新西兰how to buy 2nd property by using the first one as security?

在新西兰

we have only enough money to buy a first home in a not very good reputation town, like 30mins drive to work, that's why the property is cheap to buy. Rental market is looking good in long term.
We want to live there for a couple of years, save up, then rent out the first one (likely to achieve positive cash flow), and buy the 2nd one that suits us more.

Question:
1. Do we still need 20% deposit to buy the 2nd one?
2. Having the first one with positive cash income, does that help or not? Will that bring down the deposit requirement or add some credit to our application somehow?

Pls advise. Thank you.





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I don't know, but if you post it in the FML section, you will get reply really quickly.



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You'll probably need more than 20% if the second property is considered an investment property. The rental income from the first property will help in some way.

Of course, the bank will look at your overall ability to service the mortgage, so the details doesn't really matter, the bank will tell you how much a property you can afford to buy.

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https://mhq.co.nz/mortgage/how-to-buy-your-second-property/

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Talk to your broker is the best and fast solution.

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1> You need at least 30% of deposit to buy the 2nd property.

2>Depending on your income and how much you have borrowed from the bank for your 1st property, the bank will let you how much you can borrow for the 2nd property.

For example, your total loan credit is 1 million. You first loan used half million. You want to buy another property worth of 1 million. So, 0.3 million deposit + 0.5 million loan. You still have 0.2 million shortage. I am not sure how can you convince the bank to give you extra 0.2 million?  

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好奇，现在你还能租出房子啊？厉害

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好像不在奥克兰吧？其他城市也许不太一样。

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奥克兰以外地方租房的好处就是捣乱的少，老实居民多。我有个租了五年，等到卖的时候竟然不需要清洗外墙屋顶也不需要重新粉刷，基本上什么都是原来的样子，啥啥都是做了简单清洁就可以让人看房的状态。我自问如果我自己住了5年，也不一定能维护这么好。可见房客是把房子当作自己的家来经营的（前后换过一次房客，都是大家嘴里说的穷白哈而且是领不到福利收入又低那种最苦哈哈的）。奥克兰可能吗？到处都是你需要提防的渣渣。


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笼统的问题笼统回答。

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忽然发现房版的英文水平都很高。

这个问题，豆腐教一定可以给你完美的解释，手把手教你借钱，装修，不过要交学费。

问一下broker 或者银行贷款顾问，也能给出答案。 当然，里面其实有变数，例如未来LVR，银行的servicing rate，都能决定你能不能套出首期来。最关键的一点是，你买的地方好不好，如果现在这房子不升值的话，靠你P&I 慢慢还个几年，最多套辆新车出来开开。

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1. renovating your 1st property and get valuer to assess new value
2. go to bank to chat with your new valuation report and your income details
3. then bank will tell you how much you can borrow and you should be able to buy your 2nd property