Several months ago we wrote an article on the key changes to the Overseas Investment Act coming into force later in the year (the article can be found here). The Overseas Investment Amendment Bill passed its third reading on Wednesday the 15th of August and received royal assent on Wednesday the 22nd of August. The changes are expected to come to effect in October 2018.

These are the key changes that you need to be aware of if you are a non-resident foreign buyer hoping to purchase property in New Zealand:

Scope of “sensitive land” to include “residential land”

The biggest change to the Overseas Investment Act is that the scope of “sensitive land” within the overseas investment regime is being broadened to include “residential land”. This is going to make it more difficult for overseas investors to purchase residential land in New Zealand, as they will need to apply for consent from the Overseas Investment Office which will require that the investment is going to, or is likely to, benefit New Zealand.

You will not need to apply for consent if you hold a residence class visa, have been living in New Zealand for at least 12 months, have been present in New Zealand for at least 183 days of those 12 months and are a New Zealand tax resident.

We have also published a more detailed article on the effect of this change, which can be accessed on our website here.

Forestry rights and interests:

The amendment will also impose stricter regulations on the purchase of forestry rights and interests, requiring the application for consent under one of two pathways – the “modified benefits test” or the “special benefits test”.

It should also be noted that it will be the obligation of the purchase to ensure that they are complying with the Overseas Investment Act.

If you would like to have a look at the Overseas Investment Amendment Bill, you can access it here.

If you have any questions or concerns arising out of this article, please feel free to get in touch. This article is not a substitute for legal advice and you should talk to your lawyer about your specific situation.

Kris Morrison krismorrison@parryfield.com

Paul Owens paulowens@parryfield.com

Options for parents to help

It’s every Kiwi’s dream to own their own quarter-acre share of paradise. Unfortunately for many first home buyers today, not only are the quarter-acre sections fast disappearing into multicomplex developments, but it’s also becoming harder than ever before with an ever-rising property market. Every time you turn on the news, we hear something about the housing unaffordability in Auckland. Those south of the Bombay Hills start to get a bit glassy-eyed when listening to this on repeat. However, since the government’s introduction of the ‘LVR’ rules in October 2016 aimed at improving affordability in these markets, we must pay attention as all of New Zealand is affected.

The LVR explained

The loan-to-value ratio (LVR) is a measure of how much a lender will lend against a mortgaged property compared with the value of that property. Borrowers with LVRs of more than 80% (that’s less than 20% deposit) are often stretching their financial resources. As well, they are more vulnerable to an economic or financial shock, such as a recession or an increase in interest rates. The LVR rules permit lenders to make no more than 10% of their residential mortgage lending to high-LVR borrowers who are owner-occupiers. The effect of this means that in order to buy your first home, you now must have a 20% deposit. In the Auckland and Queenstown markets where the average property price is over $1 million, this is a big savings hurdle for the buyers who want to take their first step onto the property ladder.

Be informed

If you are financially able and willing to open your wallets to help, there are options to support your children who are struggling to meet the LVR requirements. In this article we outline some of the more common options available. Most importantly, the decision to offer a helping hand needs to be informed and time needs to be taken for each party to obtain the appropriate legal advice. Depending on the option/s chosen, there may be significant paperwork to be prepared that records the complexities of the ownership and security arrangements. This is not something that can be completed overnight. You should get the ownership structure agreed before anybody signs on the dotted line.

Option 1

Gifting some funds

In this option, your child acquires the property in their own name and a gift of equity of the shortfall of the 20% deposit is made from you to that child. Lenders typically want confirmation that the 20% deposit is the purchaser’s equity and therefore any financial assistance is generally required to be gifted. The gift would need to be documented by way of a deed of gift. If a gift is made, there’s no ability for parents to later on demand partial or full repayment. This is an important consideration from both a relationship property perspective for your child and also for your own future financial needs. You must be careful that your generosity towards your child does not get in the way of your own retirement planning. If you want to protect the gift made for relationship property purposes (if your child is in a relationship), your child should enter into a contracting out agreement to record the gifted amount as their separate property.

Option 2

Loan from parents

If you can persuade the lender to agree to a loan to your child rather than a gift, then the shortfall of the deposit amount can be lent to your child. The terms of the loan would need to be recorded, generally, in a deed of acknowledgement of debt. This would include naming your child as borrower, interest to be payable (if any), dates for repayment, the ability for the loan to be transferred to a second or subsequent property and, most importantly, the ability to register a mortgage as security for the loan.

Option 3

Guarantee from parents

Under this option your child would purchase the property outright and any shortfall in the 20% deposit can be guaranteed by you as parents. The guarantee should be limited to the amount of the shortfall. The lender would also generally require that the guarantee is supported by a mortgage over your own property. If you choose this option, it’s important that all parties talk to the lender early on. As well, there would be a requirement for you and your child to each receive independent legal advice. The benefit of a guarantee is that there is no money required upfront. There is, however, considerably more risk should your child default in their obligation to the lender.

Option 4

Joint purchase of property

If your child can’t afford to buy their own property, you could buy a share of that property. The title to the property would then have you and your child registered as tenants in common in the shares owned. This option provides some security and potential capital gain return for you as parents. With joint ownership, careful discussion still needs to be held with the lender regarding the required securities. With this option, it’s essential that a property sharing agreement is entered into between all of the co-owners. This records the terms of the purchase, who will pay for outgoings, repairs and maintenance, management of the property, what happens if your child fails to perform their obligations and, most importantly, an exit strategy for you as parents. Again, you and your child will need independent legal advice.

Option 5

Family trusts

A family trust could be used in many of the ways explored above, if the terms of the trust deed allow this. Family trust funds could be used to distribute or lend money to a child beneficiary to help them buy a first home. Likewise, the trust could provide a guarantee or be a joint purchaser. A trust, of which the child is a beneficiary, could also be used as the purchasing entity. Once again, specialised legal advice needs to be sought regarding the trust and structuring of any lending. If your child is reliant on a government grant for part of their cash contribution, the property must be owned personally for the first six months. No family trust ownership is allowed. Although trusts have historically been used to provide relationship property protection, this is no longer the case. Trusts can also be open to claims. Whichever of the five options above you choose, you should also review the terms of your Wills or Memorandum of Wishes for your trust. As well, it’s important to ensure that any assistance, gift, loan or any potential liability under a guarantee or co-ownership arrangement is taken into account when dealing with all your children on an equal basis (if this is what you want to happen). This will help protect against claims by disgruntled siblings if similar assistance has not been provided to them.

Important to get advice

If you are financially able and willing to lend a hand to your child to help them into their first home, there are options to assist with meeting the criteria of the LVR rules. Our adviceis to ensure you take control of the decision making and get expert legal advice on the options available to you before your child commits you to something that may not be the best option for you. Parents can provide valuable support but it must work for all involved.

How can we help you?

We have dedicated teams based in our Riccarton, Hokitika and Rolleston offices who regularly advise on and assist with a variety of property matters. If you have any questions arising out of the issues raised in this article, please feel free to get in touch. You can contact Paul Owenspaulowens@parryfield.com or Luke Haywardlukehayward@parryfield.com, ring us on (03) 348 8480 or pop in to one of our offices.

Used by permission, Copyright of NZ Law Limited, 2017

If you’ve ever wondered what the Personal Property Securities Register (“PPSR”) is, and what the benefits of registering security interests are, this article sets out the basics that you should know.

 

What is it?

The PPSR, which was established as a result of the Personal Properties Security Act 1999, is a New Zealand government website that registers information about security interests over personal property (other than land). This information can be recorded, altered and searched through the PPSR website.

Why do I need to know about it?

It is particularly important to be aware of the PPSR if you are giving a loan and want to be able to recover the debt if the debtor ever defaults. Utilising the PPSR and registering a security interest will give you a far better chance of recovering that debt.

You can also search the PPSR when you are purchasing a car to check if any security interests have been registered against, it to avoid any nasty surprises!

Example:

Jane, who owns Apple Construction Ltd., is selling a piece of equipment worth $5,000.00 with payment due in monthly instalments over a 2 year period. 6 months in to the 2 year period, the purchaser stops making payments altogether, and Jane wishes to recover the debts by repossessing the equipment.

Because Jane had not registered a financing statement on the PPSR, she is an unsecured creditor. This means that if there are secured creditors also seeking to recover debt, they will be given a higher priority over Jane. If Jane had registered a financing statement, she would be given a higher priority and would therefore be more likely to be able to recover the debt.

How do I register a security interest?

To register a security interest you will need to sign up as a user on the PPSR website – full instructions on registering an account are available on the website. You will then need to register the Secured Party Group.
Once you have registered as a user and have set up the Secured Party Group, you will be able to register a financing statement which records the security interest. To do this, you will need to supply: an expiry date, the debtor’s details, collateral details and the Secured Party Group details.

 

For further information:

If you have any questions in relation to PPSR, registering or searching for security interests, please feel free to get in touch with Steven Moe at stevenmoe@parryfield.com or on 03 348 8480. We have teams in Riccarton, Rolleston and Hokitika who would be happy to assist you.

 

 

 

New Extension of the Bright Line Test

 

In October 2015 the Government introduced the ‘Bright Line Test.’  The purpose of this test was to tax people on any “capital gains” made from the sale of residential land when that sale occurred within two years of the party acquiring the land and when an exemption to the tax did not apply.

Recently, a rather significant amendment has been made to this test that may affect you if you acquire property after 29 March 2018. Below we discuss this change and note the keys points that you should be aware of.

The Amendment

 

The timeframe under the Bright Line Test has now been extended from 2 years to 5 years.

 

 

Application of the Bright Line Test Moving Forward

 

Application of the Bright Line Test is now as follows:

  1. If you acquired your property prior to 1 October 2015, the Bright Line Test will not apply (this position has remained unchanged);
  2. If you acquired your property from 1 October 2015 to 28 March 2018 (both days inclusive) the original 2 year timeframe under the Bright Line Test will continue to apply;
  3. Any property acquired from 29 March 2018 will now be subject to the 5 year timeframe under the Bright Line Test.

The date you acquired the property is typically the date that you entered into an Agreement for Sale and Purchase to purchase the property (although this position can vary).

 

Residential Land Withholding Tax

 

Residential land withholding tax criteria has now also changed for offshore RLWT persons to align with the change to the Bright Line Test.  For property acquired from 29 March 2018 onwards, tax will be withheld by the solicitor/conveyancer for an offshore RLWT person and forwarded to the IRD on the sale of residential property sold within 5 years of its acquisition (if an exemption does not apply).

 

Does the bright-line test apply to all residential property?

 

All residential property is subject to the Bright Line Test however, the original exemptions to the Bright Line Test continue to apply.  Primarily if the land was used as your main home, was transferred to you as part of an inheritance or was transferred to you as an executor or administrator of an estate. In all other situations, you will need to look to the test to determine whether you are obligated to pay tax.

 

 

If you have any concerns or questions regarding the Bright Line Test and RLWT, and how it applies to your situation, we have teams based in Riccarton, Hokitika and Rolleston who would be happy to assist.  Please feel free to contact us to discuss further..

Contacts:

Paul Owens – paulowens@parryfield.com

Luke Hayward – lukehayward@parryfield.com

Judith Bullin – judithbullin@parryfield.com

 

 

New changes to the Overseas Investment Act (OIA) will be enforced later in the year restricting non-resident foreign buyers from purchasing existing homes in New Zealand in an effort to make housing cheaper for New Zealanders.  These changes mean that all land considered “residential” or “lifestyle” will be deemed “sensitive land” and will be more difficult for overseas investors to purchase. The anticipation of these changes has raised some concerns and confusion for those hoping to purchase property in New Zealand.

This article aims to address some of these concerns, and clarify the confusion.

 

What are these upcoming changes?

 

The government is “tightening” the overseas investment regime by broadening the scope of “sensitive land” to include residential land, which will primarily be available only to New Zealand and Australian Citizens (and permanent residents who meet the criteria – more on this below). This will make it more difficult for overseas investors to purchase property in New Zealand as they will be subject to consent from the Overseas Investment Office (OIO). The consent/screening will require that the investors are committed to staying in New Zealand. If they obtain consent and subsequently breach the regime, the investors may be required to take certain actions such as selling their property within 12 months of the “trigger event”. The definition of a trigger event will be provided in a regulation in the act.

Along with this major change, stricter rules are likely to apply to the purchase of farm land or forestry by overseas investors.

NB: “Sensitive land” is land that cannot be purchased by overseas investors unless they obtain consent from the Overseas Investment Office.

Criteria for permanent residents:

 

A permanent resident may be classed with New Zealand and Australian citizens and therefore not need to obtain consent from the OIO where they have been residing in New Zealand for at least 12 months and have been present in New Zealand for at least 183 days. If they don’t meet these requirements, then they will be placed in the same class as residents for the purposes of purchase of sensitive land and will be subject to the same consent/screening criteria (showing that they are committed to residing in New Zealand).

 

Example:

Frank and Jill are planning to move to New Zealand from overseas and want to get in the property market over here. They are concerned that these upcoming changes to overseas investment in New Zealand will prevent them from doing so, so they want to buy property in New Zealand before it is too late. Frank and Jill are wondering whether it would be best for them to quickly buy an average house to ensure that they are in the property market before these new changes come into force.

 

Should Frank and Jill quickly buy property in order to get in the market?

At this stage, it is unclear when these changes will actually come into force. This poses a difficulty in determining when will be too late to purchase property before the new requirements are imposed. It is certainly a possibility that Frank and Jill could buy an average house in the meantime to simply get on the property market, and it is advisable that they do purchase property before the changes do come into force if they wish to avoid the screening criteria. If they enter into a sale and purchase agreement now, they will not be subject to the criteria when the changes do kick in.

That being said, purchasing an average property as a way of getting in the market would not give Frank and Jill a free pass to then on-sell and buy a new house later down the track. They would still be subject to the screening tests once they are enforced – that is, until they either meet the permanent resident requirements noted above, or until they become a New Zealand citizen.

 

Other options available to Frank and Jill:

Another option is that Frank and Jill rent a house until they have satisfied the permanent resident criteria, and then purchase a house at that stage. They will need to ensure that they have met the 12 month/183 days residing in New Zealand requirements in order to qualify by this means.

It is important to note that these changes do not by any means mean that Frank and Jill will not be able to purchase property in New Zealand; it simply means that they must get consent in order to purchase unless they meet the residency requirements.

What about agricultural/farm land and forestry?

 

As mentioned above, stricter requirements are also likely to apply to the purchase of farm land and forestry. If an overseas person is seeking to invest in farm land, questions in relation to jobs, new technology, increased exports, increased processing of primary and oversight and participation by New Zealanders.  An overseas person investing in forestry land may be subject to certain conditions such as entering into agreements with locals.

For a more general article on the changes to OIO rules, see our article here.

 

If you have any further questions regarding these upcoming changes, please feel free to get in touch with us. We have teams in our Riccarton, Hokitika and Rolleston branches who would be happy to help you.

Kris Morrisonkrismorrison@parryfield.com

Paul Owenspaulowens@parryfield.com

Steven Moe stevenmoe@parryfield.com

When looking to purchase a house, you may note that some properties are marketed as “cross leases”.  This article seeks to clarify what cross leases are, and what you need to look out for should you purchase one.

Cross leases were originally created as a convenient and cheaper alternative to a fee simple subdivision. As they are now included under the definition of subdivisions, cross leases are becoming a less desirable form of ownership. It is important to understand exactly how they operate, as they involve greater obligations than a fee simple title.

 

 

Fee Simple vs. Cross Lease

 

A “fee simple” title grants you the most freedom and access. It bestows the full, permanent and absolute occupancy (tenure) in the land and will last indefinitely (subject to the rights of the Crown in some instances).

A cross lease property still involves an underlying fee simple title; however each cross lease owner owns only a share in the overall property. In addition, each owner leases individual flats from all the fee simple owners. The lease term will typically be limited to 999 years. The Certificate of Title will include a Flat Plan, which highlights the area of each flat, the common areas (such as a shared driveway) and restricted areas that each owner has private use of, such as a garden.

Example

 

Alex, Bradley and Charlotte own three cross-leased properties: Flat A, Flat B and Flat C, on 1 Example Street. As a group, they collectively own the land, with no exclusive ownership of any specific part of the land. Instead, they each hold a one-third “undivided” share in the fee simple estate.

As a group, Alex, Bradley and Charlotte lease the flats to themselves individually. So Flat A is leased to Alex, Flat B to Bradley and Flat C to Charlotte. Their leases (which are registered on the title), provide exclusive use and enjoyment of the flats for each owner.

Should Alex wish to sell Flat A, he will be selling his 1/3 interest in the underlying fee simple title and his interest in the Flat A lease.

Tips on things to look out for:

 

  • Cross lease covenants: These are contained in the lease and each flat owner must comply with them. Examples of covenants include:
    • Not altering or improving the leased structures without written consent from all other flat owners;
    • Having a comprehensive insurance policy in place; and
    • Allowing the inspection of each other’s flats to ensure compliance with the covenants.

In our experience, many cross lease owners simply ignore their obligations, which can cause issues down the track, most commonly when you come to sell the property.

  • A title condition in the Agreement for Sale and Purchase: This allows your lawyer to look over the title and related documents to ensure they are accurate and check for any issues.
  • How will the common areas be maintained? Before buying the property, it is important you are clear on expectations in relation to “shared” areas. How different insurance policies might respond to these areas, such as driveways, is also relevant.
  • Explore the relationship with the neighbours: As you will need their consent for alterations, it will be important to maintain a positive relationship with the other cross lease owners. Though be aware that the vendors may not want to disclose anything adverse given their desire to sell, hence you may need to carry out your own enquiries where possible.
  • Be careful to check that the actual property matches the Flat Plan: If any physical improvements or alterations have not been included on the flat plan, the title will, strictly speaking, be defective. This could affect whether you have leasehold title to the common or restricted areas, or to certain improvements. To remedy this, you will need to obtain the consent from the other owners, and have the flat plans amended. This can be time consuming and costly, so ideally you would require the vendor to sort this before you purchase the property. Indeed, in some instances the costs involved may mean it is prudent to explore converting the cross lease ownership to a fee simple one – the greater “freedom” of the latter might even result in the property increasing in value, which could offset any costs.

Cross leases can be complicated. If you are considering purchasing a cross lease property, it is essential that you obtain legal advice. Likewise, if you are thinking of selling your cross lease, you should also discuss your options with your lawyer before you take the property to market.

 

This article is not a substitute for legal advice and you should talk to a lawyer about your specific situation. Please contact Tim Rankin at Parry Field Lawyers (348-8480) timrankin@parryfield.com

New legislation is proposed restricting non-resident foreign buyers from purchasing existing homes in New Zealand. Set to be enacted next year, the changes will mean that residential land will come under the category of “sensitive land” in the Overseas Investment Act (OIA). Any existing transactions and applications made before commencement are not affected.

 

Permanent residents and Australians will need to have resided in New Zealand for at least 183 days of the past year to be able to purchase property without scrutiny from the Overseas Investment Office (OIO). Those on temporary or student visas will be unable to purchase a house at all, but other-resident class visas will be screened.

These changes are significant as they represent quite a move in direction from the previous government.  For those who are overseas and looking to buy a house in New Zealand or considering a move to New Zealand it may impact on their decision.  However, some have pointed to statistics showing that there are not as many foreign buyers as people think so it will be interesting to see what impact it actually has on the housing market.

 

What are the exceptions to the general rule?

There are three exceptions. The first allows anyone to buy land and build a residential home on it, so long as they sell it on to add to the housing supply. Those planning to knock down an existing house to build several more will also come under this exception.

Secondly, overseas persons may buy sensitive land if they will convert the land to another use and are able to demonstrate this will have wider benefits to the country.

The third exception allows people buy a home if they intend to live in New Zealand. Housing Minister Phil Twyford has said:

“We do not want to deter people who have the genuine intent to make New Zealand their home and contribute to the country. We want to encourage foreign investment in the building of homes.”

 

What is residential land and how is it defined?

In the Explanatory Note, residential land consists of the following:

  • Apartments
  • Dwelling houses
  • Land which is likely to be developed into dwelling house sites
  • Where the dwelling house is the predominant use and there is an additional unit of use attached to, or associated with, the dwelling house which can be used to produce income

 

What about lifestyle land – is it covered?

Lifestyle land also comes under this category. It is defined in the Rating Valuations Rules 2008 as –

“Lifestyle land, generally in a rural area, where the predominant use is for a residence and, if vacant, there is a right to build a dwelling. The land can be of variable size but must be larger than an ordinary residential allotment. The principal use of the land is non-economic in the traditional farming sense, and the value exceeds the value of comparable farmland.”

This category includes:

  • Bare or substantially unimproved land, which is likely to be subdivided into smaller lifestyle lots:
  • Improved to the extent that there is some residential accommodation sited on the land:
  • Vacant or substantially unimproved land without immediate subdivision potential.

 

Negotiations are currently under way with Singapore to make sure the change doesn’t breach the current free trade agreement with them. However Minister Twyford has said that if issues can’t be resolved, then Singaporeans may be granted an exemption, similar to the one for Australia.

 

This article is not a substitute for legal advice and you should talk to a lawyer about your specific situation. We have experience with OIO applications in New Zealand and have assisted our clients from overseas through the process., please contact Steven Moe at Parry Field Lawyers (348-8480) stevenmoe@parryfield.com

Recently the new Government announced the issue of a Ministerial Directive Letter to the Overseas Investment Office.  From mid-December 2017 the Letter applies to both current and new applications. The Directive Letter serves to outline the Government’s policy approach to overseas investment in rural land, while the rules regarding the acquisitions of significant business assets remain unchanged. Overseas investors must now demonstrate that their investment will benefit New Zealand in order to obtain consent to acquire sensitive land.

 

Some of the key changes are:

Rural Land

The Letter states that certain factors will be of high relative importance for overseas investments of rural land larger than five hectares (which does not include forest land). These include:

  • The jobs factor – that the investment will create new job opportunities and/or retain existing jobs in New Zealand
  • The new technology of business skills factor – that the investment will result new technology or business skills
  • The increased exports receipts factor – that the investment will increase export receipts in New Zealand
  • The increased processing of primary products factor – that the investment will result in increased processing in New Zealand of New Zealand’s primary products
  • The oversight and participation by New Zealander’s factor – that the investment will provide for significant participation and oversight by New Zealanders

Forest Land

Factors of relative high importance for overseas investments in forest land include:

  • The increased processing of primary products factor
  • The advance significant Government policy or strategy factor

Overseas Person

An overseas person intending to reside in New Zealand indefinitely is not required to show that their investment in sensitive land is likely to benefit New Zealand. To meet this intention to reside criterion, an overseas person will generally:

  • Hold a residence class visa or an entrepreneur work visa; and
  • Show actions and plans, with supporting evidence, consistent with an intent to reside in New Zealand within 12 months

This is a tighter restriction than the previous letter. Other changes include that the sponsorship of community projects and donations is now generally of low relative importance.

 

Overall, this new policy directive sets out to welcome high quality overseas investment that:

  • Generates high levels of benefits to New Zealand
  • Creates new productive assets
  • Is environmentally sustainable, minimising adverse impacts on the natural environment, and is likely to create positive and long lasting environmental benefits
  • Provides economic, environmental, social and cultural benefits to regional communities
  • Significantly increases value added activities in New Zealand
  • Provides for significant participation and oversight by New Zealanders

 

This article is not a substitute for legal advice and you should talk to a lawyer about your specific situation. We have experience with OIO applications in New Zealand and have assisted our clients from overseas through the process., please contact Steven Moe at Parry Field Lawyers (348-8480) stevenmoe@parryfield.com

 

 

The new Government in New Zealand has announced changes to the foreign investment system.  This will restrict non-resident foreigners from purchasing houses in New Zealand by changing the definition of “sensitive” to include such housing.  At present other land is defined as sensitive under the Overseas Investment Act (OIA).  That includes for example land that is bordering reserves and parks or on the foreshore of lakes or rivers or which is farming land (among others).  For an overview on the overseas investment process click here and for information about key issues when immigrating to New Zealand click here.

New Zealand house prices have been increasing in the last few years and the intention behind the rule changes is to prevent foreign speculation on house prices.  Ultimately, the Government is hoping to stop their growth which has been resulting in New Zealanders not being able to afford to purchase a home, particularly in Auckland where the average house price is very high.

David Parker the new Trade Minister said the following in a recent interview: “We’ve got to fix land. We think it’s absolutely abhorrent that New Zealand government would lose the right to control who buys homes in New Zealand from overseas. And we’re working up mechanisms on that.”

While the purpose is clear the exact mechanics and timing is not.  Some have raised concerns that such a ban could be difficult in the context of different free trade agreements in place or due to be signed like the Trans Pacific Partnership (TPP).  However, the intention is certainly clear and it is highly likely that there will be change soon.

We will provide updates when the precise changes are known but wanted to get this briefing note out in the meantime.  We have acted for foreign buyers who are looking to purchase assets in New Zealand and can help you if you have any questions about the process.

We have also prepared a detailed guide called “Doing Business in New Zealand” which has an overview about the New Zealand business environment.  We are happy to email that out to those who would find it of help.

 

This article is not a substitute for legal advice and you should talk to a lawyer about your specific situation. Should you need any assistance or would like to request a copy of the “Doing Business in New Zealand” guide, please contact Kris Morrison at Parry Field Lawyers (348-8480) krismorrison@parryfield.com

Did you know you could get up to $20,000 towards your house purchase in Selwyn?

Housing New Zealand offer a Homestart Grant to people who meet their criteria.  If you are wanting to buy a new build in Rolleston, Prebbleton, Darfield, Lincoln or elsewhere in the Selwyn area then this Grant could help get you there.

Amy Adams MP in her June 2017 Amy in Action update stated she was pleased “to learn that 575 KiwiSaver HomeStart grants have been issued over the past two years to help people buy their first homes in Selwyn.”

Amy noted “in the past year, the scheme has helped 412 people in Selwyn with grants worth a total of $3.1 million. 163 first home buyers benefited in the first year of the scheme through $1.2 million in grants.”

There are certain criteria you must meet which is all set out at the Housing New Zealand Website. Please click here for more details.

There are a lot of new homes for sale in Rolleston and the rest of the Selwyn area that fit the criteria so it is a great opportunity to get on the property ladder. If you are looking at buying a house in Rolleston, Lincoln, Prebbleton or the greater Selwyn area get in touch with us so we can discuss whether you might be eligible for this grant.

Our office in Rolleston is located at 68 Rolleston Drive.  Send us an email at paulowens@parryfield.com or judithbullin@parryfield.com to set up a time to meet.

Paul Owens and Steven Moe outside the Rolleston office at 68 Rolleston Drive