Housing Announcement and Reforms 23/03/2021

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Forums › Politics › Housing Announcement and Reforms 23/03/2021

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#2681403 27-Mar-2021 13:32

sir1963:

Fred99:

Yep. It's entirely predictable that Newshub would write that story with that headline without a single verifiable case confirming the headline.

"Ernst and Young partner Brad Wheeler has clients - developers and investors - hitting pause on building. "

I work on the basis that everyone tells the truth until proven otherwise, and a proportion of them are simply ill-informed and not deliberate liars.

An Accountancy/ Law/ Finance firm is NOT going to break confidentiality about their clients, and they are not blowhards , so yea, they will be telling the truth.

That's why a real journalist should pursue a real story, not present a "he said - they said" story from someone with skin in the game.

703

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#2681419 27-Mar-2021 14:28

Fred99:

That's why a real journalist should pursue a real story, not present a "he said - they said" story from someone with skin in the game.

Real stories suck, i don't care about some small time guy hitting pause on their granny flat or some old guy who owns 12 units, as they are the only type willing to appear on TV.

I only care about data, e.g. pre-approved loans for builds not getting taken up anymore.

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#2681423 27-Mar-2021 15:06

building cost going up? https://www.stuff.co.nz/business/industries/124676884/carter-holt-harvey-supply-shakeup-could-change-the-future-of-housing-in-new-zealand-federation-says

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#2681424 27-Mar-2021 15:09

also here https://www.nzherald.co.nz/business/housing-carter-holt-harvey-cuts-timber-supplies-to-mitre-10-bunnings-itm/P3T6DQ2PBT4JDZ64AAF26WIRU4/

sir1963

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#2681438 27-Mar-2021 15:29

So, just had a 3 hour conversation with the wife.

We have decided to remove all of our eggs from the one basket and look at buying a rental holiday home in Surfers.

Anyone here done this ?

I will be talking to my lawyer and accountant to see if they think they numbers work and if we need to be Aussie GST registered etc

Looks like something interesting, and ultimately a good "Plan B" in case they decide Rates, Insurance, Repairs and Maintenance etc etc are also "tax loop holes".

We know what the body corp, Water, etc fees are, but its the unknown we need to sort (can we claim GST back on the purchase etc).

There is less than zero chance I would invest more here in NZ, once bitten, twice shy.

sir1963

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#2681441 27-Mar-2021 15:43

703:

Fred99:

That's why a real journalist should pursue a real story, not present a "he said - they said" story from someone with skin in the game.

Real stories suck, i don't care about some small time guy hitting pause on their granny flat or some old guy who owns 12 units, as they are the only type willing to appear on TV.

I only care about data, e.g. pre-approved loans for builds not getting taken up anymore.

Which you are not likely to get even when it happens, nor are you going to get told why.

But I can tell you,I am off to talk to my accountant to see what the issues are with buying in Australia. If it makes sense new will go ahead, if not it won't. No preapproved loan will be required.

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703

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#2681799 27-Mar-2021 22:07

I think there will be lenders offering new products to by-pass this law.

Offer 0% interest loans, but then charge 7% yearly 'management' fee. Wham, you can claim back your management fees.

Handle9

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#2681800 27-Mar-2021 22:10

703:
I think there will be lenders offering new products to by-pass this law.

Offer 0% interest loans, but then charge 7% yearly 'management' fee. Wham, you can claim back your management fees.

No serious lender is going to do anything like that. They aren't in the business of annoying the Reserve Bank and the IRD.

sir1963

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#2681802 27-Mar-2021 22:11

703:

I think there will be lenders offering new products to by-pass this law.

Offer 0% interest loans, but then charge 7% yearly 'management' fee. Wham, you can claim back your management fees.

I doubt that. The banks tried doing something "clever" a few years back, got taken to court by IRS and lost.

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#2681829 28-Mar-2021 07:10

sir1963:

I doubt that. The banks tried doing something "clever" a few years back, got taken to court by IRS and lost.

Who's "IRS"?

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#2681831 28-Mar-2021 07:13

quickymart:

sir1963:

I doubt that. The banks tried doing something "clever" a few years back, got taken to court by IRS and lost.

Who's "IRS"?

Inland Revenue Service, the US name, he meant IRD

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#2681833 28-Mar-2021 07:22

by Grant Robertson

https://www.stuff.co.nz/life-style/homed/housing-affordability/300261217/we-have-made-some-hard-choices-to-help-deal-with-the-housing-crisis

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#2681839 28-Mar-2021 07:29

This too

https://www.stuff.co.nz/business/opinion-analysis/124667288/four-reasons-to-feel-sorry-for-property-investors

703

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#2681933 28-Mar-2021 11:04

Handle9:
703:

I think there will be lenders offering new products to by-pass this law.

Offer 0% interest loans, but then charge 7% yearly 'management' fee. Wham, you can claim back your management fees.

No serious lender is going to do anything like that. They aren't in the business of annoying the Reserve Bank and the IRD.

I then to disagree.

1. IRD is opposed to the change.

2. Is it not in the interest of the RBNZ, in fact, it could put RBNZ between a rock and a hard place with the OCR, when inflation goes above target and they can't increase the OCR in fear that it will crash the economy.

3. Banks do not like it as it impacts negatively their most profitable product

Large scale investors and the bank can't wait to see this play out in the high court, as effectively it takes money away from them and in a way that marginalize residential businesses (one of the biggest sector in NZ) from all other business types.

This is far from over. So it just takes a clever product like that to 'test' the court system. People can't wait.

Handle9

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#2682022 28-Mar-2021 15:38

703:
Handle9:

No serious lender is going to do anything like that. They aren't in the business of annoying the Reserve Bank and the IRD.

I then to disagree.

1. IRD is opposed to the change.

2. Is it not in the interest of the RBNZ, in fact, it could put RBNZ between a rock and a hard place with the OCR, when inflation goes above target and they can't increase the OCR in fear that it will crash the economy.

3. Banks do not like it as it impacts negatively their most profitable product

Large scale investors and the bank can't wait to see this play out in the high court, as effectively it takes money away from them and in a way that marginalize residential businesses (one of the biggest sector in NZ) from all other business types.

This is far from over. So it just takes a clever product like that to 'test' the court system. People can't wait.

I think you've been watching too many films. The IRD isn't opposed to the change and if they were it's irrelevant. They will pursue tax revenue and don't have tolerance for people who try and commit fraud. The Reserve Bank is similar.

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