A new toy for Christmas…
Summer is fast approaching, and with the rising temperatures comes the increasing desire to get out on the water or find a holiday getaway for the family. Whether you’re in the market for a jet ski, a boat or a beach house, Finance New Zealand can assist with your summer dreams.
When it comes to holiday homes, you’ll need to know whether you intend to have it as a rental property when you’re not using it as this will affect how much you can borrow against it. The standard rules state you can borrow 80 percent of the value of a second residence but some lenders may allow only 60 percent of the value of a rental property. It’s also worth noting, that with rentals, the lender will sensitise rental income from the house back to around 75 percent to account for rates, maintenance costs and insurance.
When it comes to trailer boats and jet skis, we can secure up to 100 percent funding for clients that have good financials. Terms are usually between 12 and 60 months and will have standard repayments. Larger boats that are marina based would require a different type of funding.
So, whatever your definition of fun in the sun is, chat to your business partner at Finance New Zealand and arrange pre-approval for the finance you need.