New housing laws and how it affects you
The four laws being passed are mainly affecting both local and foreign investors they are;
- 30% deposit required for any home that you are not living in.
- IRD number required for all foreign investors
- NZ bank account for all foreign investors
- Taxed on property sold within 2 years of purchase
The good news is that if you are homeowner selling and wanting to buy a new home none of the new laws would affect you. This also means you may get a very good deal on your next personal home whether it’s an upgrade or downgrade.