In this issue of Trust eSpeaking: Gift or Loan Caring for Kiwis who cannot make decisions for themselves Where there is a will, what is the way? Download your copy here Read more →
Mortgages and loans for property owners
To alleviate subsequent pressures on landlords and other property owners, policy initiatives have been introduced to provide short-term assistance with loans secured against property – such as the mortgage repayment deferral scheme and the Reserve Bank’s associated removal of its loan-to-value ratio (LVR) restriction. The LVR restrictions usually limit how much a bank may lend compared with a property’s value.
Until 1 May 2021, it is likely to be easier to borrow more than 80% of a property’s value. One benefit of this change for property owners is that it may allow access to the mortgage repayment deferral scheme even where existing lending is high.
These policy initiatives sit alongside law changes which are designed to slow the process to mortgage default and give you time to recover if your cash-flow is poor as a result of COVID. Temporary amendments to the Property Law Act 2007 have changed the timeframes for the enforcement of mortgage-related debt. If you are in default of your mortgage, you must be given at least 40 working days to remedy the default before your mortgagee can take control of your property or require its sale. This is extended from the usual 20 working day period.
Further information on the changes for commercial tenancies and mortgages can be found here https://www.justice.govt.nz/about/news-and-media/covid-19-news/guidance-for-commercial-property-settlements/.
Family, Trusts, Estates Articles
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Trust eSpeaking, Autumn 2022, No 34
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Where there is a will, what is the way?
Where there is a will, what is the way? A parent dies, but the child is unaware of the death Categories = Property, Elder law, Wills and Estates, Trusts and Succession A child (of whatever age) can make a claim against the estate of their parent under the Family Read more →
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Gift or loan?
Gift or loan? The importance of properly documenting advances between family members Categories = Property, Relationship Property, Wills and Estates, Trusts and Succession The trusty Kiwi “She’ll be right” approach is often manifested in a reluctance to formally document intra-family lending arrangements. Catch cries of “I trust the kids Read more →
Business Law Articles
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Waikato DHB cyber-attack
Business owners must stay vigilant Read more →
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Digital Boost – a tool for small business
Are you getting the most out of your digital world? Read more →
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Working from home
Tax status of allowances, be aware of the rules and get advice Read more →
Property Law Articles
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Where there is a will, what is the way?
Where there is a will, what is the way? A parent dies, but the child is unaware of the death Categories = Property, Elder law, Wills and Estates, Trusts and Succession A child (of whatever age) can make a claim against the estate of their parent under the Family Read more →
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Caring for Kiwis who cannot make decisions for themselves
Caring for Kiwis who cannot make decisions for themselves Could a Britney Spears’ type conservatorship apply in NZ? Categories = Property, Elder Law In the Spring 2021 edition of Trust eSpeaking, we looked at whether someone in New Zealand could end up in a similar situation to Read more →
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Gift or loan?
Gift or loan? The importance of properly documenting advances between family members Categories = Property, Relationship Property, Wills and Estates, Trusts and Succession The trusty Kiwi “She’ll be right” approach is often manifested in a reluctance to formally document intra-family lending arrangements. Catch cries of “I trust the kids Read more →
