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Thread: Buying house and land package

  1. #1
    Join Date
    Nov 2016
    Location
    Glasgow Scotland
    Posts
    27

    Default Buying house and land package

    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

  2. #2
    Join Date
    Apr 2017
    Location
    New Zealand
    Posts
    238

    Default

    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.

  3. #3
    Join Date
    Aug 2005
    Location
    West Auckland
    Posts
    1,026

    Default

    Quote Originally Posted by param912003 View Post
    If you do not buy a house before 21 June 2018,
    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.

  4. #4
    Join Date
    Apr 2017
    Location
    New Zealand
    Posts
    238

    Default

    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.

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