Investment lending needs more than a headline rate.投资房贷款不能只看表面利率。

Interest-only vs principal + interest

只还利息 vs 本息同还

When financing an investment property, you can choose between interest-only (IO) repayments or principal-and-interest (P&I) repayments. Each structure affects your cashflow, tax position, and long-term equity differently.

在为投资房贷款融资时，您可以选择只还利息（IO）或本息同还（P&I）的还款方式。每种结构对现金流、税务状况和长期净值的积累都有不同的影响。

Interest-only loans require you to pay only the interest charged each month — the loan balance stays the same. For example, a $400,000 investment loan at 6.5% would cost roughly $2,167 per month in interest under an IO arrangement. The same loan on P&I over 30 years would cost approximately $2,528 per month, with the difference reducing the principal.

只还利息贷款要求您每月只还利息——贷款余额保持不变。例如，一笔40万纽币的投资房贷款，利率6.5%，在IO安排下每月利息约为2,167纽币。同样的贷款在30年P&I下每月约2,528纽币，多出的部分用于减少本金。

The primary advantage of IO is improved cashflow. Lower monthly repayments can make it easier to hold a negatively geared property — where rental income does not fully cover the mortgage — without stressing your personal finances. The interest payments on an investment property loan are generally tax-deductible in New Zealand, while the principal portion is not. An IO structure maximises the deductible portion of each repayment.

IO的主要优势是改善现金流。较低的月供让您更容易持有一处负杠杆房产——即租金收入不足以完全覆盖按揭贷款——而不会给个人财务带来压力。投资房贷款的利息在新西兰通常可以抵税，而本金部分则不能。IO结构使得每笔还款中的可抵税部分最大化。

Most lenders in New Zealand offer IO terms of one to five years on investment properties. After the IO period expires, the loan automatically converts to P&I unless you apply for an extension. Extensions are not guaranteed — the lender will reassess your serviceability at that point.

新西兰大多数贷款机构为投资房提供1至5年的IO期限。IO期结束后，贷款会自动转为P&I，除非您申请延期。延期并不保证获批——贷款机构届时会重新评估您的还款能力。

The trade-off is that you build no equity through repayments during the IO period. If property values plateau or decline, your LVR may not improve. Some lenders also charge a slightly higher interest rate on IO loans — typically 0.1% to 0.3% above their standard P&I rate — and may restrict IO availability on high-LVR loans (above 70% LVR for investment properties under current Reserve Bank rules).

IO的代价是您在IO期间通过还款积累不了任何净值。如果房价持平或下跌，您的LVR可能不会改善。一些贷款机构对IO贷款收取略高的利率——通常比标准P&I利率高出0.1%到0.3%——并且可能在高LVR贷款（目前储备银行规则下投资房超过70% LVR）中限制IO的使用。

Principal-and-interest repayments gradually reduce the debt. Over a 30-year term on a $400,000 loan at 6.5%, the total interest paid under P&I is roughly $510,000 compared to $780,000 under a permanent IO scenario — though few investors keep one loan on IO for 30 years. The equity built through P&I can also support future borrowing, such as a deposit on another investment property.

本息同还逐步减少债务。以30年期40万纽币贷款、利率6.5%计算，P&I下总利息约为51万纽币，而永久IO场景下约为78万纽币——不过很少有投资者会保持同一笔贷款IO状态30年。通过P&I累积的净值还可以支持未来的借款，例如用于另一套投资房的首付。

The choice often depends on your investment strategy. Investors with a long-term hold strategy and stable rental income may prefer P&I for disciplined equity building. Those focused on cashflow preservation, particularly in a rising-rate environment or on a highly leveraged portfolio, may prefer IO with a plan to convert to P&I when the cashflow allows.

选择通常取决于您的投资策略。采用长期持有策略且租金收入稳定的投资者，可能更倾向于P&I以获得纪律性的净值积累。而专注于保护现金流的投资者，尤其是在利率上升环境或高杠杆组合中，可能更偏好IO，并计划在现金流允许时转为P&I。

The mixed-strategy approach is common: keep an existing investment property on P&I while taking a new investment on IO, or rotate between IO periods and P&I periods as market conditions change.

混合策略很常见：将现有投资房保持只还利息，同时将额外还款用于自住房贷款（其利息不可抵税）。这样可以更快减少不可抵税债务，同时保持投资房的现金流可控。一些贷款机构对同一组合中IO房产的数量有上限，因此在决定长期IO策略前值得确认贷款机构的政策。

A mortgage adviser can model the after-tax cashflow difference between IO and P&I using your actual rental income, interest rate, and marginal tax rate.

贷款顾问可以根据您的具体税率等级、房产价值和贷款金额，模拟IO与P&I之间的税后现金流差异。正确的选择取决于您的现金流需求、税务状况和长期净值目标。

Rental income assessment

租金收入评估

Lenders in New Zealand do not simply accept the actual rent you charge — they apply a standardised assessment method to determine how much rental income counts towards your borrowing capacity.

新西兰贷款机构不会简单地接受您实际收取的租金——他们采用标准化的评估方法，来确定多少租金收入可以计入您的借贷能力。

Most lenders use a rental income haircut — they recognise between 70% and 75% of the gross rent listed on a tenancy agreement or a registered valuation’s rental appraisal. This haircut accounts for vacancy periods, property management fees, rates, insurance, maintenance, and other holding costs. A property generating $600 per week in rent is typically assessed as providing $420 to $450 per week of usable income for serviceability calculations.

大多数贷款机构使用租金收入折算——他们认可租赁协议或注册估值报告中列出的总租金的70%到75%。这个折算考虑了空置期、物业管理费、地税、保险、维护和其他持有成本。每周租金600纽币的房产，通常被评估为每周420到450纽币的可用于还款计算的收入。

Some lenders use a different approach: they deduct the property’s costs (rates, insurance, management, maintenance) from the gross rent and then apply a lower haircut — typically 80%. The result can be similar but may differ if the property has unusually high or low costs.

一些贷款机构使用不同的方法：他们先从总租金中扣除房产成本（地税、保险、管理、维护），然后应用较低的折算率——通常为80%。结果可能相似，但如果房产成本异常高或低，则可能有所不同。

Short-term rental income — such as Airbnb or Bookabach — is treated conservatively. Lenders generally require at least 12 months of statements showing consistent occupancy. Many will apply a more aggressive haircut of 50% to 60% because of the inherently variable nature of short-stay bookings. A few specialist lenders accept short-term rental income with a lower haircut if the property is in a high-demand tourist area.

短期租金收入——如 Airbnb 或 Bookabach——被保守对待。贷款机构通常要求至少12个月的对账单显示稳定的入住率。许多机构会应用更激进的50%到60%折算率，因为短期预订本质上具有波动性。少数专业贷款机构接受较低折算率的短期租金收入，前提是房产位于高需求旅游区。

The assessment also considers whether the rental income already exists or is projected. For an existing tenancy, lenders accept a current tenancy agreement plus evidence of rent payments (bank statements or rent-roll data). For a projected tenancy on a property you have yet to purchase, lenders require a rental appraisal from a registered valuer or a licensed property manager. Some lenders accept the estimate from the sales agreement if it is supported by comparable market data.

评估还会考虑租金收入是已有的还是预期的。对于现有租约，贷款机构接受当前的租赁协议加上租金支付证明（银行对账单或租金台账）。对于尚未购买的房产的预期租约，贷款机构要求注册估值师或持牌物业经理提供的租金评估报告。一些贷款机构接受销售协议中的估算，前提是有可比市场数据的支持。

Rental income is tested alongside your personal income. If the rental income does not fully cover the mortgage payments — known as a shortfall — your salaried or self-employed income must bridge the gap. The total debt-to-income ratio (DTI) that lenders apply may also constrain borrowing. As of late 2023, the Reserve Bank’s DTI restrictions for investment properties are under consultation, and individual lender DTI caps typically range from 5 to 7 times your total income including assessed rental income.

租金收入会与您的个人收入一起测试。如果租金亏损（支出超过租金）减少了您的净现金流，贷款机构可能会调整他们愿意为您的自住房或下一套投资房提供的贷款金额。在申请前了解这种互动关系，可以避免审批阶段的意外。

A practical point: interest-only repayments often produce a better serviceability result because the repayment amount is lower. Choosing IO on an investment loan, as discussed in our companion article, can improve your borrowing position for your next purchase.

一个实际操作点：只还利息的还款通常在贷款机构评估中产生更好的还款能力结果，因为还款额较低。如果现金流紧张，在投资房上选择IO可能会改善您为其他目的借款的能力。

Becky Wang can pre-assess your serviceability position using each lender’s specific rental income formula before you apply, so you know which lenders will approve your target property.

Becky Wang 可以在您正式申请前，使用每家贷款机构特定的租金收入公式预先评估您的还款能力。这可以避免不必要的信用查询，并帮助您为投资组合选择最佳贷款机构。

Brightline test and tax considerations

明线测试与税务考量

The brightline test determines whether you must pay tax on any gain when you sell a residential investment property in New Zealand. As of July 2024, the brightline period is two years for properties acquired before 1 July 2024, and extended to five years for properties acquired on or after 1 July 2024 (proposed under current Government policy — always check Inland Revenue’s latest guidance as rules may change).

明线测试决定了在新西兰出售住宅投资房产时，您是否需要为任何收益缴税。截至2024年7月：2024年7月1日前购置的房产明线期为两年；2024年7月1日及之后购置的房产延长至五年。

Under the brightline test, if you sell a residential investment property within the applicable period, any gain is treated as taxable income. You must include the gain in your tax return for that year and pay tax at your marginal rate. The test applies to the entire gain, not just the profit above a threshold.

根据明线测试，如果您在适用期限内出售住宅投资房产，任何收益都将被视为应税收入。您必须将该收益计入该年度的税务申报中，并按边际税率缴税。该测试适用于全部收益，而不仅仅是超过门槛的利润部分。

The main exemption available is the main home exclusion. If you have lived in the property as your primary residence for most of the ownership period and the property is on a section of 4,500 square metres or less, the gain is generally not taxable. However, the main home exclusion does not apply if you purchased the property with the intention of reselling, even if you lived in it.

主要的豁免是自住房排除。如果您在持有期间的大部分时间将该房产作为主要居所居住，且房产所在的土地面积不超过4,500平方米，收益通常不需纳税。但是，如果您购买该房产的目的是转售，即使您曾居住其中，自住房排除也不适用。

Interest limitation rules, which restricted interest deductions on residential investment properties, were introduced by the previous Government. From 1 April 2024, interest deductibility began phasing back in. As of 1 April 2025, 100% of interest on residential investment property loans is expected to be deductible again, though the exact timeline depends on legislative amendments. You should confirm the current position with an accountant or tax adviser.

利息限制规则由前任政府引入。从2024年4月1日起，利息可抵扣性开始逐步恢复。预计到2025年4月1日，住宅投资房贷款利息的100%将再次可抵扣，但确切时间表取决于立法修正案。您应向会计师或税务顾问确认当前情况。

Other tax considerations for property investors:

投资房业主的其他税务考量：

• Depreciation — commercial and industrial buildings can be depreciated, but residential buildings (excluding fixtures and chattels) have had depreciation suspended for buildings with an estimated useful life of 50 years or more. Chattels such as carpet, blinds, and heat pumps can still be depreciated.

• 折旧——商业和工业建筑可以折旧，但住宅建筑（不包括固定装置和动产）自2010年预算变更以来历史上不可折旧。住宅出租房内的动产（地毯、百叶窗、电器）仍可单独折旧。

• Withholding tax and RWT — if your rental income exceeds your expenses, you will pay tax on the net profit. If you are using a look-through company (LTC), the profit flows through to your personal tax return. Losses from negatively geared properties may be available to offset against your other income, subject to the current interest deductibility rules.

• 预扣税和RWT——如果您的租金收入超过支出，您可能需要为净利润缴税。如果房产处于亏损状态，亏损可能会被隔离，只能用于抵消未来租金收入，而不能抵消您的工资或其他收入（根据当前亏损隔离规则）。

• GST — residential rental properties are generally exempt from GST, meaning you cannot claim GST on the purchase price or on expenses. However, if you provide short-term accommodation (such as a serviced apartment or Airbnb), you may need to register for GST.

• GST——住宅出租物业通常免征GST，意味着您不能就购买价格或费用申请GST抵扣。但如果您以商业形式开发或出售房产、涉及混合用途资产或商业物业，则可能需要或有益于注册GST。

• Brightline planning — if you plan to sell within the brightline period, structure the sale timing carefully. Extending settlement by one day past the brightline date can, in some cases, remove the tax liability on the gain. Always take specific advice on your situation.

• 明线规划——如果您计划在明线期内出售，请将潜在税务负债纳入投资回报计算。按33%或39%税率对收益征税可能实质降低净利润。请相应考虑出售时机或持有期限的安排。

A specialist mortgage adviser can coordinate with your accountant and conveyancer to ensure your lending structure is tax-efficient — for example, by separating the investment loan from your home loan to simplify interest deductibility calculations.

专业贷款顾问可以与您的会计师和税务顾问协调，确保贷款结构与您的借贷能力和税务策略保持一致。尽早选择合适的结构，可以在投资周期中节省大量资金。

It depends on current lender rules, property type, and your full position. A review can clarify what is realistic.

这取决于当前贷款政策、房产类型和您的整体情况。评估后才能看清现实选择。

Lenders may use only part of rental income and apply buffers. Treatment varies by lender.

贷款机构通常只计算部分租金并加入压力测试，不同机构处理方式不同。

It may be possible in some cases, but suitability, term, cost, and lender criteria need review.

部分情况下可能可以，但需要评估适合度、期限、成本和贷款机构标准。

Existing equity may help, but using it increases exposure and should be reviewed carefully.

现有净值可能有帮助，但使用净值会增加风险，需要谨慎评估。

That depends on servicing, equity, cash flow, and your timeline. Sometimes restructuring first creates a cleaner path.

这取决于还款能力、净值、现金流和时间安排。有时先重组会让路径更清晰。