Help for landlords.
Being a landlord comes with a range of responsibilities - from deciding how to manage the property to ensuring you have the right insurance.
Things to consider.
Managing the property yourself
There are responsibilities that come with managing your own rental property but there are benefits too. Taking care of the day-to-day management can save you a lot of money and you may feel more comfortable making the decisions yourself.
To help with the administration, Tenancy Services has templates such as tenancy agreements and bond forms. They've also put together a list of your rights and responsibilities as a landlord, including what you can and can't do in relation to your property and tenants.
Professional property management
Your other option is to pay a property manager to take care of duties, including screening tenants, checking references and doing credit checks. They should also understand the legal requirements around bond payments, managing tenants and how to manage and follow up on issues.
You could give your property manager a budget for regular property maintenance or unexpected repairs so they don't have to trouble you whenever something crops up.
Property manager fees can be approximately 8-10% of the rental income.
To help you choose a property manager that matches your needs, we've put together a checklist of questions for you to consider.
Ensuring your property is protected
Make sure your insurance policy covers your needs as a landlord. Westpac's home cover could help you recover lost rent or damage to your chattels. There are also optional benefits you could take to cover deliberate damage by tenants or additional cover for chattels. Learn more here.
Ensuring your income is protected
Owning one or more investment properties can increase your borrowing, so income protection insurance is also something you may wish to consider.
Get in touch.
Look at additional insurance for landlords.
Protect your income
Consider insuring your income with income protection.
Talk to us
Call us from 8am to 6pm Monday to Friday, 9am to 3pm Saturday.
Make an appointment to talk to a home loan expert in branch.
Things you should know.
Interest rates are subject to change without notice. Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.
Westpac insurance products are arranged by Westpac New Zealand Limited ("Westpac") and underwritten by various insurance companies. None of Westpac Banking Corporation ABN 33 007 457 141, Westpac, or any member of the Westpac group of companies guarantee the obligations of any insurer, or insurance product. More detail can be found on the webpage relating to the particular product.
Terms, conditions, exclusions and limits apply and more detail can be found in the relevant policy document which may be downloaded here or obtained from any Westpac branch. The availability of any insurance cover is subject to the acceptance and approval of a completed application. Any claim payment is subject to your claim being accepted.
Westpac accepts no responsibility for the availability or content of any third party websites to which this article may link or refer.