Home' Northern Outlook : September 11th 2013 Contents 2 NORTHERN OUTLOOK, SEPTEMBER 11, 2013
Published by The Press,
a division of Fairfax Media NZ
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P: 03 311 8709 | 027 622 4594
P: (03) 313 6183
P: 03 311 8707 | 027 203 6154
P: 03 311 8708 | 027 220 4470
P: 03 943 2826
P: 03 943 2810 | 027 622 5011
Ph: (03) 313 6183
Fax: (03) 313 5487
7 Albert Street
PO Box 114,
P: 03 311 8715 | 027 497 3717
P: 03 311 8714 | 027 509 8918
Ph: 03 943 2598 | 027 622 5012
Barristers & Solicitors
NEW HOME BUYERS --
"Found it, our new home!! This is what we want. Wait, with
the new laws, how do we pay for this?"
Along with "spy bills", new trust laws, and changes to the
Resource Management Act, the Government, together with the
Reserve Bank, has made some changes to how much money new
home buyers can borrow. It will now be a lot more difficult for new
buyers to get a mortgage unless they have 20% to contribute.
From 1 October 2013, if you are relying on the Welcome Home
Loan, you will also need to have saved more for your deposit.
These changes also affect your KiwiSaver Deposit Subsidy.
Not being a mortgage broker, I am not going to give advice on investments and money
availability, I will leave that to the experts. However, from a legal perspective, there are
some important things I can assist with.
In order to make up a deposit sufficient to satisfy Bank requirements only, you may be
fortunate enough to tap into funds offered as a loan or gift by your parents. From the
perspective of parents, how can their funds be protected? There are a number of ways:
• Mortgage -- Your parents could
register a second mortgage on
your property with your Bank's
permission. This is the most
secure way, but Banks usually
prefer not to go down this track.
• Caveat -- Your parents can
register a caveat on your property.
You do not need the Bank's
permission. This is not as secure
as a second mortgage from your
• Unregistered Loan -- The loan
by your parents is unregistered,
and not secure from your parents'
• Gift -- Your parents may choose
to give the funds to you outright.
Another way of obtaining funds
may be for the Bank to use your
parents' property as security as
well as your own. This is a risk to
your parents, the Bank being the
main winner here.
Whichever way you choose, it is
recommended that your parents
obtain independent legal advice,
in other words, obtain legal advice
from a solicitor different to your
Before signing on the dotted
line, make sure you do your
homework. Allow sufficient
time in the Purchase Contract
for the finance to be sorted out
satisfactorily to all parties. Also
ensure that the settlement date
is far enough in the future to
satisfy KiwiSaver Withdrawals and
KiwiSaver Deposit Subsidy time
frames as these funds will not be
When all your ducks are in a row,
you can open the Champagne
and toast to your new home.
(Don't forget a toast to your
parents as well.)
Mon-Fri 8.30am-5pm, Sat 10am-12pm
7 Ashley Street,
PO Box 627 Rangiora
Phone: 310 6464 Fax: 310 6462
Dr Gerard Fairhall
Kaiapoi Family Doctors
42 Charles St, Kaiapoi.
10.00 am - 12.00 noon
14 September, 2013
ALL ABOUT ART TATTOO
BODY PIERCING STUDIO
Open 7 days to meet your
Talented artists in their own right
covering all areas of professional
Tattooing including Maori Design
Ray and Steve are
available for private consultations,
7 days a week from 10am to Late.
CALL IN UPSTAIRS
03 310 6669
or Ken on
022 125 7761
Locally owned and operated
5 Good St, Rangiora
Cheap, fun fitness classes
MOVE IT: Sport
Team, the Rural
deliver the first
week Be Active
SPORT CANTERBURY S Green
Prescription (GRx) programme is on
its way north, bringing eight weeks
of fun fitness to Rangiora under the
Get Active banner.
This is your chance to try low-
impact exercise such as circuit train-
ing, badminton, Zumba, and many
others, for just $3 a class, and to find
out more about how to maintain a
healthy lifestyle -- all in a welcoming,
The GRx initiative was developed
to motivate people into adopting a
more physical lifestyle, especially
those new to activity or returning
after a break.
The idea is to work with you to
develop a realistic home or
community-based activity plan that
fits in with your individual lifestyle,
and then to help support your
choices over the next four months.
It includes free phone consul-
tations with the GRx team; infor-
mation on local walking groups,
sporting events and other fitness
options; and advice on where, what
and how much you should be doing.
For more information on Sport
Canterbury s Green Prescription
programmes or to enrol in the Be
Active programme, you can call Jess
on 03 373 5032 or email: jessw@spor-
Rangiora s Be Active programme
will be held in the St John s
Rangiora Church Hall, at 355 High
St, on Wednesdays, from 10.15am to
11.45am, starting on October 16.
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