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Thread: Buying our first home... In the sounds...

  1. #1
    Member Ryan_Songhurst's Avatar
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    Buying our first home... In the sounds...

    G'day guys, we are currently looking at buying our first home. My partner and I both work farming so have accomodation provided to us on farm and wouldn't be living full time in our new house. I'm interested in some real-world advice and opinions on what we are hoping to achieve. Basically we are thinking that since we won't really have an opportunity to live in our house it would be nice to at least buy somewhere we can escape to in the weekends etc and we have looked at a few properties in Kenepuru sound.
    We are hoping to spend <$400k and have about $60k cash deposit at the moment. We could also add about $25-30k to that deposit from my kiwisaver under the first home buyers scheme, what I can't really seem to get a straight answer on is if using kiwisaver as part of the deposit will prevent us from offering the property as a holiday rental when we are not using it? The kiwisaver "rules" say that the property must only be tenanted by the purchaser (ie: not have "tenants") for the first two years if ownership, I have put this question to a broker but so far no answer.
    Also the properties we have looked at are classed as residential and are connected to mains power etc but we have been told we may have difficulty purchasing a property that could potentially be seen as a "holiday home" only. Has anyone here done a similar thing and purchased a "holiday home" as their first property?
    We are kind of at the stage in life where we don't "need" a house due to our employment arrangement but we really want something to call our own and whilst we are living rent-free anyhow we should be looking at starting to pay off a mortgage.

  2. #2
    Caretaker Wildman's Avatar
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    Quote Originally Posted by Ryan_Songhurst View Post
    G'day guys, we are currently looking at buying our first home. My partner and I both work farming so have accomodation provided to us on farm and wouldn't be living full time in our new house. I'm interested in some real-world advice and opinions on what we are hoping to achieve. Basically we are thinking that since we won't really have an opportunity to live in our house it would be nice to at least buy somewhere we can escape to in the weekends etc and we have looked at a few properties in Kenepuru sound.
    We are hoping to spend <$400k and have about $60k cash deposit at the moment. We could also add about $25-30k to that deposit from my kiwisaver under the first home buyers scheme, what I can't really seem to get a straight answer on is if using kiwisaver as part of the deposit will prevent us from offering the property as a holiday rental when we are not using it? The kiwisaver "rules" say that the property must only be tenanted by the purchaser (ie: not have "tenants") for the first two years if ownership, I have put this question to a broker but so far no answer.
    Also the properties we have looked at are classed as residential and are connected to mains power etc but we have been told we may have difficulty purchasing a property that could potentially be seen as a "holiday home" only. Has anyone here done a similar thing and purchased a "holiday home" as their first property?
    We are kind of at the stage in life where we don't "need" a house due to our employment arrangement but we really want something to call our own and whilst we are living rent-free anyhow we should be looking at starting to pay off a mortgage.
    Talk to your lawyer too.
    Gibo likes this.

  3. #3
    Member 199p's Avatar
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    Basically if your going to buy but it wont be your main living place then you cant use your kiwisaver.

    other thing to note is to set a trust up and gift your deposit to the trust then the trust buys the house, Basically what it means is that you personally haven't brought a house so you can still make your 1st home withdraw later. (unless they have changed the rules on this)

    other thing you could look at is purchasing some investment properties instead and leave the kiwisaver sitting there getting larger and larger.
    mikee, Maca49 and shift14 like this.

  4. #4
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    Buy a block of land in a part of the country that you consider paradise. Put a camper van on it and then save up for a decent house. Paying off a mortgage on a empty house is the hard slow way to do it. Building up a deposit while earning interest on the balance is much much easier.
    dirtyhabit, 199p, Savage1 and 1 others like this.

  5. #5
    R93
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    I have no idea on the legality of such things but I am seriously thinking of buying property up them ways myself.

    Cannot decide which side yet as we spend time in both Kenepuru and Bay of many coves.
    We are at bay of many coves now, just the other side of Kenepuru.
    Fishing has been excellent, vis is really good.
    Couldn't think of a better place to retire myself.


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    Beaker and screamO like this.
    Do what ya want! Ya will anyway.

  6. #6
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    A friend was in a similar situation. He was working on a farm and his wife was working overseas at the time. They brought the house and had it empty for the 6month stand down period that you have to "live" in the house. Had all mail going to that address. Once that was up they rented the place out for a year and moved in after he got a job in town. Go speak to your lawyer who will do the house purchase paperwork for you, they will know all the rules.

  7. #7
    Sending it Gibo's Avatar
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    Quote Originally Posted by R93 View Post
    I have no idea on the legality of such things but I am seriously thinking of buying property up them ways myself.

    Cannot decide which side yet as we spend time in both Kenepuru and Bay of many coves.
    We are at bay of many coves now, just the other side of Kenepuru.
    Fishing has been excellent, vis is really good.
    Couldn't think of a better place to retire myself.


    Sent from my SM-G900F using Tapatalk
    Magic view

  8. #8
    Member Ryan_Songhurst's Avatar
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    Thanks all very good advice, there seems to be so many ways to go about it and so any opinions it all becomes a bit daunting in the end! @Flincher we kind of had the same idea as your friend. My partner is a winemaker by trade and she is also from overseas so we also will spend time between here and there (South America) so she may end up back in the wineries around Blenheim at some stage and I have also entertained the idea of starting a small business providing consultancy services and maintenance etc to small block and lifestyle block owners at some stage so we could well end up living there. I think a lawyer is a definately to talk too, anyone recommend a good property lawyer?

  9. #9
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    End of the day it's just a piece of paper you sign saying you have intent on living in it for 6 months.

    I use Ian Robertson from Ian Robertson solicitors. He's a top bloke who will help you out with it all, based in Christchurch.

  10. #10
    Member 199p's Avatar
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    Quote Originally Posted by MassiveAttack View Post
    Buy a block of land in a part of the country that you consider paradise. Put a camper van on it and then save up for a decent house. Paying off a mortgage on a empty house is the hard slow way to do it. Building up a deposit while earning interest on the balance is much much easier.
    The other thing to point out is not only loosing interest having money in bank but you also have to then get house insurance start paying rates power connection etc
    All little costs but they sure add up and once started its a long road ahead.
    Savage1 likes this.

  11. #11
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    I belive if you get caught renting it out before the 6 months. you have to pay back all the kiwisaver entitlements grants and even your own kiwisaver contributions

  12. #12
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    Quote Originally Posted by Gibo View Post
    Magic view
    I think the more correct term is - you prick

    Magic view and place for sure, and would be a great place to live if it had an airport close that would fly somewhere worthwhile for work.

    However if your retiring (@R93), a truely magic place, and buy/build a place with a few extra rooms for vistors.....
    R93 likes this.
    Please excuse spelling, as finger speed is sometimes behind brain spped........ Or maybe the other wayy.....

  13. #13
    Member mikee's Avatar
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    Quote Originally Posted by 199p View Post
    The other thing to point out is not only loosing interest having money in bank but you also have to then get house insurance start paying rates power connection etc
    All little costs but they sure add up and once started its a long road ahead.
    Read recently that if you were renting in Auckland @ 500P/W if you brought the house (based on lower deposit ) then buy the time all other costs are added each week it averages a $750 week cost so renting is cheaper (but no capital gain obviously)
    199p likes this.

  14. #14
    Member HNTMAD's Avatar
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    Quote Originally Posted by mikee View Post
    Read recently that if you were renting in Auckland @ 500P/W if you brought the house (based on lower deposit ) then buy the time all other costs are added each week it averages a $750 week cost so renting is cheaper (but no capital gain obviously)
    Yes cheaper to rent but in 25 yrs it's not yours nor are the capital gains, rent a room Or two and have them pay the mortgage.

    Hamish

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  15. #15
    Member mikee's Avatar
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    Quote Originally Posted by HNTMAD View Post
    Yes cheaper to rent but in 25 yrs it's not yours nor are the capital gains, rent a room Or two and have them pay the mortgage.

    Hamish

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    Agreed but an extra $250 per week for 25 years is not something everyone could easily afford

 

 

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