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Irish bank charges and NZ mortgage

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asameabhair
1/8/2017 15:54 EST

Hi there,

We're considering moving from NZ to Ireland this year, however, we have an investment property in NZ we'd need to keep paying off. Renters are paying the bulk of the mortgage but we'd like to cash in as soon as we're ready to buy back in Ireland. Has anybody had experience with this. Will we get charged through the nose if we're with an Irish bank paying off an NZ mortgage?
Cheers
Mona

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FlowerFairy
1/8/2017 19:17 EST

Hi, cannot really answer your question but we travelled from Australia to Ireland hoping to buy a property and retire but it did not work out for us. Unlike Australia settlement takes many many months and has many pitfalls (many properties have no building permits so beware). Also there is no interest paid on savings unless you lock money away for 4 years. We sent our money back to Oz to gain interest while we were searching for our house (which did not eventuate). This info does not really answer your question but thought it might help to let you know how slow settlements are and no interest on savings. Good Luck!

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DebAckley
1/11/2017 19:25 EST

We had hoped to retire to Ireland ( I have dual citizenship) but the Irish banks and their mortgage system was crazy ( and the Irish told us that too). They wouldn't count our pensions, etc..as it was not earned income. If you have cash, it will be easier to get a mortgage. We were told too, but the real estate folks, folks are now holding on to their homes as prices are beginning to rise now....We eventually came back to the USA, we miss Ireland. Wishing you the best of luck!

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