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Overseas liabilities

Discussion in 'Property Finance' started by fbaby, 11th Jun, 2016.

  1. fbaby

    fbaby New Member

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    Hi all,
    What is the risk of not declaring overseas (eg: New Zealand based) liabilities/debt commitments? I'm a little confused because I've spoken to some non bank lenders who have told me they will ignore overseas liabilities/debt commitments, but this doesn't seem like a standard practice?
     
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    its
    Its not normal practice.......certainly not under responsible lending.

    You will also find some brokers/bankers doing the same(sometimes not even the borrower know) thus getting magical results that other "slack" brokers/bankers cant.

    NZ liabs especially are an issue in terms of non disclosure because there is some cross over between the credit reporting agencies in both "states:

    ta
    rolf
     
    Corey Batt likes this.
  3. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Legally you would be required to disclose debts no matter what jurisdiction they are in.
     
  4. Joynz

    Joynz Well-Known Member

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    in a really unrelated country with a different language and without the close relations, maybe.

    But given the numbers of NZers here ( and increasingly Aussies going to NZ to work) I think it is too risky!
     
  5. MTR

    MTR Well-Known Member Premium Member

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    wont this eventually appear on your tax returns?
     
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  6. Blacky

    Blacky Well-Known Member

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    Ahh yes - whats a bit of fraud if no one will ever find out?

    Fraud is fraud. No matter which language it is in.

    Blacky
     
  7. Blacky

    Blacky Well-Known Member

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    If you dont declare it to the bank, why would you declare it to the tax man?
     
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  8. MTR

    MTR Well-Known Member Premium Member

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    legally you must declare foreign income, what if there is a paper trail? just being devils advocate, I would not risk it
    also to perhaps offset/reduce tax if living/working in Australia? assuming it's negatively geared?
     
    Last edited: 11th Jun, 2016
    Joynz likes this.
  9. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    If it's a liability it needs to be declared.

    Cheers

    Jamie