

 

 

 

 

I spent a lot of money on booze, birds and fast cars. The rest I just squandered




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  Reply # 2160167 13-Jan-2019 13:30
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mudguard:

 

As an example, I recall turning down a loan for a customer who had more than 50% deposit for a house he wanted to buy, in very tough small NZ town, however he spent all of his pay cheque every fortnight, numerous loans, then suddenly left a decent sum by a parent or grandparent. We turned him down three times. Obviously this is different from the OPs situation, but where the deposit comes from is important. 

 

 

@mudguard Correct very different situation as I don't owe anyone 1cent and manage my money quite well

 

Trust me I am looking forward to meeting this lawyer tomorrow and clearing this up!

 

John


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  Reply # 2160168 13-Jan-2019 13:36
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Linux:

epr:
More likely you have misinterpreted what they are telling you, this thread is Chinese whispers at the moment. Get back to us when you can tell the full story and can relay it clearly.


This is what I have so far that was clear!


1) Gift Deposit is over 50% (110% clear) and broke some new RBNZ rule (not much more to it than that)


2) I would love the bank and lawyer to be wrong


3) Bank has no issue with my financial situation and servicing a mortgage for the amount required 


John


 



Is that not the definition of Chinese whispers?

Someone told someone who told you?
Someone has got their wires crossed whether it be you so someone else.



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  Reply # 2160169 13-Jan-2019 13:45
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@Jase2985

 

My personal bank manager told me and after I got off the phone to the bank I called my parents and my Mum called the bank manager (Who she knows very well) then my Mum called her Lawyer, Even the bank manager went to the regional manager and the regional manger ended up talking to the CEO about it

 

The Real estate agent I am dealing with knew nothing about this new rule and she had to call my parents property lawyer, Real estate agent called me back after speaking to the lawyer and was gob smacked

 

John 

 

Edit: My parents have a property lawyer as they have recently subdivided some land on the North shore into a subdivision and sold some sections


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  Reply # 2160170 13-Jan-2019 13:52
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OK. Here's an alternative plan.

 

 

 

1) Buy house with 25% deposit on floating rate loan

 

2) Go to bank the following day and use remaining "deposit" monies to pay off part of the loan

 

3) Fix the remainder as required

 

 

 

Then smile and tell bank to STFU...!






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  Reply # 2160171 13-Jan-2019 13:53
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Good luck on getting the clear answer John. This sounds like one of those small items buried deep in the handbook that has affected you.

I can speculate on why gifts have been captured under this rule - almost certainly something to do with AML - but it’s odd the way it’s come about and that it might have been buried somewhere.





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