October 7, 2021
Construction exemption categories from LVR restrictions
The RBNZ (Reserve Bank New Zealand) has recently published a Q&A for construction exempetion categories from LVR restrictions. A copy of the article can be found in the link below
Construction exemptions support two forms of housing construction. The first exemption is available for new dwellings or dwellings under construction, under certain conditions. This exemption provides support for an increase in the supply of housing, which is an important part of reducing house price pressures arising from supply shortages (particularly in Auckland).
Reducing such pressures helps to reduce systemic risk in the banking system associated with any future house price correction. The second exemption applies to non-routine/deferred property maintenance on a dwelling that is subject to a pre-existing residential mortgage. This exemption supports the restoration of value to dwellings in exceptional circumstances such as fire, natural disaster, weather-tightness or alignment to revised structural standards (e.g. seismic standards).
Construction loans are subject to individual banks’ internal lending guidelines
What is classed as exempt construction lending? The new dwelling construction exemption applies to most residential mortgage lending to finance the construction of a new residential property.
DISCLAIMER: The content of these articles is general in nature and not intended as a substitute for specific professional advice on any matter, and should not be relied upon for that purpose.
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Employment law has not changed due to COVID-19
Employment and health and safety laws still apply at every COVID-19 alert level.
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• the minimum wage,
• annual and sick leave, and
• having a written employment agreement.
Both parties must always act in good faith. This includes always being open, honest, and communicative with each other.
Why are certain types of construction lending exempt from the LVR restrictions?
Construction exemptions support two forms of housing construction.
The first exemption is available for new dwellings or dwellings under construction, under certain
conditions. This exemption provides support for an increase in the supply of housing, which is an
important part of reducing house price pressures arising from supply shortages (particularly in
Auckland). Reducing such pressures helps to reduce systemic risk in the banking system associated
with any future house price correction.
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If you buy a property intending profits to come from capital gains – then you'll pay tax on those capital gains.
If you purchase a property but don't intend to sell it for capital gains – instead using rent as your primary source of income – then any growth in the property's value is not taxed.
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