How does the Overseas Investment Act impact home buying?
Last Updated: 16 Oct 2018
The Overseas Investment Act (OIA) now classifies residential land in New Zealand as “sensitive land” and restricts overseas persons from purchasing residential land without consent.
Overseas persons are persons who are not New Zealand citizens or ordinarily resident in New Zealand. There are certain exceptions, including for Australian citizens and Singaporean nationals.
It is a condition of an ASB home loan that the OIA, and other applicable laws, are complied with. ASB recommends speaking to a solicitor if you require further information on the OIA and/or what constitutes an “overseas person".
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