Hello, my husband and I are residents been in NZ for 10 months will be eligible to apply for PRV in August 2019.
We want to buy a house and land package? Are we allowed to?
Very confused by all the government changes around this
Thanks
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Hello, my husband and I are residents been in NZ for 10 months will be eligible to apply for PRV in August 2019.
We want to buy a house and land package? Are we allowed to?
Very confused by all the government changes around this
Thanks
Hey, Look at this: https://www.parliament.nz/en/pb/bill...amendment-bill
You are still able to buy a house as a resident (Without PR), because no law has officially been implemented. However, you might want to act quick and get the sale and purchase agreement signed before 21 June 2018. By that I mean, that the settlement date (when all the money exchanges hands) can be 6 months later, it doesn't matter as long as the offer has gone unconditional and neither the seller nor the vendor can ow change their mind. After that even if the law is implemented on 22 June 2018, you will be safe because laws in NZ are never applied retrospectively.
If you do not buy a house before 21 June 2018, and still do so before getting your PR, then you would have to pay a hefty fee ($20-25,000- I am not sure, see the bill) to get consent from the authorities concerned. Therein you will also have to prove that you intend to be in NZ for a long time and you won't be able to sell the house for some x years.
All these restrictions are not worth it, I think. It would be wise to act now, if that's possible for you.
No, 21 June is only the deadline for the Select Committee's report. The Bill still has more steps to go through before it becomes law, and if it passes, longer still after that until it would take effect.Quote:
Originally Posted by param912003
Oh I see. Sorry I was mistaken then. But yes, definitely safe to buy before 21 June 2018 and a couple of months beyond that too.